Play Online Poker With Bitcoin
Bitcoinpoker.org is the largest resource for playing online poker with bitcoin currency. This website reviews and compares the World’s most popular bitcoin poker rooms and lists any available bonuses, offers and rakeback. If you’re unfamiliar with bitcoin as a virtual currency then read our FAQ; if you know what you’re doing then begin comparing rooms by visiting our list of bitcoin poker sites.
Why Play Poker with Bitcoin?
Bitcoin is a virtual currency; it has no intrinsic worth but its global adoption has made the currency very valuable. Bitcoin transactions are made outside of the traditional banking system and so there is no regulation and no centralized authority. This decentralization of the currency means that players who once had difficulty depositing and withdrawing from online poker rooms are now able to.
Bitcoin is not considered to be a legal currency by law. It is the same as playing poker with match sticks, except these matchsticks can be sold on an exchange for real money. This ability to make anonymous deposits and withdrawals with bitcoin is what makes playing poker with the currency so appealing to so many.
The lack of a central governing body for bitcoin means that transactions are not only made easily, but cheaply as well. The low transaction costs are passed onto the players in the form of extremely low rake charges. Seals With Clubs rake as little as 2.5% of the total pot size and cap at 0.05BTC.
Bitcoin Poker Explained
For the most part, playing poker with bitcoin is identical to playing poker with real money; however there are two major differences.
To make bitcoin transactions more flexible, one bitcoin can be broken down into much smaller amounts. For example, it is possible to send and receive 0.00000001 of a bitcoin, but this does also make the thought of a poker table 0.00000001/0.00000002 blinds very confusing. EU poker rooms will often allow bitcoin deposits to play with € chips; however US poker rooms will often simplify bitcoin chips. For example, Seals With Clubs have chips, where 1000 chips is equal to one bitcoin. This means that blinds listed at 1000/2000 is just 1BTC/2BTC.
Deposits & Withdrawals
Making transactions with bitcoin is fast. You will often find that deposits and withdrawals are made instantly and without trouble. However, to be able to deposit and withdraw in bitcoin, you will need to have a bitcoin wallet on your harddrive and be familiar with your chosen bitcoin exchange.
Before you can start playing poker with bitcoin you’ll need to make sure that you have a ‘bitcoin wallet’. Your bitcoin wallet enables you to make transactions with other bitcoin users and poker sites across the world. When you download your wallet, you will be able to receive bitcoin by asking other users/businesses to send bitcoin (from their wallet) to your unique ‘bitcoin address’; the reversal is true if you want to send bitcoin, or in this case, deposit funds in a poker site. Your wallet is permanently available, you do not need to be online to receive bitcoin.
There are two ways to get hold of this virtual currency. You can ‘mine’ bitcoin through your computer (difficult and lengthy), or you can purchase it at market price on a bitcoin exchange like MtGox (quick and easy). Once you purchase bitcoin it will be held in your exchange account; you then simply need to transfer it to your new wallet’s bitcoin address.
Depositing Bitcoin in a Poker Site
Now that you are the proud owner of some ‘coin, you can deposit your funds in the poker room of your choice. Once you have chosen a room, we recommend Betcoin Poker, the room will then specify an address to transfer your bitcoin to. In the case of Betcoin Poker, you can find this address under the ‘my account’ tab.
Overall, purchasing and depositing bitcoin into poker sites is a lot more straight forward than you might think; for a more detailed guide and explanation of the currency, read our guide to bitcoin.