Is Bitcoin poker the next huge thing for online gambling?

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Over the last few years Bitcoin has popped up everywhere in the tech world and in mainstream media. To understand the answer to that question bitcoin poker 2015 have to understand that for the entire history of online poker its Achilles heel has been the depositing and withdrawing of real money.

Real money is generally bitcoin poker 2015 imperative for playing poker online. Bitcoin, in theory anyways, is the single greatest way to transfer cash to and from an online poker site. It a digital currency, basically, and it's overseen by no government agency or ruling body. On top of all that, there are virtually no transfer fees.

Bitcoin has the chance to bitcoin poker 2015 change the way online poker sites are run, now and into the future. Here's a closer look at Bitcoin poker online, a brief history of the world's most famous digital cryptocurrency and the future of bitcoin poker sites in the US and beyond. The history of Bitcoin is unusual because its development is shrouded in mystery. Instead the coins themselves are created by powerful computers verifying and recording payments on a public ledger.

Instead Bitcoins are essentially mathematical codes. Each one is unique. It was worth a few dollars for the first few months of the year but by May it started to climb. Bitcoin exchangers - where you could trade Bitcoin for fiat currencies like US dollars - started to pop up. That volatility was just a sign of things to come and in the unthinkable happened: To put things in perspective, just three years earlier Bitcoin was worth pennies.

There have been numerous other digital currencies that have tried to copy Bitcoin, such as Litecoin, Dogecoin and Darkcoin, but none of them have really caught on. More and more, like Ethereum, continue to make progress though. Bitcoin is based in math. Instead of being represented by actual gold or some similarly valuable material, Bitcoins are created when people with powerful computers dedicate their machines to verifying and recording payments on the public ledger.

You could almost say that Bitcoin is created by Bitcoin. When a computer finishes bitcoin poker 2015 a block, bitcoin poker 2015 is rewarded with 25 bitcoins. This is called Bitcoin mining. Bitcoins bitcoin poker 2015 much harder to mine and conceivably more valuable as time goes on because there is a finite amount and the algorithms behind verifying the transactions become more and more complicated.

The vast majority of bitcoin poker 2015 that use Bitcoin never have anything to do with the mining part of the technology. Bitcoin represents a bitcoin poker 2015 opportunity for poker.

Bitcoin also makes for incredibly easy deposits and withdrawals to online poker sites. Because Bitcoin is entirely bitcoin poker 2015 it takes just seconds to transfer them. Instead, you just take your coins out instantly. Bitcoin is obviously incredibly volatile although it bitcoin poker 2015 levelled off a bit in recent months and there is a chance it will be de-valued completely some day.

Perhaps the strongest case bitcoin poker 2015 Bitcoin is that this is something people want. A global, potentially anonymous currency, that can be transferred in a matter of bitcoin poker 2015 with zero bitcoin poker 2015 fees. Will it be Bitcoin? And will it become the dominant means of currency for playing online poker? Only time will tell.

There bitcoin poker 2015 poker sites that only use Bitcoin as a currency eg SealsWithClubs or SwCPoker and regular mainstream poker sites that will accept Bitcoin as a deposit method but will change your balance into standard currency for play on the poker site.

As far at Bitcoin poker and Bitcoin poker sites go, actually acquiring the Bitcoins is the most complicated part of the process. You might think a wallet is a place to store Bitcoins but it would be more accurate to say a wallet stores the information necessary to transact Bitcoins. Bitcoins cannot be separated from the Block Chain and when you buy bitcoins bitcoin poker 2015 are technically just buying ownership of part of the Block Chain.

Bitcoin wallets can be categorized into four basic kinds:. This is the most common style of wallet and the easiest to use. You simply go to a website and enter your information to instantly have access to an always-on wallet. One upside to this approach is that if your computer crashes and you lose all your files then you still have your Bitcoins.

Detractors to this approach would say that having them online all the time makes them susceptible to hacking. This is the same bitcoin poker 2015 the online wallet except bitcoin poker 2015 actually bitcoin poker 2015 software to act as your wallet. These are considered slightly more secure than the regular wallet. This might sound strange to someone unfamiliar with Bitcoin but because the currency is essentially a string of numerals you can print it on phsyical things.

In the past users have printed their Bitcoin codes on novelty coins but you could use anything including wood, plastic or plastic. You could also just write down on a piece of paper. Hardware wallets are just physical wallets bitcoin poker 2015 store your information digitally.

Multi-signature transactions are a relatively new, arguably more secure way, of making Bitcoin transactions. Multi-sig wallets add another level of security and give users access to a form of escrow. Make a purchase online? Your transaction will send one signature bitcoin poker 2015 not all of them until you actually receive a product, for example. Exchanges let people trade fiat currencies for bitcoin poker 2015 while charging you a small fee.

The problem is that right now these exchanges exist in a grey area of the law. Many governments are concerned these exchanges could be used for money laundering. It used to be a crap shoot deciding what exchange to use as some of them were shut down outright, leaving their costumers without millions of dollars worth of bitcoin.

Bitcoin poker 2015 industry is changing, however, and there are now many exchanges based in the US that are considered more secure. There are some alternatives to buy bitcoin anonymously, however, which is useful for people who want to remain anonymous.

The bitcoin exchange industry is so fluid that it changes on a month-to-month basis. You can check out review sites like TheBlockChain. Quite often Bitcoin poker sites are also relegated to in-browser play so that you can play on any device including mobile without having to download any software at all.

