Playing Poker With BTC
Before you can make a deposit via Bitcoin at online poker, you first need to purchase some Bitcoins (or milli or micro Bitcoins). The purchase is relatively simple and can be done in half an hour (see above).
The Bitcoins are stored in virtual wallets (Bitcoin wallets). Once you have such a Bitcoin wallet in which you can store your cryptocurrency, you can purchase Bitcoins. These are paid for with normal money, so probably in euros. Once in possession of the digital currency, one can use it and deposit at online poker sites that accept Bitcoins, you can find a list at Casinobtc.org.
This is how depositing with Bitcoins at online poker works:
- Cashier area: you have to go to the cashier area (Cashier) of the poker site and select “Deposit” there.
- Select amount: The desired amount must be specified. It is specified in euros and is automatically converted into bitcoins.
- Bitcoin wallet: In parallel, you have to open your Bitcoin wallet to instruct the transaction there. The bitcoin wallet gives you a virtual address, which you give to the casino (simply via copy & paste) and thus the transaction is completed.
Withdrawing Bitcoins is even easier. To do this, you just give the poker provider the address of your wallet and the provider transfers the amount to this address. This usually takes only a few minutes, although the poker provider usually performs a few checks on the player’s account beforehand.
Advantages of Bitcoin in online poker
Direct transaction without third parties: As a digital cryptocurrency, Bitcoin does not use any third party when transferring funds from one account to another. Thus, when using Bitcoin, there are no fees to third parties.
Secure transactions: Using a Bitcoin wallet like Bisonapp.com, it is incredibly easy to transfer money via Bitcoin. At the same time, transfers are absolutely secure and cannot be intercepted. You just have to protect your passwords and personal keys well – like everywhere else in the virtual world. To protect one’s privacy, one has to make sure that the Bitcoin address and personal identification data are not shared with third parties at the same time. This is because all Bitcoin transactions are permanently stored on a public network.
Anonymous gambling with Bitcoin: Bitcoin poker sites offer users absolute anonymity when playing online. The only information Bitcoin casinos necessarily ask for is a player’s email address. This is because otherwise, the casino would literally have no way of recovering the user’s password if a player forgets it.
No fees: The cost of conducting a bitcoin transaction is zero. While the cost of transferring Bitcoins is usually completely free, a poker site may occasionally charge a small amount. However, deposits via Bitcoin are free at all casinos.
Disadvantages of Bitcoin in online poker
Every payment is irrevocable: once you have made a transfer using Bitcoin, the payment cannot be cancelled. This is different from bank transfers, for example, which can be reversed if necessary. That’s why you should only ever choose to do business with companies that are both trustworthy and secure.
The value of Bitcoin is subject to strong fluctuations: Since Bitcoin is still a relatively new currency, its value tends to both rise and fall over a short period of time. For many, Bitcoins are therefore investment and speculative assets and virtually their own little (or big) gamble.
Questions and answers
- Can Bitcoin be converted into cash?
It is possible to exchange Bitcoins into cash without any problems. Through any Bitcoin wallet, you can sell Bitcoins for Euros and thus convert them back into regular money.
- How to buy Bitcoins?
In Germany, the easiest way to buy Bitcoins is via a Bitcoin wallet, such as Bitcoin Core and Electrum. In these wallets, you can buy Bitcoins in exchange for regular currencies (such as euros).
- Are Bitcoins illegal?
Owning, trading and mining Bitcoins are completely legal in Germany. In fact, Bitcoins are legal in all countries of the EU and are traded by more and more people.
- Is it possible to sell Bitcoin?
It is possible to buy and also sell Bitcoins in Germany without any problems. The sale is done via a Bitcoin wallet on Bitcoin exchanges.
- Is it wise to invest in Bitcoin?
Trading Bitcoins is definitely a risky business. The cryptocurrency is subject to strong price fluctuations and investing in Bitcoins is a poker game in itself.
- Is it possible to make money with Bitcoin?
Due to the strong price fluctuations, it is easy to make a lot of money quickly with Bitcoins. At the same time, of course, there is a high risk of losing a lot of money. Therefore, Bitcoins are not ideal for conservative investors and gamblers.
- Is Bitcoin safe to use?
Bitcoin is an extremely secure cryptocurrency. There are many security mechanisms inherent in the currency and it is extremely difficult to intercept or forge Bitcoin transactions.
- Can Bitcoin be traced?
Anonymity is one of the central elements of Bitcoin. That is why it is virtually impossible to trace Bitcoin payments. Transactions are only stored in encrypted form and it is impossible to reconstruct this information afterwards.
- Are Bitcoins safe to buy?
Buying Bitcoins is safe and hassle-free. The currency is now established and has been on the market long enough that there is no significant friction. Trading is easy, regulated and without risks.
- How do bitcoin miners get paid?
Mining bitcoins (bitcoin mining) results in bitcoins. Owning these mined Bitcoins is the reward of a Bitcoin miner. However, Bitcoin mining is an extremely time-consuming and energy-hungry process that takes hundreds of hours.
- What can I do with Bitcoin?
Bitcoins can be used to pay for goods and services at more and more portals. The choice is by no means limited to offers on the dark web, but also to completely normal, legal goods and services.
- Are Bitcoin poker providers safe?
There are many Bitcoin poker sites on the market that are safe, but there are also those that do not value security and where you have no legal recourse in case of an incident. That is why you should only play at regulated and licensed poker sites. These are safe in any case.
- Is Bitcoin gambling legal?
The question of whether or not it is actually legal to gamble with Bitcoin poker should be on the minds of every potential Bitcoin gambler. In many countries, there are currently no specific laws regulating gambling with this particular cryptocurrency. Therefore, we can say that the use of Bitcoin for gambling and poker is neither officially allowed nor prohibited. What is certain is that as things stand, no one in Germany can be legally prosecuted for gambling and no one can be legally prosecuted for possessing Bitcoins, so the game is legally safe.
- Are bitcoin poker sites regulated?
Not all online poker sites are properly regulated and the same goes for bitcoin poker providers. However, there are some that are regulated in the EU through Gibraltar (as part of the UK). These poker sites are considered safe and trustworthy.
- Is there a minimum or maximum deposit amount with Bitcoins?
In principle, there are no restrictions regarding deposits and withdrawals of Bitcoins, but most poker sites only allow deposits of the equivalent of at least 10 euros and many casinos also have an upper limit to prevent possible fraud. This limit is usually 10,000 euros.
- Do I have to provide personal information when using Bitcoin?
No, part of the appeal of using Bitcoin in online poker is that you don’t have to provide any personal information when making a deposit.