Pros and cons of playing poker with crypto: A complete guide
Over the past decade, online poker and cryptocurrency have both skyrocketed in popularity. This has created an interesting collision for players who wish to enjoy playing poker with the security, flexibility, and decentralised benefits offered by crypto.
In this comprehensive guide, we’re exploring the pros and cons of playing poker with cryptocurrencies. We’ll also examine a range of reliable and popular cryptocurrencies (beyond Bitcoin) used for buy-ins and dive deep into the aspects players should consider before funding poker games with cryptocurrency.
An Introduction to crypto poker
Crypto poker can be described as traditional online poker where players fund their buy-in or accounts using digital currencies as opposed to fiat money. This form of online poker became popular as cryptocurrencies like Bitcoin started gaining mainstream acceptance and adoption.
From this crypto integration into online gambling sites, players saw that crypto payments offered decentralised, fast, and relatively anonymous transactions. Due to this popularity, a number of online poker platforms have embraced crypto payment methods and allow users to buy into poker games using Ethereum, Litecoin, Bitcoin, and other altcoins.
These days, we also have a new breed of online casinos that can be played directly from the messaging app Telegram. Such platforms, like TG Casino, which has been voted the best Telegram casino, allow users to buy into poker and other live casino games using cryptocurrencies. Because of this, players can enjoy secure gambling, improved privacy, instant withdrawals, and rapid transaction times, all from the comfort of their smartphone, tablet, or laptop. These gaming options have already gained significant popularity among Telegram users, and the future growth of crypto will only make them more attractive for crypto players.
Pros of using cryptocurrency for poker
Online crypto poker offers distinct advantages, specifically for players who value control over their funds, anonymity, and international access. Here are some of the most-liked benefits of partaking in crypto poker:
Reduced transaction fees
Even though fees can vary by currency, crypto transactions are generally associated with lower fees than credit card transactions or bank transfers. Crypto options like Ripple and Litecoin have consistently low transaction fees, while Bitcoin can incur higher costs during peak times. This makes Ripple and Litecoin ideal for players who make consistent withdrawals and deposits.
Quick and global transactions
Due to the decentralised nature of crypto, players benefit from almost instantaneous transactions across borders. This is particularly useful for international players who would otherwise experience delays with traditional banking transfers. Especially for international transactions, fiat withdrawals can take various business days to reflect. However, crypto transfers are typically processed anywhere from a couple of minutes to a few hours.
Avoided bank restrictions
Due to regulatory concerns, banks in some countries might restrict transactions through online gambling sites. Using cryptocurrency offers a way to get around these limitations, as players can deposit and withdraw funds directly to and from poker platforms without needing to involve any banking institutions. Players in jurisdictions where traditional poker payment options are restricted might find using cryptocurrency particularly useful in these cases.
Improved privacy and anonymity
Crypto transactions offer a degree of anonymity and discretion, which many online poker players prefer. That’s because crypto transactions do not require any personal financial details from players, unlike traditional payment methods associated with credit card companies or banks. The privacy offered by crypto appeals to players concerned about identity theft and security. Other players prefer the convenience of keeping their gaming activities separate from their other financial dealings.
Crypto-specific rewards and bonuses
Some online poker platforms offer exclusive bonuses to players who make crypto deposits to attract more users. These rewards and bonuses might come in the form of free poker tournament entries, extra funds, or rakeback deals (fee rebates taken by the poker site). Sites offering these promotions help add value to the player experience. Additionally, these rewards can sometimes be more generous than deposit bonuses from standard payments.
Cons of using cryptocurrency for poker
Despite the many reasons for using crypto for online poker, you still want to know the potential downsides.
Limited availability on some platforms
It’s common for many online poker platforms to accept Bitcoin. However, fewer platforms allow payments with a broad range of cryptocurrencies. This means that players who prefer using stablecoins or altcoins have limited options. Especially for well-established poker platforms, fiat remains the most popular option, even though the list of crypto-friendly poker sites is growing.
Volatility risks
The prices associated with cryptocurrencies are famously volatile. By the time a player withdraws, they might find that their Ethereum or Bitcoin may be worth significantly less (or more) than when they made their initial deposit. Such risks are particularly concerning for players who keep their funds stored on poker sites for extended periods.
Accessibility and learning curve
Players need to understand transaction confirmations, keys, and wallets when using cryptocurrency. This learning curve may be daunting for players who are new to crypto, just as novice poker players may know the rules but not necessarily in-depth strategies like the art of playing pocket kings or knowing when to bluff. Like using an incompatible network or sending funds to the wrong address, mistakes can lead to permanent loss of funds. Moreover, buying crypto may involve identification verification and fees and requires access to a reliable exchange.
