The end of 2020 saw a massive rise in the use of cryptocurrency for online games. During this time, 95% of the players at the Winning Poker Network (WPN) requested payouts in Bitcoin. And in order to keep up with player demand, WPN and other online poker providers had to purchase Bitcoin and other cryptocurrencies worth millions of dollars.
More and more players are turning to cryptocurrency to play online poker and manage their accounts. This can be observed in U.S. states wherein banks are not permitted to make online poker-related transactions. As no banks are involved in poker transactions with crypto, players are able to bypass state regulations that limit access to online poker platforms. Furthermore, the convenience of using Bitcoin and other cryptocurrencies – as opposed to transacting with banks – has also contributed to this development. If you want in on this action, here are the basic steps you need to accomplish.
1. Get a Crypto Wallet
The first thing you need is a crypto wallet where you can securely keep the cryptocurrencies that you purchase. You can choose to go with Coinbase, Ledger, Mycelium, or any of the prominent crypto wallet providers available. Just make sure that the cryptocurrencies you can keep, purchase, and trade using your wallet are usable on your chosen poker platform – we’ll dive deeper into this later. Any of the aforementioned wallets are usually safe for these purposes as they can be used for Bitcoin, Ethereum, and most of the prominent digital currencies accepted by crypto poker rooms.
2. Purchase Cryptocurrency
Using your crypto wallet, you can start purchasing the cryptocurrency of your choice. Apart from using dedicated crypto wallets, digital wallets like Venmo and PayPal can also be used to purchase crypto from different exchanges as well. While the integration of these e-wallets with cryptocurrencies is a fairly recent development, you might soon be able to use them to make direct transfers to external crypto wallets as well. This simply means that it’s going to be easier to use crypto for funding online poker games and other transactions in the future.
3. Get an Online Crypto Poker Account
There are a number of poker sites and platforms that allow players to transact using cryptocurrency. GG Poker, Americas Cardroom, Ignition, and Bovada are just some of the more prominent online crypto poker rooms today. If you already have a stash of cryptocurrency you want to use, check to see which of these sites match the contents of your wallet. And if not, you can pick other online poker sites or use your crypto or e-wallet to purchase the cryptocurrency preferred by your chosen site.
4. Manage Your Account with Cryptocurrency
You can convert your crypto winnings to fiat money using any of the aforementioned crypto or digital wallets. You can also keep funding your online poker account using Bitcoin and other accepted cryptocurrencies. The main advantage of using crypto for online poker is that it offers tons of flexibility for players. While it’s entirely possible to keep playing online poker using only cryptocurrency, it would also be a good idea to keep an eye on the market movements of the digital currencies that you use. This can allow you to weigh up the pros and cons of playing poker with crypto, using crypto for purchasing items and services, and trading with other crypto wallet holders or poker players.
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