What You Need To Know About Playing Online Poker With Bitcoin

With more than 100 million players, the online poker game is undoubtedly the most popular card game in the world. Where poker was once primarily played in casinos, lounges, and backrooms, it has now found its way into the digital realm of online casinos.

Now with cryptocurrencies, betting on poker using Bitcoin has become very popular among players around the world. For example, Bovada offers Bitcoin slots and poker, so you can deposit with cryptocurrency instead of normal money.

So, what motivates players and online casinos to use this digital currency? Let’s look at some perks here at Xgtiger Casino:

• Bitcoins let players bet anonymously.

Because of the taint of gambling, some responsible players prefer to protect their privacy, so they choose to bet on Bitcoin for the pseudonymity it provides. Although not 100% anonymous, Bitcoin deposits are untraceable and allow a speculator to remain anonymous.

• Some players bet on Bitcoin to earn more Bitcoin.

As Bitcoin and other cryptocurrencies have exploded in popularity, some investors have taken to gambling on Bitcoin to grow their portfolio of investments. Plus, betting on Bitcoin allows investors to multiply their profits many times, due to the volatility of the asset. The action is double that of fiat currency.

• There are no fees or charges.

Payment platforms like PayPal impose service fees and other charges on those looking to withdraw their funds. So, instead of accepting it, some players use Bitcoin and other cryptocurrencies. Transferring cryptos from a casino to your wallet does not incur fees, which makes Bitcoins attractive.

• Bitcoin enables quick transactions.

Another reason why Bitcoin and other cryptocurrencies are popular is that they allow managers to withdraw their winnings immediately. No waiting times or delays, immediate use of their winnings.

• Big bonus for depositing Bitcoin.

Many sites give their players a first deposit bonus when making crypto transactions.

While playing poker with Bitcoin has many benefits, you should also keep in mind some other points. Read on to know all the necessary facts before gambling with Bitcoin:

Bitcoin and Other Cryptocurrencies are Highly Volatile

Like all cryptocurrencies, Bitcoin is 100% unregulated and decentralized. Well, regulation is on the way in many countries, but no big party can control it. This means there are no restrictions associated with trading Bitcoin and other cryptocurrencies. Additionally, Bitcoin is not issued by a central governing body, meaning it is not backed by any government.

All of this, along with the fact that cryptos are traded 24 hours a day, all year round means that Bitcoin and other cryptos are incredibly volatile. This means that prices can suddenly move up or down without warning. A currency that has value today can be 10 times more valuable tomorrow or worthless. Because of this, many speculators equate investing in cryptos with gambling which is not far from the truth – crypto is a growing asset class that can make huge profits for long-term holders and experienced traders.

You should be on the ball if you intend to play online poker with Bitcoin. This includes tracking prices daily and keeping up with news reports. A good strategy is to sell some when the price is high and buy more when the price is low. This is not financial advice, though – we recommend doing your due diligence.

Bitcoin Is Currently The Most Accepted Form Of Cryptocurrency

Not only is Bitcoin the oldest cryptocurrency on the market, but it is also the most popular. It is traded by institutional investors such as banks and is even accepted as legal tender by some countries. Almost all online casinos accept bets and deposits in Bitcoin, which is great for those who want to gamble with cryptos. While other cryptocurrencies, such as Ethereum and Litecoin, are commonly accepted, it is easier to find online casinos that take Bitcoin.

Online Poker With Bitcoin Is Generally Safe, BUT Scams Abound

From fake websites to fraudulent exchanges, crypto scams are very common, so you need to be extra careful when betting on Bitcoin. Due to the unregulated nature of the crypto market, victims of scams often have no legal recourse once they become victims. That’s because it’s nearly impossible to trace missing funds once stolen. You need to be extra careful whenever you bet with Bitcoins! Check out various player reviews on 3rd party platforms and read reviews on poker forums and sites like ours to get a deeper insight before depositing your hard earned money on a site.

You Need a Crypto Wallet to Hold Bitcoins

To store your Bitcoins, you first need to sign up for a cryptocurrency wallet known as a hot wallet. Many online platforms can store your Bitcoin and crypto keys for you off the Lucky Cola site and give the wallet holder easy access to their funds. However, exclusively storing your funds in a hot wallet can be a huge 3rd party risk. So, we recommend using a cold wallet to properly safeguard your assets – especially if you hold large amounts of crypto.

Your Winnings Can Increase

Did you know that Bitcoin can continue to make money even after winning a bad beat jackpot in poker or a big online tournament?

That’s right; Bitcoins are an investment in themselves and can appreciate over time due to their high volatility. Therefore, some experienced investors believe in holding onto their Bitcoins as long as possible to reap long-term profits.

It works both ways, and you can lose everything if the market doesn’t go down. So, it’s best to do your research and don’t rely on hearsay alone.

To conclude, sports betting and playing online poker with Bitcoin can be both profitable and risky. And this is why you should always know your limits and only visit trusted online casinos and poker rooms – see our list of online poker sites here.

Conclusion

Are you an avid gaming fan and want to know how to bet on online casino games? At Xgtiger, you’ll get the latest information on this year’s best casino games and a variety of gaming options, all in one place.

To start your online gambling journey, all you need to do is create an account on the site, deposit funds and you’ll be ready to bet on the best and most anticipated casino games.

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