Security risks
Crypto is subject to scams and hacks if players don’t take the necessary precautions, even though these digital assets offer high levels of security. That’s why players need to use secure platforms and wallets, as these crypto transactions can’t be reversed. Stolen and lost funds can’t typically be recovered, which is unlike credit card transactions in some instances.
Popular cryptocurrencies used to play poker
Bitcoin is the most accepted and widely used cryptocurrency. However, there are many other altcoins that are popular among poker sites for their unique set of advantages and characteristics. Here’s an in-depth look at some of the most popular crypto coins for poker buy-ins:
Bitcoin (BTC)
Bitcoin maintains its position of being the first and most widely accepted cryptocurrency, which is why it’s the most commonly accepted for online poker. This digital currency is well-liked for widely recognised, fast, and secure transactions. Nonetheless, some users might consider alternative options because of the coin’s slower processing times and higher transaction fees during high-traffic periods.
Tether (USDT)
Pegged to the U.S. dollar, Tether is a stablecoin that offers the flexibility of crypto with the stability of fiat currencies. This is an attractive choice for those wanting to avoid market fluctuations during gameplay, as Tether’s value is less volatile than other cryptocurrencies.
Litecoin (LTC)
Often labelled as the “silver to Bitcoin’s gold,” Litecoin provides lower transaction fees and faster block generation times. This makes it a practical option for online poker players. This digital asset is widely accepted by poker sites and is a great choice for players wanting a balance between transaction costs and speed.
Ethereum (ETH)
Another popular option for online poker buy-ins is Ethereum, which is well-liked for its smart contract capabilities. The transaction speeds of ETH are faster than those of Bitcoin, while the Ethereum network also supports various tokens (ERC-20 tokens), which are also accepted on some sites. However, one downfall is that ETH is subject to “gas fees,” which significantly increase during network congestion.
Dogecoin (DOGE)
Dogecoin is backed by an active community and is liked for its low transaction fees despite initially being created as a joke. DOGE’s acceptance into specific online poker platforms showcases its appeal to a subset of poker players even though the digital asset is less commonly accepted than ETH or BTC.
Ripple (XRP)
Thanks to low costs and rapidly fast transaction speeds, Ripple is an excellent option for players who want to prioritise transaction efficiency. Yet, the somewhat centralised nature of XRP has stirred up debate among crypto enthusiasts.
How to get started with crypto poker
For those ready to dive into crypto poker, here’s a step-by-step guide to get you started:
Step one: Set up a crypto wallet
You need a crypto wallet to store your cryptocurrencies. When picking a wallet, you can choose between software wallets (desktop, mobile, or online) or hardware wallets (physical store devices). Hardware wallets offer strong security, while software wallets are liked for their added convenience.
Step two: Purchase cryptocurrency
Once you’ve set up a wallet, you can go ahead and purchase cryptocurrency on a reliable crypto exchange. Most of these exchanges accept various payment methods, such as credit cards, bank transfers, and even PayPal.
Step three: Pick a reputable crypto poker platform
Pick an online poker platform that’s reputable and accepts cryptocurrency. Before deciding on this platform, consider factors like available games, security, user reviews, and withdrawal policies.
Step four: Deposit cryptocurrency to your poker account
After selecting an online poker site, you want to navigate to the platform’s deposit section and choose your preferred cryptocurrency. From here, follow the site’s instructions to fund your account. It’s important to double-check the wallet address to avoid making any errors.
Step five: Start playing poker
Now that you have funds in your account, you’re ready to join online poker tables and start participating in games. If you’re dealing with a volatile crypto coin, remember to monitor market conditions and practice bankroll management.
Comparing other payment methods for online poker
Players have several other reliable payment methods for poker buy-ins besides cryptocurrency. Depending on the player’s priorities for convenience, privacy, and speed, each payment method comes with its own set of pros and cons.
E-Wallets (Neteller, Skrill, PayPal)
Providing a middle-ground solution, e-wallets allow for fast deposits and withdrawals without sharing bank details with the poker platform. Nonetheless, some e-wallets don’t support gambling transactions in various jurisdictions, and transaction fees can vary depending on which e-wallets are accepted.
Debit/credit cards
Typically limited by regional restrictions and incurring fees, debit and credit cards are still one of the most widely accepted payment methods and offer standard transaction speeds. Even though credit or debit card deposits are quick, withdrawals might not be available through this payment method on some poker platforms.
Wire transfers and bank transfers
Bank and wire transfers are the most traditional payment methods and are known for being reliable and secure. However, bank or wire transfer transactions are often slow, with withdrawals generally taking up to several working days. Additionally, bank transfers typically incur higher fees, a drawback for frequent online poker players.
