Depositing at Online Poker Sites with Bitcoin
For poker players in the US, Bitcoin solves a legal ‘catch-22’ that has been in place since the passing of the UIGEA in 2006. This is that it is legal for individuals to play real-money poker, though not legal for the banks to facilitate their deposits.
Thankfully bitcoin poker rooms do not need the cooperation of U.S. Banks and credit card companies and are able to welcome real-money players from the USA, Europe, Asia, Russia, Australia, Canada and the UK. Here are a few things you should look for when choosing a poker room that accepts bitcoin. Large Player Pools. Cashing out at Black Chip Poker is easy and straightforward. You can choose from the following payout options: 1. Bitcoin -Players' preferred option. This is our fastest payout option. Minimum payout: $50 USD. Maximum payout: $10,000 USD. One payout per day up to 5 per week. In order to process your payout, we require a valid. Ignition Poker’s Top Real Money Poker Features. If you’re tired of waiting to get a seat at the cash tables, Ignition Poker has the solution. With Quick Seat, all you need to do is. Anonymous Tables. Softer Opponents.
Some players are worried about the volatility of Bitcoin. What you will find is that you only need to hold this currency for a short time (a few hours in some cases) in order to make a deposit. Many of the biggest and best known US Friendly Poker sites now welcome Bitcoin. This can be used to make fast poker withdrawals as well as deposits. As you will see below, the steps for getting set up and ready to use Bitcoin are all very straightforward.
Is Making a Poker Deposit with Bitcoin Legal?
For US players, the answer is yes. Other than in a handful of states (for example Utah) which actively ban online gambling, there are no laws stopping individuals from enjoying the real money games online. Banks are prevented from facilitating wires or credit card transactions to poker sites. This makes Bitcoin an ideal substitute. You can use this cryptocurrency in a similar way to using eWallets such as PayPal.
Bitcoins have value because people find the Bitcoin protocol to be a useful means of value transfer. Because there is a fixed amount of bitcoin, the value is purely determined by aggregate supply and demand. So it’s like a currency, but it isn’t backed by a government?
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That doesn’t seem right. Bitcoin begs the question: “Can there exist a currency backed purely by mathematics and computing power, instead of a central issuer?” Government backed fiat currency has long been the norm. In a fiat system, units of currency can be added or subtracted at the whim of the issuer.
Staunch Bitcoin supporters feel it’s no advantage to the health of a currency when a few people have the ability to make arbitrary changes to it. With fiat currencies, the issuing government is charged with protecting all aspects of the currency, including counterfeiting.
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In the case of Bitcoin, math and computing power replaces government. The anti-counterfeiting duties are performed by computer code, and have never been defeated. There are many other aspects to consider on the subject of mathematics and distributed power currency governance. The Bitcoin project is truly an economic experiment.