The digital crypto currency is increasingly becoming one of the most popular payment methods for online transactions. In the first 6 months of 2021 alone, the percentage of cryptocurrency transactions has increased by 881%. The online gambling and betting sector is one of the most loyal supporters of this payment method, and there are even rooms that exclusively use this digital asset.
The acceptance and use of cryptocurrencies by internet users is growing. As reflected in a study published by the US consulting firm Chainalysis, the increase in transactions using this type of encrypted digital currency has risen by 881% in the first 6 months of 2021. According to the report, the countries that have experienced the greatest growth in this period of time and with respect to the previous year have been Asia and Africa. Also some Latin American countries, such as Venezuela, Argentina and Colombia. The United States, on the other hand, shows a stagnation in the use of cryptocurrencies due to the restrictive measures that have been imposed by the country’s economic bodies. The study also reveals that in the European Union there has been an increase in the use of this currency, although none of the member countries tops the list published by the consultancy firm of the 20 that make most use of it.
In this context, the online gambling and betting sector has become one of the most loyal supporters. In fact, specialised rooms can be found that use cryptocurrencies exclusively or combine them with other currencies. This is the case with most Chinese online poker apps where deposits and withdrawals can be made in e-wallets and cryptocurrencies. One such example is LuckyMonkey Club. For PokertimeClub, one of the best poker apps in the industry, cryptocurrencies have a number of advantages over other payment methods. “Bitcoin, as well as any other cryptocurrency, allows you to withdraw cash much more quickly and effectively,” they point out. The app also agrees that the payment is secure and guarantees anonymity, another reason why it is an excellent option for many poker players. In addition, they are available anywhere in the world and the commissions are much lower. The latter is due, according to the pros, to the fact that bookmakers and poker rooms have to reduce them so that players are encouraged to participate in them.
PokertimeClub reminds us that cryptocurrencies have no legal regulations to regulate them, since they are produced through a system known as Blockchain. This, they add, means that the value of a cryptocurrency fluctuates very differently from a traditional currency depending on supply and demand, which can be an advantage. “The purchase of a large amount of bitcoin results in an increase in its value, which is an advantage for users who have made a smaller investment in this currency and can withdraw a larger amount of cash,” they point out. All in all, PokertimeClub points out, cryptocurrencies are offering a number of advantages for poker players at the moment. In addition, they are not being imposed over other payment methods, allowing the user to opt for their preferred system.
Easier deposit and withdrawal facilities at different poker rooms
As PokertimeClub explains, depositing and withdrawing money in poker rooms that facilitate the cryptocurrency payment method is faster and easier. “Users have to use an electronic wallet, or eWallet, as is the case with traditional rooms. However, many of the rooms that operate with bitcoin allow transactions to be processed almost immediately, which is not the case with traditional rooms, where the corresponding notifications must be made to the bank and administrative team,” they point out. The experts explain that the process usually takes between 15 minutes and an hour, and add that when withdrawing cash, the team transfers the bitcoins or cryptocurrencies directly to the player’s BTC address from the bank account. Prior to this, at the time of withdrawal, the account notifies the administrative team to carry out the transaction. It is at this point that the secondary or manual identification of the player is carried out, as well as the immediate account balance.
Privacy and security when making financial transactions
When the player opts for the cryptocurrency payment method, there is no need to enter personal data. Cryptocurrencies use cryptographic encryption to guarantee the ownership of the owner, as well as to ensure the integrity of transactions, thus preventing the creation of additional units by copying, for example. “With cryptocurrencies, players can enjoy the games completely anonymously by depositing and withdrawing money without any hassle,” they explain. The concept of anonymity in poker is very valuable to avoid providing important information to opponents. In addition, many of the rooms that use cryptocurrencies exclusively guarantee this privacy because they are less popular and, therefore, the tracking programmes that analyse and record user behaviour on the internet have not yet become aware of their presence. “The information available to other players is minimised, so you can go unnoticed, whether you are a professional or still learning,” they conclude.
Low commissions to encourage player participation
As is often the case with anything that is new, or relatively new, the aim is to encourage users to try it out. To this end, more attractive and beneficial conditions are offered. In the case of cryptocurrency rooms, there is a tendency to reduce the rakebank, according to professionals, so that players are encouraged to participate. The percentage commission charged by the casino for each hand played until the flop is in some cases only 20%. In other rooms you can find different promotions, such as 50% rakebank for life.