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While gambling with money is currently the most common choice, the advent of cryptocurrencies like Bitcoin and Litecoin offer a lot more features than actual money. One of the biggest advantages are security and anonymity. Poker Rooms with bitcoin as the only method to cash-in usually don’t require identification, which greatly protects a player from being spied on. Are you interested in learning more about bitcoin and Poker Rooms that offer bitcoin games? Just keep reading!
What is Bitcoin?
Bitcoin is a new category of money invented by a software developer called Satoshi Nakamoto. Unlike printed money like dollars, euros and yen, they are produced (more specifically “mined”) by solving mathematical problems. To solve these problems software and a lot of processing power is required – in the form of often dedicated hardware (e.g. asic miners). The generic term for this new form of digital money is cryptocurrency.
Why should I use Bitcoin instead of normal currencies?
Today a lot of companies accept bitcoin as a method of payment. Among those are Dell, Microsoft, Subway, Overstock, Expedia, Virgin Galactic and many more. So what is the advantage? As mentioned before, bitcoin offers security and some layers of anonymity, that one would not have with actual money. The reason why is, that we can make bitcoin transactions without identifying ourselves like we would have to when transferring money from one bank account to another. Or when using payment processors like paypal, neteller or skrill. bitcoin achieves this by being decentralized. No institution controls the bitcoin network, thus no third party can control your bitcoins. Being totally independent from any authority is the biggest value for many bitcoin users.
So who is printing Bitcoin?
Bitcoins are not printed by anoyone. Nobody can print bitcoin like physical money. Dollars, euros and other currencies can theoretically be printed indefinitely, which will devaluate the money over time. This is not the case with bitcoin. Anyone can join the bitcoin network and start mining bitcoin. You just need the software and hardware to do it. The number of bitcoins, that can be mined in this process is limited and cannot be increased. After 21 million bitcoins have been mined, there will be no more additional units of this cryptocurrency. In fact the number of available bitcoins is decreasing at some point due to lost passwords and or access to wallets – which are used to ‘store’ your bitcoin. The smallest part of a bitcoin is a Satoshi which is one hundred millionth of a bitcoin. This could be compared to dollar and cents.
How much is Bitcoin worth?
People argue that bitcoin has no intrinsic value like government backed currencies. The value of bitcoin is not backed by any third party. It’s value is based on mathematics and the effort it requires to solve a mathematical problem.
You can check the current value of bitcoin on platforms like Kraken.com or bitcoin news blogs like CoinDesk.com.
Where can I buy Bitcoins?
While it is very hard to get bitcoins by mining, it is a lot easier to straight buy them for dollars, euros or other actual currencies. Some of the website you can buy (and sell) bitcoins on are:
While these website require some customer identification, you can also use localbitcoins.com to physically meet a seller and buy bitcoins for cash, which is probably the most anonymous way you can buy bitcoin.
How can I access and store Bitcoins?
Technically bitcoins cannot be stored. You store the digital keys, that give you access to the public bitcoin address the most convenient way is to use wallets like blockchain.info or one of the various others. You can easily check the amount of your coins and transfer them tomerchants or other bitcoin users.
How do I send Bitcoins to the poker room?
By signing-up to the bitcoin poker sites, you will be assigned a dedicated bitcoin address. You simply use it to send bitcoins from your personal wallet to this address. Keep in mind to always double check if the address is correct by sending a small amount first!
Learn how to deposit with Bitcoin at Americas Cardroom
Can I trust Bitcoin Poker Sites?
Make sure that the poker room you are using has the Provably Fair sign. I will give you proof of the mathematics used to shuffle the poker decks and or the random number generator (rng) of the various other casino games, some of the sites are offering.