Vouchers and prepaid cards
A more anonymous method of depositing funds into online poker platforms is through vouchers or prepaid cards. However, such payment methods are limited to deposits only. You can’t typically facilitate withdrawals to prepaid cards. That’s why players require a secondary method if they want to cash out.
Five tips for safe and responsible crypto poker
Using crypto offers many benefits when playing online poker. However, it also requires players to adopt a responsible and cautious approach. From managing the risks associated with crypto to picking a secure platform or using poker spreadsheets to track your spending, these tips will help players protect their assets and have an enjoyable playing experience.
Choose secure wallets and poker platforms
Your chosen poker platform and wallet can either make or break your playing experience. That’s why you want to pick secure sites that will keep your funds safe. Here’s what to consider:
- Look at the platform’s reputation: Before you deposit any funds, research the online poker site’s reviews, history, and reputation. You can get insights into other players’ experiences through poker forums and trusted review sites.
- Use reputable wallet providers: Only use crypto wallet providers with strong security track records. Software wallets are convenient and offer quick access. However, some players might prefer hardware wallets for long-term storage and significantly higher security.
- Verify fairness and licensing: Search for sites that have valid licenses from recognised regulatory authorities. Sites like these generally enforce standards for fair play and security. Additionally, some poker platforms provide “provably fair” games, which ensure the fairness of each hand through cryptographic algorithms.
Protect your wallet information and keys
Acting as the gateway to player funds, cryptocurrency relies on securely storing private keys. That’s why protecting these keys is crucial, and you can do so by:
- Keeping private keys private: You never want to share your recovery phrases or private keys with anyone. That’s because these keys grant full access to your wallet. Sharing such information could result in the loss of all your funds.
- Being wary of phishing scams: Always verify that you’re on the official app or website before entering wallet information and login credentials. This prevents phishing scams, which trick users into giving up their private information through mimicked sites.
- Enabling two-factor authentication (2FA): The majority of reputable poker platforms and wallets offer 2FA for added protection. With this additional layer of security, players can reduce the risk of unauthorised access.
- Considering cold storage for large balances: Players might consider storing larger crypto amounts offline in a cold wallet. These cold wallets aren’t connected to the internet, which makes them less vulnerable to hacks.
Avoid volatility risks while cashing out
Between the time you win and cash out, the value of player funds can be significantly impacted by crypto’s volatile price swings. To minimise these risks, you can:
- Check transaction fees and speeds: Transaction fees can spike during high market activity, making processing times slower. You want to look at the fees and transaction speed associated with making withdrawals. This is especially true when using volatile crypto assets like Ethereum or Bitcoin.
- Withdraw to stablecoins or fiat: Consider converting any winnings to stablecoin or fiat, especially if you foresee market turbulence. This helps you secure the value of your winnings regardless of any changes to crypto prices.
- Strategically use partial withdrawals: Consider withdrawing only part of your crypto winnings if you’re unsure about market conditions. With this approach, you can secure part of your winnings while also storing some of your funds in case crypto prices rise.
Practice responsible gambling
Even though online crypto poker can be convenient and exciting, it’s important to approach playing with the same responsibility as any form of gambling. You can do this by:
- Limiting your exposure to volatility: You want to be mindful that crypto funds can suffer significant price swings. That’s why you only want to deposit what you’re prepared to lose. You want to treat your poker winnings as a separate crypto balance away from any investment portfolio you might have in crypto.
- Setting a budget in fiat terms: Given the volatility of crypto, it can be easy to overlook how much you’re winning or spending in crypto. To prevent this, set up a poker budget in fiat currency (euros, dollars. etc.) before you start playing. Make sure that you don’t exceed this budget.
- Avoid chasing your losses with crypto: It might be tempting to quickly top up your crypto account after a loss since crypto transactions are so fast. Because this can lead to spending more than you originally planned, you want to be cautious of such behaviour. Instead, re-evaluate your poker strategy and take breaks after any loss.
Wrapping it up
The inclusion of cryptocurrency in online poker has opened up new possibilities for players and offered a flexible way to engage in the game. With benefits like faster transactions, improved privacy, easier access across borders, and lower fees, playing poker with crypto is an attractive opportunity for many players who want more control over their online gaming experience.
With that being said, it remains crucial for players to recognise potential drawbacks of using crypto in online poker, especially the security risks associated with digital currency, volatility of crypto assets, and limited availability of crypto poker platforms.
In the end, choosing to play poker with crypto comes down to a player’s comfort with digital assets and preferences. By understanding these pros and cons, staying informed about market trends, and choosing to play on secure platforms, players can empower themselves to partake in rewarding online poker experiences that are improved by the flexibility of cryptocurrency.
