Blockchain is making waves in the business world right now. A lot more industries are starting to see its potential, with many considering it as the “next big thing”. The technology’s distributed and decentralized feature opens many opportunities to industries and institutions, and solves multiple issues associated with traditional operations.
One industry that was quick to integrate blockchain into its infrastructure is the online poker industry. Online poker sites attract customers by offering a wide array of games, running huge tournaments, or launching promotions and rewards system that benefit the players. However, some poker enthusiasts are also put off playing in online platforms due to the long-standing problem of cheating.
Over the years, online poker has become a hotspot for all types of cheaters who join sites for the sole purpose of breaching software security, ultimately defrauding innocent players. Blockchain technology, which powers cryptocurrencies, has the capability to avoid this problem.
This is why some online poker sites are already beginning to incorporate blockchain into their operations, now allowing players to use cryptocurrencies instead of fiat money when making transactions, and indeed the advantages are remarkable. We list out a few advantages of playing at crypto friending and bitcoin friendly poker sites.
Improved Privacy & Security
First, blockchain technology improves privacy and security. If given a choice, players would definitely prefer not to divulge their personal information when making transactions as it could potentially lead to data breach.
However in the current set-up with traditional systems, customers have to trust their personal data to a central authority, such as banks. With blockchain technology and the use of cryptocurrencies, you, as a customer, would never have to do that. You have the sole authority over your transactions. You make your own choices.
And even in the absence of a central authority, blockchain’s innate security feature will ensure your funds are well-protected as long as you practice basic precautions, i.e keeping your private key confidential.
You Make Your Own Choices
You can make transactions via cryptocurrencies easier than having to go through banks. Countries impose different regulations, and oftentimes those who have very strict gambling laws block players from depositing money to an account, especially if the government suspects that is used for gambling.
With cryptocurrencies, you can transact wherever you are, and you are free to choose what to do with your funds. You won’t have to go through strict KYC processes, but you can guarantee that your data is safe and secured.
Fair Play & Low Fees
Blockchain also enables online platforms to put in place a random number generator (RNG) to the shuffling job. This eliminates any form of cheating and manipulation from the house, which is also a main concern for players these days. RNGs ensure fair shuffling, and also prevents players from using third-party tools to gain an illicit advantage over their opponents.
Online poker sites accepting cryptocurrencies charge low rakes, since there are no intermediary services involved. In a similar manner, players making deposit/withdrawal transactions can also save on fees, brokers OR middlemen are also not needed in the process. What more, some sites even offer rakeback incentives to their players!
Potential of Boosting Your Profits
The value of cryptocurrencies is highly volatile, compared to fiat money which is more stable. While this may sound scary to some, those who understand how cryptocurrencies work should know that they can also benefit from this volatility.
Let’s take the price of Bitcoin (BTC) as an example. In recent years, a few sites have already been supporting cryptocurrencies. In March 2020, year, when the world went on lockdown, BTC’s price was sitting at below $5,000.
One year later, that figure has surged to more than $50,000, it even went as high as $60,000 over the past few days. If the price of the crypto coin you’re using goes up, the value of your funds will be higher than they originally are. That equates to more profits for you as a player. BTC is the dominant cryptocurrency nowadays, because many major industries and companies have already expressed support for it.
A lot of online poker players are also already converting their winnings to BTC to potentially boost their profits.