Last Updated on November 16, 2022 by Hamna Nouman
The influence of cryptocurrencies has undeniably made its way into the world of iGaming. In fact, the number of crypto-based online casinos has been rapidly increasing. By April of this year, reports reveal that there are now 70 crypto-friendly casinos in operation. This has been brought on by countless players requesting that providers make use of digital coins as buy-ins and cashouts in lieu of fiat money. The increase in demand for these kinds of platforms has paved the way for the establishment of crypto poker.
Online poker, which is an essential aspect of online casinos, has been a driving force when it comes to industry trends. With online poker adopting cryptocurrencies, there is no doubt that platforms that provide other casino games like roulette and blackjack will slowly follow suit.
What is crypto poker?
Crypto poker can be defined as any online poker platform using digital coins such as Bitcoin, Ethereum, and Tether. For example, platforms may accept crypto in lieu of fiat currencies for all monetary transactions. All of these platforms fall under the umbrella of crypto poker.
Crypto poker can also be seen in the metaverse. Since it is a virtual reality platform, most apps and servers only accept payments in cryptocurrency rather than fiat money. It can also be considered part of the crypto atmosphere because it makes use of blockchain technology – the same programming that cryptocurrencies use.
One of the main benefits that often attracts users is the security capabilities of cryptocurrencies. As mentioned above, they use blockchain technology. This is secure because a user’s personal information is not linked to a public record, making them less susceptible to data leaks.
There is also hope that crypto may legalize online poker because a player’s winnings in most states cannot pass through a bank. Since these financial institutions are banned from processing poker transactions outside of their jurisdictions, the use of cryptocurrencies can push for better policymaking and regulation. In time, its decentralized nature may allow players to use crypto poker platforms anywhere in the country.
What to look for in a provider
First, it is important to see whether or not the platform you choose has received a license. This will let players know whether or not the provider can be trusted. Some of the licenses to consider are the Malta Gaming License, Curacao Gaming License, and Kahnawake Gaming License. Providers that have these are required to adhere to certain standards for security and player satisfaction, ensuring that they will have a seamless experience.
Another thing players can look at is the different coins being accepted. It is important for them to check whether or not the cryptocurrencies they already have can be used on the platform. This will help them save time as they won’t have to make an account on a platform they can’t even play on.
Players should also look at the platform’s design and offerings. One with a good user interface will allow players to have an easy time navigating through the different pages, making it easier to understand and navigate with crypto. They should also look at the games they can play. Since there are many different iterations of poker – with many favoring one over the others – players should see if the version they prefer is being offered on the platform. In some cases, platforms only allow crypto for a few poker varieties.
Lastly, they can also assess the platform’s bonus offerings. Many online poker providers give users incentives to use cryptocurrencies. This can come in the form of lowering their initial deposit, doubling the value of their cash-ins, and even getting a free fixed amount once they sign up. Some sites even offer frequent player points that people can exchange for items such as merchandise, tournament tickets, and even gadgets – all depending on the provider. Bonuses allow players to get more bang for their buck, so choosing a platform with beneficial ones can make playing even more rewarding.
It’s no wonder why crypto poker sites are gaining popularity. Not only have digital currencies been beneficial for users but also to the industry as a whole. That said, given the volatile nature of cryptocurrencies today, it is important for players to know how to choose the right provider that will cater to their needs.
Be sure to check Magazinted for more articles on gaming and crypto.