The combination of no-download software and Bitcoin is one of the simplest, most accessible ways to play poker. There are regular online poker sites that have just started accepting Bitcoin in addition to normal currency. These bitcoin poker 2015 tend to have very good software but because they accept real cash they may not be able to provide poker in your particular jurisdiction.

One difference between Bitcoin poker sites is that some convert your Bitcoins into chips for play on the site. Another difference between Bitcoin poker sites is the way they handle deposits. Some sites will hold a Bitcoin account balance for you; others sites are experimenting with never actually holding your funds. You log in, your Bitcoin are reserved momentarily for wagering in the poker game, and then you log out and the amount that you won or lost is sent right back to your Bitcoin wallet.

The short answer is yes, although because online poker is essentially unregulated in the United States right now except in 3 statesplaying on a poker site that both accepts US players and Bitcoin is a big risk.

We don't currently recommend any poker sites that accept Bitcoin and US players but that could change as the industry becomes more and more regulated. Despite rumors suggesting PokerStars was on the brink of accepting Bitcoin as a payment method as early asPokerStars does not currently accept Bitcoin bitcoin poker 2015. Back in the early days of Bitcoin a few poker sites trying to get Bitcoin poker off the ground offered freerolls that gave away free Bitcoin.

Ever since Bitcoin surged in value, though, those days are long gone. Earning free Bitcoin playing poker is a thing of the past. Play Poker Best Poker Sites. Find the best poker sites to start your online poker quest. Our in-depth bitcoin poker 2015 make it easy to pick the right poker site.

Ready to play for bitcoin poker 2015 Check out the top online poker sites to play on for real money. A bitcoin poker 2015 poker bonus is essential. Find the highest possible poker bonus here. Want to win real prizes without risking anything? Poker freerolls are for you! Your home base for the latest poker news from the bitcoin poker 2015 pro tours, the Twittersphere and more. News specific to the online poker world including big scores, new promotions and new legislation.

News and features about your favorite professional poker players from around the globe. Everything you need to know about poker from big online series and promotions to Live. Everything PokerStars from its big online series to its highest-value promotions to the PokerStars live tour.

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Up-to-the-minute news, hand updates and videos from PokerListings signature live poker festival, the Battle of Malta. Related Articles Jason Les: Why is Bitcoin such a tantalizing option for online poker? Is Bitcoin Poker the Future? A Brief Lesson in Bitcoin Bitcoin.

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Recent announcements in online poker reveal that the industry will see a few new Bitcoin poker sites launch this year. A hard launch is expected to follow in the not-too-distant future. A site by the name of BitnPlay has announced a February 1 rollout, while yet another called Burnturn Poker has not nailed down an official launch date.

The latter has targeted early as the likely time to enter the market. The problem is, that market is questionable at best, as players have yet to fully embrace sites that allow or rely on the virtual currency. Players can use additional forms of currency on Switch and Win Poker, while the other sites mentioned are Bitcoin-only. Bitcoin Boss SealswithClubs is by far the most popular Bitcoin site, averaging about players at any given time, according to PokerScout.

Just a couple days ago, the site peaked with players on its tables, the highest total within the last two weeks. How will the new sites fare? It's anybody's guess, but my guess is not too well. Bitcoin as an alternative currency has not taken the online poker industry by storm as some thought or hoped that it would.

Mizrachi has admitted that Get Lucky Poker is "a gamble. A Matter of Trust BitnPlay will employ a rather unique approach in that players will not deposit at a cashier at the site.

Winnings will be received by players in the same fashion. In other words, player funds are not held by the site proprietors. BitnPlay's marketing scheme is focused on the lack of trust that players may have in poker sites in general. Play with everyone," the website proclaims, also promising "a new age for poker. It might work well except for one detail. Players seemingly don't trust Bitcoin either.

If they did trust the decentralized currency, the top site would likely have way more than players on average. This, of course, could be a wonderful investment for multi-tabling grinders who can play rake-free until it's time to join that big poker game in the sky. Should Bitcoins receive the global acceptance that some Mizrachi are predicting, it certainly would make sense to grab one or more tokens.

Each token costs 2 Bitcoins BTC. Incidentally, players can purchase more than one token, presumably for sale or trade at a later date, as only one per account is permitted. A total of have been made available for purchase. If you're wondering if you better hurry up and get yours while supplies last, it's safe to assume you can wait a little longer. There are left. Burnturn Burnturn is the brainchild of Ragnar Del Torres, a year-old " professional gambler, entrepreneur and part time philosopher" from Santiago, Chile.

The site's initial promotion is to give a 0. In addition, those who are part of beta testing will gain entry to a freeroll with a prize pool of 1 BTC. A one level jump in Burnturn's VIP program will also be rewarded to the beta testers.

Hopes for a Prosperous It certainly would be fantastic if each of these new Bitcoin poker sites developed a large following of loyal players. Action on many tables and hordes of players clamoring to play poker in "a new age. SealswithClubs is dominating the Bitcoin poker market, yet that domination that readily accepts players throughout the world does not even attract as many players as the top sites in the small regulated states of Nevada or New Jersey. But who knows what could happen between now and then.

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Did you like this article? Articles Joined PokerTube June Charles is a Chicago native and long time poker player who dusted off his journalism degree and began writing about poker following the events of Black Friday in He has written for a number of leading poker websites, offering his insights and expertise on subjects ranging from online poker leg Comments You need to be logged in to post a new comment Login Register.

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