Given the seemingly undeterred rise of cryptocurrencies, many industries from healthcare to gaming have begun actively dabbling in these digital assets. However, while most sectors only offer cryptocurrency to the degree that it can be used to purchase goods or services, the iGaming and casino sectors have taken this one step further. Since 2020, both have started offering up crypto as a viable alternative to fiat money for transactions like betting, funding player wallets, and cashing out. In fact, some leading online poker providers even report that now up to 95% of players prefer to cash out in Bitcoin. On average, this equates to about $100 million worth of monthly Bitcoin transactions. But while avid poker players seem to be more than willing to jump on the crypto poker train, is it time for savvy crypto traders to do the same?
What Crypto Poker Brings To The Table
Crypto poker benefits the gaming sector as a whole as well as individual users. For the gaming sector, cryptocurrency may help to legalize online poker. This is because, to date, online poker isn’t legal everywhere. Namely, in the U.S., which is one of the most active online poker regions, only five states legally allow online poker. These are Nevada, New Jersey, Pennsylvania, Michigan, and Delaware. This is because of federal laws (like Interstate Wire Act of 1961) that prohibit banks from processing out-of-state betting transactions. That said, since crypto eliminates the need for third parties like banks, this completely bypasses skirts past the main issue of legalizing online poker. Many also believe that governments will be more encouraged to legalize online poker in the hopes of keeping a better eye on the growing use of crypto in various industries.
Aside from this, as mentioned earlier, there are also perks for individual crypto poker users. The most obvious here perhaps is the benefit of having faster transactions with little to zero fees. Unlike most traditional methods to bankroll player accounts, crypto is decentralized and can often reflect in a much shorter time. On top of this, one of the reasons why crypto is exciting across the board is because it’s a fraud-proof asset. Because it’s stored in a public ledger, it’s relatively easy to track and ensure the safety of the coins. Since the blockchain tech on which crypto is also decentralized, it cannot be manipulated by any monopoly or cybercriminal. Additionally, crypto poker gamifies the process of acquiring more cryptocurrencies. Granted, it does not offer the same trading opportunities as direct exchanges, it does offer a more “fun” way for players to earn crypto without dealing in the speculative market themselves.
Should Cryptocurrency Traders Buy In or Fold With Crypto Poker?
Now, whether or not you should try your hand at crypto poker, ultimately varies per person. If you happen to be a crypto trader who is also good at poker, this may prove to be an enjoyable means to acquire more tokens. However, if you’re new to poker and to crypto, joining it for the sake of tokens may prove more costly than anything else. After all, crypto remains a highly volatile asset class. Keep in mind, just this June the crypto market saw historic dips. Even leading coins like Ethereum and Bitcoin saw their values tumble by more than 70% from their record-high values. While many analysts say that this crypto crash isn’t a sign that the market as a whole is falling apart (it remains a valuable asset that many top companies like Microsoft and Tesla recognize), it does underscore the importance of knowing the risk it carries. Similarly, poker is also a game of luck, strategy, and odds where inexperienced players can easily be at a loss. Therefore, while crypto poker may seem like a more playful way to earn crypto, the consequences of trying it out without preparation are very real.