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Bitcoin

Bitcoin has been the most successful decentralized currency, providing internet users with a secure, anonymous way to move money online. Some online poker players prefer Bitcoin for the utmost discretion it affords, hiding sensitive private information from would-be scammers and thieves while ensuring your money reaches its end destination safely. Aimed primarily at those in countries where online gambling is otherwise restricted, it is still a payment method of choice for poker players worldwide looking for a secure way to transfer and withdraw their funds.

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Not necessarily the easiest method for beginners looking for a viable payment method, the security and anonymity of the Bitcoin format makes it nevertheless an attractive proposition. Money exchange is instant, and with exchange rates constantly fluctuating, it introduces the potential for your winnings to actually increase in value relative to your local currency before you convert them to cash.

Bitcoin Advantages
  • Entirely anonymous and secure, perfect for those who value their privacy when playing poker online
  • Good method for players who are otherwise restricted, or who live in jurisdictions where other payment methods are not available for online gambling
  • Exchange rates and mining allow you to add value to your cash balance, in a way that just isn’t possible with your standard e-wallet
  • Fast transaction times with supported poker sites, including sites specifically set up to handle Bitcoin payments
  • Low fees when compared to other forms of transacting, on both the deposit and withdrawal sides
  • Great for those who already conduct business in bitcoins online
     
Bitcoin Disadvantages
  • More technical to use and understand than other payment methods
  • The need to buy and sell the currency adds additional complexity and time to the process, especially on the withdrawal side when you are trying to access your funds

Deposits

Deposits via Bitcoin are reasonably straightforward, once you have signed up for a Bitcoin wallet and mined, or purchased, your first coins. The exchange nature of dealing in Bitcoin means the process is a little more convoluted than you would otherwise expect, but players who use Bitcoin usually have a good understanding of this process anyway. Deposit fees are generally non-existent and the processing times are usually ahead of other payment methods, given the lack of risk involved.

Withdrawals

Withdrawal processes are similar, and there are usually shorter time frames involved than when compared with other types of payment methods. On withdrawal, unless you hold a Bitcoin balance as a matter of course, you need to exchange for your local currency, which can open you up to adverse exchange rates that could cost you money. However, this is offset by the lack of applicable fees, or significantly lower fees in the event that there is a charging structure in place.

Bitcoin FAQs

There are a few common Bitcoin questions players ask before making a deposit:

Am I Recommended To Use Bitcoin?

Bitcoin is best used for those who are unable to transact via other methods, or for those who generally hold a Bitcoin balance. While it is a little more technical than other forms of payment, it is easily learned, and poker players choosing to go down this route gain a lot in terms of anonymity and overall privacy as they play.

Do All Poker Sites Accept Bitcoin?

Not all sites accept Bitcoin, but an ever-increasing number do. There are even sites out there specifically targeting Bitcoin players, which can make the whole process of depositing and withdrawing funds a little easier.

Is Bitcoin An E-Wallet?

Strictly speaking, no, although the functionality in practice is much the same. Bitcoin is a currency in its own right, and you need to buy and sell bitcoins to move money in and out of your account. This means you are subject to fluctuating exchange rates, just as if you were playing in any other currency from that which you commonly use.

Can I Withdraw Bitcoins?

Yes, most casinos accepting payments in this way will also be comfortable in allowing bitcoin withdrawals. However, unless you regularly spend with bitcoins, you will need to then convert your balance to your local currency, which requires you to sell your bitcoins, like you would with any other foreign currency.