Cryptocurrency is a dynamic digital asset that offers diverse opportunities for trade and investment. Aside from trading in the stock market like Forex, people use Bitcoin for several other activities like betting, forecasting, and playing games. Poker is a game that has incorporated the use of Bitcoin as a means of reward for winners. Participants can use Bitcoin to place bets in sporting activities like soccer, basketball, racing, and games such as poker. Conventional currencies like the US dollar have been used for decades by those playing poker. Dollars is still being used but, as cryptocurrency is becoming popular, players can use Bitcoin just like any other fiat currency to play poker.
There are countless advantages that Bitcoin offers first, you don’t have to carry coins as people do with fiat. That means the risk of losing your funds to robbers is not possible. With your mobile phone, you can execute transactions in millions of US dollars without having to visit any bank. This makes it flexible for poker players, imagine if you went to a casino with a $100 physical cash and you ended up losing the money after playing the first round. You may need to move around to look for where you can get some extra cash to continue the game.
Bitcoin has made this easy for poker players, you don’t need to go to the bank to get cash, with your mobile device, this can be done in a few minutes. You can use your phone to send and receive coins while in the poker room, it makes it possible for players to get instant payment. This method of cash transactions is quite flexible for poker players because they can make instant payments and get credited after any successful winnings. Transaction can be verified on the spot without any delay if the funds have been credited or not.
But, before you can begin using Bitcoin to play poker, certain parameters need to be in place first, you need to sign up with an exchange platform. An exchange platform will enable people to buy and sell currencies. Once created, you can proceed to buy Bitcoin, some exchange can allow users to buy Bitcoin using their credit cards. That means after, signing up, your credit card can be linked to the platform which allows the individual to purchase coins using money from his local bank.
After setting your account, the exchange will allocate a receiver's address. This address is where your coins will be transferred, without this address, you can't receive Bitcoin. Within your dashboard, there is a sending option that allows the user to send funds. That means if you want to play poker, you can simply copy the address of the receiver and paste in your wallet to send Bitcoin. Once this is done, the user can initiate a sending transaction of whatever amount he may want to send. Most exchange platforms allow funding your Bitcoin wallet using credit cards, debit cards, wire transfer, and direct deposit from your bank. It is important to note here that sending and receiving Bitcoin will always attract a cost, this is the fee the account holder will have to pay to allow him to initiate transactions.
With Bitcoin, there is no standard fee; this can change depending on the current price of Bitcoin. Usually, when Bitcoin prices go up, it affects the fee users are expected to pay for every transaction. Another thing to note is that, if a player intends to fund his wallet using a debit or credit card, the bank will require a fee to allow him initiate the transaction. It is advisable to always have enough cash whether you are sending from your digital wallet or your bank. Transaction may not be processed if you don’t have enough money to cover your fees.
You can access your wallet online, on your mobile, or through any Bitcoin mobile app. Once you are done setting up and crediting your digital account, you can then sign up for an online poker account. There will be options for payment, to facilitate rapid transfer, Bitcoin will be appropriate to send and receive funds instantly. It also allows people to send funds to their online poker account which can be used to participate in the game.