Cryptocurrency – The Future of Online Poker?
Going into 2011, the future looked bright for online poker, but circumstances changed just a few months later. On April 15, users of the websites of UltimateBet, Full Tilt Poker, Absolute Poker, and PokerStars were greeted with an FBI message stating that these domains had been seized.
These were still the three major offshore poker sites still hosting US players at the time.
Black Friday
This was part of the “Black Friday” enforcement effort, which has since been considered the worst incident in online poker history. In addition to seizing the essential domain names, the government has filed criminal charges against 11 officials of online poker companies, as well as a civil case against the companies.
The Wire Act was mentioned in the Black Friday proceedings as a piece of legislation that, in the view of the Department of Justice, makes it illegal to provide online poker to Americans. This triggered the UIGEA’s relevant clauses, which had not been used to go after offshore poker sites before.
Surprisingly, none of the charges were directly connected to the provision of online poker. Instead, they drew attention to specific inconsistencies in the way bank transactions for online gambling were miscoded in an attempt to circumvent government and banking institution regulations.
Authorities may have realized that their reasons for the illegality of online poker were flimsy at best, so they chose to go after the payment processors. Full Tilt, Absolute Poker, and UltimateBet all suspended operations shortly after, but PokerStars continued to operate in most of the world except the United States of America.
BTC Poker As A Salvation
Bitcoin poker arose as a much-needed response to this issue.
Sites based on the blockchain allowed users to deposit and withdraw funds without the need for traditional financial institutions. This was just the salvation for eager US players.
However, Bitcoin was not nearly as popular or as prominent at the time. Players weren’t flocking to new Bitcoin poker sites even when their options for online poker were constrained.
Nonetheless, these first companies set the foundations for Poker Bitcoin and functioned as a proof of concept.
Bitcoin poker existed, lived, and it was possible to run. The aim was for the players to accept the notion and embrace it.
Disadvantages:
- None can guarantee protection and play fairness
Obviously, players don’t want to lose 20% of their bankroll in a single day because Bitcoin’s value has plummeted for any reason. Of course, you can acquire that 20 percent as well, but this still adds a layer of variability.
- Increased anonymity is also a drawback.
Most importantly, because participants may conceal their identities, there are several cheating opportunities on the cards. While the games are provably fair in the sense that they aren’t rigged, there are other methods to collude and play as a company.
It gets more difficult or sometimes even impossible to keep track of the bots, creating a whole new set of issues to deal with. The main fat point is that you can’t complain about it literally anywhere.
- It is still not so popular.
Despite the fact that Bitcoin’s popularity is growing, there are currently just a few online casinos that accept Bitcoin as a deposit/withdrawal option.
- Volatility
Another disadvantage of Bitcoin is that it is a volatile currency. It indicates that the exchange rate might swing rapidly in a short period of time. This is in your benefit if it moves positively versus the dollar. If it impacts negatively, though, it works against you.
Advantages:
- The ability to perform transactions in brief periods of time
is the most significant benefit. The money will be transferred straight to the receiver, bypassing any mediators.
- Again, the anonymity
You do not need to give any personal information when using BTC. As a result, it’s an excellent choice for anyone who doesn’t want to reveal personal information online. Players can keep their gambling habits hidden when they use Bitcoin, which might be a genuine worry for a variety of reasons.
- Cheap operation cost
The running expenses of a digital cryptocurrency are low. As a result, every poker establishment that takes BTC charges a minimal rake.
Bitcoin has grown to be a significant component of the online gaming market. Most well-known gaming sites accept this popular crypto as well. However, it will take some time for it to become prevalent in the gaming world.
- Avoiding common restrictions
Geolocation-based online casinos’ restrictive practices routinely prohibit gamers from playing their favorite online casino games. However, you may play your favorite online gambling games from anywhere in the globe using bitcoin.
Because bitcoin casinos are not regulated by the government, they are more flexible, and anybody may play.
- Security and Confidence
When it comes to setting up an online gambling platform, one of the most essential factors to consider is security. You want to be sure that all of your deposits and withdrawals are protected.
Bitcoins are one of the most substantial payment options for gamblers and casinos in this regard. The most exemplary aspect is that these cryptocurrencies provide total security for any blockchain gambling.
Every transaction involving cryptocurrency takes place in a transparent environment that you cannot influence. Even if a hacker has access to your personal data, they will be unable to modify it.
As a result, the crypto’s security increases confidence among both players and game operators.
The Final Words: So Be Or Not To Be?
Time will show. When we are weighing all of the facts, we explore that Bitcoin isn’t significantly rising. This may grow with some changes and the appropriate promotion, but the current atmosphere does not appear to be conducive to a large corporation going all-in on Bitcoin poker.
Bitcoin hasn’t taken up much space yet, so if it’s going to take off, it’ll have to undergo some significant adjustments in the near future.
The most pressing issue is that people must explore the advantages of online Bitcoin poker and why it may be beneficial. And, obviously, this isn’t something that will happen by itself.
By the way: Bitcoin has evolved to be a significant component of the online gaming industry. Most well-known gaming sites support this popular crypto as well. Nevertheless, it will take some time for it to become totally widespread in the gaming world.