Cryptocurrency for online poker
Bitcoin has gained a lot of media traction during the last few years, and for a good reason: Besides being a revolutionary form of money, crypto is the fastest vehicle for funding your online gaming account and start playing right away. With bitcoin and crypto, there is simply no need to deal with common frustrations & limitations that credit cards and bank deposits can bring you. Although some countries can be quite restrictive than others in crypto usage, the scenario of more and more poker sites, casinos and bookmakers adopting crypto as a payment gateway in the near future seems very likely.
Crypto was initially built to overcome the weaknesses of the so called fiat monetary system that is used all over the world. Cryptocurrencies are based on a technology called blockchain, which is basically a decentralized system that enables total transparency with incorruptible digital ledger for recording transfers and balances. In most cases, cryptocurrencies are built on a distributed ledger and traded on multiple exchanges and decentralized platforms. Bitcoin is the most famous cryptocurrency, while there are thousands of different digital tokens, coins and virtual assets that can be classified as crypto.
In case you’re relatively new to Bitcoin and crypto and are a bit unsure how to get started with using crypto for gaming, we have put together this guide to help you go through the process of acquiring bitcoin and depositing it for playing online poker. One extra perk for using crypto to fund gaming accounts is the added privacy and anonymous transfers, which can be highly preferred in some countries. By following these steps you’re well on your way to fund your gaming accounts with minimal transfer fees and no banks involved. Let’s get started right away!
The first step here is to find an online poker room that accepts Bitcoin. Our recommendations for crypto-friendly poker rooms can be found in step 5 of this guide.
Go to the cashier of the poker site and request withdrawal back to your crypto wallet. Make sure you have completed any KYC required from the poker site for a smooth and fast withdrawal process.
On Wirex and most exchanges you can convert bitcoin into INR, USD or EUR. After the conversion, you can request withdrawal to your bank. Alternatively you can order a Wirex debit card, that you can use in most locations for paying for goods & withdraw notes from ATMs. More info about Wirex can be found in step 3 of this guide.
The wallet our players have been most happy with so far is Wirex. More info about Wirex can be found in step 3 of this guide.
Coinbase is the most reputable and safest US-based exchange, and it offers users both an exchange and a wallet which makes it really easy to use. You can open your Coinbase account here
Our top recommendation is GGPoker as it’s the first one of the larger and reputable poker sites to start accepting bitcoin and other cryptos as a deposit method. To check whether you crypto deposits on GGPoker are available for your region, go the GGPoker’s deposit and withdrawal webpage and choose your country from the dropdown menu to find it out.
Step-by-step guide for using crypto in gaming
Step 1: Register an account on an exchange
Unless you already have bitcoin available in your btc wallet or an exchange account, you need to get some bitcoin first. This is done through registering an account on an exchange, and either topping it up by any deposit methods available on the exchange or have a friend send you some bitcoin by giving them your BTC address.
An exchange can operate as a store for your BTC, and also as a marketplace where you can trade USD or EUR against bitcoin or other other cryptos. Most of the reputable exchanges require you to provide some form of proof of identification, so be prepared to send them a copy of your Driver’s license or passport.
We recommend using only major exchanges that are legal in most countries, as using a non-reputable exchange can be quite risky. Therefore the best exchanges to start using are: