Can Poker Players End Up with Prophet from Crypto Casinos?
Are you looking for the fastest way to increase your poker bankroll? Have you heard about the benefits of using cryptocurrencies? Worldwide online casinos are adopting cryptocurrencies as a payment method to boost gamblers chances for high wins.
This brief guide will show you the relationship between cryptocurrencies and online casinos in the UK, the special features of the digital asset in the online gambling ecosystem and how it works. You’ll also enjoy finding out how you can immediately enjoy using cryptocurrencies for online poker wagers.
What Are Cryptocurrencies?
Cryptocurrencies appeared as a by-product of Satoshi Nakamoto’s intention of creating a decentralised payment system. The difference between cryptocurrency and FIAT payment networks lies in the absence of a central banking authority. Users make cryptocurrency payments on a decentralised blockchain ledger and involve peer-to-peer transactions based on unique keys and individual addresses.
Cryptocurrencies and UK Online Casinos
Cryptocurrencies have rapidly entered the gambling environment of any online casino in UK. Players can enjoy low transaction fees, fast withdrawals, high transparency, and strong security. Most online casinos charge low deposit or withdrawal fees to increase players engagement and loyalty rates. Also, gamblers can enjoy cash back or match bonuses for wagering with cryptocurrencies on virtual or live poker games.
Because cryptocurrency withdrawals don’t require confirmation from a central payment authority, poker players can enjoy their wins in record time. It takes only up to 24 hours before funds hit your e-wallet. Cryptocurrencies move quickly and shouldn’t keep any backup bankroll with the online casino.
Strong security is another advantage you can enjoy when wagering with online casino cryptocurrency. Because the online casino only stores your public key and the amount of crypto you deposited, you enjoy increased security. You won’t risk having any financial or personal details at the disposal of the online gambling platform. Although UK online casinos integrate innovative security software and the UK Gambling Commission regularly performs audits, gamblers prefer to store their sensitive data on separate servers.
Digital currencies such as Bitcoin or Ethereum can generate extra revenue thanks to no overhead fees. That’s why poker players can receive match bonuses of 200% up to about 1BTC or enjoy high rake % in live Poker Room. But you can’t accurately estimate the value of your bonus because of the increased volatility of cryptocurrencies.
Which are the Best Cryptocurrencies for Online Gambling?
The online gambling community hasn’t reached a consensus over which cryptocurrency is the best for gambling. However, the most famous digital currencies used by reputable cryptocurrency online casinos include Bitcoin, Dash, Ethereum, and Litecoin.
In 2013, users mostly used Bitcoin in online gambling before using it as a payment method for various services or products. Because its value increased at a sped-up rate over the past years, any online Bitcoin casino accept wagers as low as a percentage of a Bitcoin. However, because its price is continuously rising, most owners prefer to speculate and hold on to their digital asset than wager it.
Dash is a well-established cryptocurrency widely used in online gambling. Unlike Bitcoin, it doesn’t involve using decimal points followed by an extensive queue of zeroes. Also, you’ll enjoy high anonymity levels. But the only disadvantage is that not many online casinos accept payments in Dash.
Ethereum and ERC-20 Tokens
Ethereum remains strong and stable against the GBP, only fluctuating by +/-5%. It’s preferred by professional poker players due to its increased stability and no risk of dramatic drops. The Ethereum Blockchain is being integrated by famous UK online casinos due to its transparent proof of fairness model.
Users can store ECR20 tokens such as Edgeless and FunFair in Ethereum wallets and use them for gambling on poker games. However, the only downside is that they’re not universal. You can only use FunFair tokens at dedicated FunFair casinos. The same goes for Edgeless tokens.
Litecoin comes second to Bitcoin in terms of when it appeared but offers poker players faster withdrawal times. Also, because it’s much cheaper than Bitcoin, poker players prefer to wager with Litecoin on their favourite online casinos. It’s stable and easy to buy from various online exchanges and marketplaces.
Cryptocurrency Forecast in Online Poker Games
The online gambling industry is a free ground for trial & error simulations for new tech innovations. It’s why online casinos will continue to adopt cryptocurrency innovations. With a large pool of gamblers eager to enjoy new discoveries in the blockchain and cryptocurrency sectors, online casinos are open to creating a better wagering environment. It will only lead to attracting more customers and strengthening the loyalty of existing clients.