Recently, the use of Internet currency Bitcoin has become more and more popular and has fast become a widely accepted and used form of currency for online gambling and poker.
For those online Poker fans not familiar with Bitcoin, it is essentially a peer-to-peer decentralized online currency, used for transactions of various natures like online shopping and now Bitcoin Casino services like Poker.
A three-hour long Congressional hearing in the US recently produced a wide knowledge of the currency, and also legitimized Bitcoins as a reputable form of monetary exchange.
Since this time, several notable online poker rooms which only deal in Bitcoins have experienced a surge in player numbers, further prompted by U.S Federal Reserve Chairman Ben Bernake outlining Bitcoins as showing “Long-term promise, particularly if the innovations promote a faster, more secure and more efficient payment system.”
Similarly to services like PayPal, Bitcoins are stored in an online wallet and are accessible for both deposits and withdrawals from your online Poker account instantly, allowing for quick and care-free transfers after claiming that big hand!
Since online Poker rooms first came into existence, players have sometimes had to wait noticeable periods of time before getting their hands on their winnings; a problem completely ironed out with the use of Bitcoin.
Currently, more and more online poker rooms are offering a service solely dealing in Bitcoins, while several established companies prepare to offer players the ability to wager Bitcoins if they desire, as awareness of the currency grows.
The use of Bitcoins in online poker is also beneficial for both company and client, as it lacks processing fees set by banks and other monetary exchange programs. For this reason, leading online poker rooms can keep their sights set on providing all players with top-rate services and incredible bonuses for loyalty and signing up.
As an added bonus of saved costs with the use of Bitcoins, Poker rooms are able to offer the lowest rake rates witnessed since online poker came to fruition, almost halving the size of the lowest rake rates featured by currently traditional sites.
The use of Bitcoins offer several great perks to the online gambling industry, particularly fans of online poker.