In the past couple of years there has been a massive explosion in the number of online poker sites that accept Bitcoin as a deposit option. Once a little-understood crypto currency, Bitcoin has become generally accepted as mainstream currency, not just for making a Bitcoin deposit at an online poker site, but for many different types of online purchase.
In the past, the volatility of the currency also made people apprehensive amount keeping large volumes of Bitcoin in an online poker account. However, due to way in which online poker sites now process Bitcoin deposits and withdrawals (Bitcoin-exclusive sites excepted), poker players no longer assume the risk of loss. They will also not gain anything if the value of Bitcoin against the dollar increases between transactions.
Playing Real Money Poker with Bitcoin
To clarify the situation, you will not actually be playing real money poker with Bitcoin when you fund your account from a Bitcoin E-wallet. The amount you deposit with Bitcoin on a poker site is given a dollar value, and it is the dollar value that your account is credited with. Games of online poker are played in US dollars and, when you want to withdraw back into your Bitcoin E-wallet, your dollars are converted back into Bitcoin at the current exchange rate.
Bitcoin poker deposits take just a few minutes to complete, are guaranteed to be accepted and the funds are almost instantly available to use. Players depositing with Bitcoin are eligible for the same poker bonuses and promotions as players depositing with other poker deposit options and, on sites which have casinos and sports books, it is possible to transfer funds between the site´s different operations (in a dollar value).
Bitcoin Poker Sites
You can use Bitcoin to deposit at the majority of online poker providers that focus on US players, and the process for making a deposit is exactly the same with each. Select Bitcoin as a deposit option in the site´s cashier. Enter the amount you would like to deposit in US dollars. The site will give you a Bitcoin value and the address where to send it. Complete the transaction from your Bitcoin E-wallet and you will ready to play in no time at all.
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Known Issues of Playing Poker with Bitcoin in the US
The known issues of playing Bitcoin poker in the US have practically all disappeared now that poker sites have assumed the risk of loss due to a currency fluctuation. There is one important issue that players should consider when using online poker sites that accept Bitcoin as a deposit option, and that is the security of your funds.
It is not the poker companies you have to worry about – but what precautions you take to secure your E-wallet and the Bitcoin you keep inside it. Poker sites that accept Bitcoin as a deposit option will look after your money just as safely as they would had you deposited with a credit card or person-to-person transfer. Where the issue lays is with the security of your E-wallet.
If for example you were depositing with a MasterCard, you would be protected against fraud or theft by the card issuer. There is no such safety net when playing poker with Bitcoin in the US, and you have to take responsibility for the security of your funds just as much as if you had cash in your pocket. We recommend that all players depositing on a poker site with Bitcoin read the “securing your wallet” article on Bitcoin.org before they start playing.
Bitcoin Poker Sites Q&A
Do you the same anonymity playing real money poker on these sites as you have on Bitcoin-exclusive sites?
No. You will have to go through the verification process to prove your identity before you are allowed to withdraw from any of our feature Bitcoin poker sites.
Can I withdraw my funds in dollars, or do I have to use Bitcoin all the time?
Sites´ policies vary on this point. Most will allow you to withdraw by check if you have made a deposit by Bitcoin, but you may have to wait a qualifying length of time before this option is available to you because the sites want to avoid players using their cashiers as exchange centers.
Do you recommend any particular Bitcoin E-wallet?
We don´t recommend any particular E-wallet, but we do advise against transferring funds in Bitcoin directly from/to the Bitcoin exchange Coinbase. Coinbase recently started blocking transactions to and from gambling sites, and recommend establishing a separate E-wallet to conduct online poker deposits.
Are there any costs associated with depositing on a poker site with Bitcoin?
None at all. Depositing on a Bitcoin is one of the most reliable ways to fund an online poker account and, if you have experienced problems getting a credit card deposit authorized, it is a poker deposit option you should seriously consider.