In case you are wondering how these currencies have been safely in use for that long without government regulation, its high time you learnt about blockchain technology. This is the technique behind the successful use of these currencies. The blockchain is basically a regularly updated list of records. The records are aggregated in a series of blocks connected through encryption. Though blockchains can be used in recording anything, they are majorly used in recording transactions, and this is the main point of cryptocurrency blockchain. The blockchain is usually available for anyone to view, but no one can alter it; it`s only the blockchain that can do that hence making bitcoin and other cryptocurrencies secure.
The Benefits of Using Cryptocurrencies in Online poker
Major Benefits of using Cryptocurrencies
Apart from the common safety measures that cryptocurrencies and on all other currencies have, there are other important factors that give the crypto world an edge over the others in online poker.
One of the main benefits is the super fast withdrawals. It is common for most poker sites to take around three to five days to process the withdrawals of fiat currency. On the other hand, cryptocurrencies like bitcoin are usually transferred in less than 24hrs or could be instantly transferred from your account to your cryptocurrency wallet.
The other benefit that most people are unaware of is that, with cryptocurrencies, one has the potential to pay less rake or even get more rake-back. However, this will majorly depend on the site one is using and the site they want to switch to. Therefore, if you value rakes so much, a proper research would land you the best place.
Another benefit of using cryptocurrencies is that it makes it possible to play anonymously. Though this ability varies in various online poekr rooms, it generally rules out poker rooms that accept fiat currency too.
It is also worth noting that, there are plenty of cryptocurrencies apart from the well-known bitcoin. Newer cryptocurrencies options are being added to various gambling sites, therefore, offering you cryptocurrency advantages some even better than bitcoin itself. The advantages include faster processing speeds and lower, close to none, processing fees.
Lastly, there are plenty of bitcoin poker sites already established. The huge number gives you the chance to choose the best site where you can reap well. Apart from the many established cryptocurrency poker sites, as mentioned earlier, there are other sites coming up and they are strictly cryptocurrency poker sites. All these just make the competition high hence you benefit from the best offers.
Other Indirect Benefits
First, you do not have to go to a bank to get a cryptocurrency account, known better as a wallet. The wallet is just like the regular bank account, but you use it to store your cryptocurrency. To get one, you simply download the wallet, and there are plenty of wallet varieties to choose from, every wallet having its unique benefits. And second, it is easy to buy or sell bitcoins to fill your wallet through the many cryptocurrency exchanges available.