While the future of cryptocurrencies may still be uncertain, one thing is not. There are more cryptocurrency wallets today than ever before, and the number keeps growing. Even Amazon and Dell are getting into the game, and crypto ATMs are popping up all around the globe. The one area where cryptocurrencies haven’t really exploded, at least not as much as in other sectors, has been online poker. It’s a curious phenomenon given the many advantages cryptocurrencies can offer online poker players.
Both cryptocurrencies and online poker are, obviously, created for a digital era. There are no physical exchanges and transactions occur at the speed of light. Both also offer extreme anonymity, in most cases. This is a huge plus for online players, since it gives them the ability to rake in serious amounts of cash without having to report the earnings to the taxman. Bluffing now becomes as important off the tables as on them.
While investors may view cryptocurrency fluctuations as a negative, it could be a positive for online gamblers collecting in virtual coins. A player who wins big online has those earnings multiplied automatically while still lounging around on the couch playing more games. As with direct investments into crypto, the coins can be left in the account and sold when they regain value following a drop.
If a player accumulates a nice bank on, for example, PokerStars, and wants to cash out, it can take up to 72 hours for the money to be deposited into a fiat account. With cryptocurrencies, the coins are almost instantaneously returned when requested. It’s like having an emergency fund at your fingertips at any given moment.
Several countries prohibit online gambling, such as the United States. There are workarounds, but the problem comes in when someone tries to deposit into an online poker account using funds drawn on a traditional bank. However, since the U.S. considers cryptocurrency to be property and not cash, a legal void is created that allows cryptocurrency to be used for online action.
From a business perspective, cryptocurrency-based poker also makes sense. Transactions are completely secure and irreversible. There are no bank charges, so the operations receive a larger portion of the income. As with the users’ crypto banks, the sites can also leave a greater portion of their income untouched to follow the trends of the cryptocurrency markets. In the end, it’s going to be a win-win for everyone involved.