Bitcoin was launched in 2009, and it is unlike any other form of payment available. It is a type of digital currency that is widely accepted at major corporations including Amazon and Overstock.com. Many online poker sites also accept this as a funding method. This is a good banking solution for online Texas Holdem players from the US.
What are the Best Holdem Poker Sites that Accept Bitcoin?
This option has only been around for six years, and many online poker rooms were apprehensive about adding this as a payment form in the early years. This payment method has proved itself and has become accepted at many major outlets online, and the poker world is following suit. We have seen many Hold ‘em sites add this option in the past year, and we expect many more to add it in the near future due to the ease of using this method and the international nature.
We have found the best poker sites that currently accept Bitcoin. We have very high standards when it comes to promoting a site. The Bitcoin poker sites you will find here are licensed and regulated by a governing body. They undergo frequent audits for fairness. The offer some of the best bonuses and promotions in the industry, and they have a good history of fast cash outs.
Can Hold ‘em Players in the US Deposit with Bitcoin?
Bitcoin is available for poker players around the world including players in the United States. This is actually the best option for players in the US due to the difficulty that may be incurred when attempting to fund with credit cards. Most reputable sites have begun accepting this as a payment form, and we expect the others to jump on board soon. This seems to be the answer to the deposit and withdrawal problems that US players have been having for the past several years.
What are the Advantages of Depositing with Bitcoin?
Some of you may not be familiar with this deposit method. We have compiled a list of advantages for using this method below:
- Cheap Funding Solution – There is a small fee that is called a “miner’s fee” that you will be charged when choosing this method. This is a miniscule amount and it is cheaper than depositing with any other method at most sites.
- Easy to Fund – You will have several options to purchase Bitcoins. Neteller, Wire Transfer, and Visa are among the most popular options.
- Decentralized Currency – The funds can never be seized or claimed by any governing body.
- Instant Deposit – As soon as your Bitcoins are verified, your funds will be in your poker account for you to begin playing real money games.
- Easy Withdrawals – You can cash out your winnings to your Bitcoin account. This is the fastest option for cash outs for players in the United States. Once your funds are in your Bitcoin account you can cash them out by many options. You can move them to Paypal or withdraw them back to your checking account.
- Secure – The site uses the best encryption software available to ensure the safety of your funds.
- Added Bonuses – Many sites are offering huge bonuses to players that choose to deposit with this method.
What are the Disadvantages of Depositing with Bitcoin?
This is a great option Hold ‘em banking option for players, especially players in the US. We have listed some things that have made some apprehensive about using this method below:
- Fluctuating Value – The value of Bitcoins is constantly changing. The price is determined by supply and demand. The price increases as demand increases, and the price decreases when demand decreases.
- Fees – The fees are small and we listed this as an advantage as well, but some poker players consider this to be a disadvantage. It would be better to be able to fund accounts for free, but that is not an option for some players.
- Confusing – The initial concept of this method is a bit confusing. This can be a turnoff for some poker players. We have a guide below to help you understand how this funding option works.
How Does Bitcoin Work?
The initial setup process is the most lengthy. Once you have your account set up, your future transactions will be quick and easy. You will first need to choose an online Bitcoin Wallet. The following website provides many options for your wallet depending on the country you reside in https://www.bitcoin.com/buy-bitcoin?country=US. The initial process requires ID verification and may take up to 5 business days.
Once you have completed the setup process and purchased Bitcoin, using your new wallet for transactions will be quick for deposits and withdrawals. The deposit method is very simple. You will just click on the cashier section of the site you would like to play at, choose Bitcoin, and enter the amount you would like to deposit.
Why Should I Deposit at Online Poker Rooms with Bitcoin?
This provides a secure option to deposit and withdrawal funds from your account. Many online poker players that have been playing for years have gone through the nightmare of eWallets being seized by the government and funds frozen. This is not a problem with Bitcoin. No governing body has authority over these funds.
The transactions are quick and enable you to begin playing real money games in a matter of minutes. Payouts are processed much quicker using this method. It is just an overall great solution to the online banking problems experienced by poker players in the United States as well as poker players around the world.
The Bitcoin concept started in 2007 when Satoshi Nakamoto began working on it. Many people believe that Nakamoto may be a developed name that represents more than one person. The site Bitcoin.org was launched in August, 2008. The first transaction took place in January 2009. This is a peer to peer network so the value is reliant on supply and demand. The early transactions were hard because the developers were unsure what to start the value at. The value was set by a discussion at an online forum and one of the early purchases was for two pizzas for 10,000 BTC in May, 2010. At this time the exchange rate was about $25 for the pizzas.
In July, 2010 the concept was mentioned on a public forum that sparked a lot of interest. A sudden influx of new people buying Bitcoin surged the value ten-fold. The value continued to increase as more and more people became interested in the concept and started making purchases. By February 2011, the value of one BTC became equal to the value of one US dollar.
Following the milestone of being as valuable as the US Dollar, BTC had a slowing period. The value decreased by almost 30%. Bitcoin markets were launched in many countries. Time Magazine published an article about Bitcoin in April, 2011. By June, 2011 Bitcoin saw real growth with the value now at $10 per BTC.
By 2013, many online companies had begun accepting BTC as a form of payment. The value continued to increase and was now at $30 USD per BTC. More and more online companies begin to accept this as a payment source.
In 2016, BTC is a widely accepted form of payment at many popular online retail sites including Amazon and Overstock.com. Poker players have discovered that this is a convenient funding source. Some major cities have BTC ATM machines. The current price per BTC is $400 USD. At this time last year, the price per BTC was $255. The amount is constantly fluctuating based on the demand.