There hardly exists a development online that doesn’t find itself in some way utilized for gambling, and the growth of Bitcoin poker is a testament to that. Of course, this isn’t necessarily a bad thing. Many people enjoy such activities and many take part responsibly. Poker sites, bitcoin or otherwise, are quite popular after all.
Bitcoin and other cryptocurrencies fit well with anything online that involves money, thanks to the benefits of the blockchain. That is why online gambling sites have begun to adopt cryptocurrencies such as Bitcoin as a method of payment. So what is Bitcoin poker all about?
Applications Of Blockchain in Gambling
There are a couple of ways in which the worlds of blockchain technology and online poker, along with other betting activities, can work together. While accepting crypto as a payment method for deposit and withdrawal is an obvious application, there is also a thriving ecosystem of gambling apps being developed on the blockchain.
Gambling and betting Dapps are amongst the most popular category of games available on the blockchain. They utilize blockchains like Ethereum, EOS, and Tron as a foundation of Dapp development. In fact, a significant proportion of Dapps built on these platforms are gambling related. This shows that there is a demand for this market.
As for traditional online websites adding Bitcoin compatibility, there does seem to be some uptake.
Why Use Crypto For Gambling?
Of course, many regard cryptocurrencies as safer and more secure since everything is tracked on the blockchain. If for whatever reason, users want to keep their activity private, using Bitcoin or other even more anonymous currencies such as Monero make that much easier to achieve. It is reasons such as these that may help cryptocurrency become the top choice for online casinos.
There are other benefits too. The blockchain allows systems to be put in place such as KTC and AML that will help to ensure funds are sourced legally. Other features such as deposit limits and cool-off periods can be imposed as needed.
Logistics Of Crypto
Then there is also the logistics of it. Crypto is native to the online world and is meant to be a replacement/improvement to fiat money. This makes their use in online poker websites seem more natural and offers an alternative to other digital payment methods. Of course, Bitcoin isn’t the only crypto that can be used to place bets. A number of currencies are represented, though don’t expect any smaller, lesser-known altcoins to be an option.
Some Dapps, including gambling ones, have a dividend system where users who play on the site are able to earn dividends. This is done through the use of dividend tokens which are distributed to all users, with the amount given out based on the profits of the platform. The more users that play, the higher the dividend, meaning users have a vested interest in the success of the platform to some extent and can be a deciding factor when choosing which website to use.
Is Gambling With Crypto Safe?
One of the first questions many people ask when it comes to gambling online is whether or not they are safe. No one wants to fall for a scam and lose their crypto. There are even whole websites dedicated to listing and ranking the trustworthiness on such crypto gaming sites, highlighting the level of distrust people have. When it comes to finding the best Bitcoin poker sites in terms of safety, there are some signs to look out for.
Ensuring Security
The blockchain itself, with its built-in security features and decentralized design, ensures that transactions are unhackable and verifiable. Transactions are almost instantaneous too. This is likely one of the main reasons why gambling on the blockchain grew to the extent it has.
Websites that rank crypto casino websites can be a good resource – as can reviews. Finding reliable sources for their impressions and actual users can also help determine whether it is legitimate. There is also a movement for transparency that makes websites, like poker sites that accept Bitcoin, fair in a provable way. While it is good to be provided with the market edge information, a more in-depth insight would help provide proof.
For many, the legitimacy of the website will be a big deterrent to signing up and taking part. No one wants to risk losing their crypto, whether due to a security breach, shady practices, or from an outright scam. For now, it is mainly dedicated fans of the genre who are using their Bitcoin for gambling.
A major roadblock in the case of Dapps is that holding crypto is a requirement for creating an account so, even when accounts are able to be created for free, users still need crypto to play. This means that, in order to check a game out, payment information will need to be provided. Giving out payment information is understandably a major deterrent, especially with the fear of phishing or other scams looming around. Ultimately, the best Bitcoin poker websites, in many users’ eyes, are ones that appear safe.
The Future Of Bitcoin Poker And Other Crypto Gambling Sites
For the most part, this part of the ecosystem looks as though it is here to stay. There is obviously a demand for gambling using crypto and the blockchain has real potential. At the same time, the saturation of the market will lead to some of these sites disappearing, with only those dedicated to the development and growth sticking around. However, the user base is expected to grow further as more users begin to understand and adopt crypto. The convenience and security of cryptocurrencies are factors that have helped grow this area.
Regulations are another consideration, especially seeing as online gambling websites have faced closure in the past. Japan has already implemented restrictions in order to push regulations in this area. Moving forward, these changes in the market will continue to shape its growth. As an already divisive and controversial subject, further regulations are likely to be imposed.
https://blog.kucoin.com/cryptocurrency-in-the-gambling-industry-all-you-need-to-know-about-bitcoin-poker-sk-bt
