It’s fair to say it has been a torrid 12 months for the crypto markets, and most investors will be relieved to put 2022 behind them and look to the future. Whether 2023 will be a more positive year or whether it will be one of consolidation, like 2019 following the first Bitcoin winter, remains to be seen. What is certain, though, is that it will be eventful with its own trends and fads that we will be looking back on this time next year.
The rise of crypto poker
Crypto poker seems destined to be part of that conversation. Now crypto and iGaming have long been happy bedfellow. Believe it or not, the first Bitcoin casino launched more than eight years ago, in 2014. Over the past couple of years, crypto casinos have moved from the niche periphery into the mainstream. In fact, you could argue that the term crypto casino is almost superfluous. It’s a little like having a “credit card café” when most of the other cafes in town accept credit cards too.
Crypto has taken a little longer to enter the world of poker, perhaps because the payment mechanisms are a little different in a game of poker compared to when you are simply topping up your gambling account to play slots or roulette. However, crypto online poker is rapidly gathering momentum as a convenient, safe, and discreet way for US gamblers to enjoy a game of poker online.
Benefits of crypto poker
There are a lot of things to like about using Bitcoin or an altcoin at the poker table, and many of these mirror the benefits of using it for online casino gaming.
- Availability – digital currencies are borderless and decentralized. There are no worries about currency exchange or the issues with bank transfers that can arise in certain jurisdictions when trying to transfer funds to or from a gambling company.
- Security – reputable online poker sites have stringent security measures, but there is still inherent risk in transmitting bank account data online. Blockchain is not hacker-proof. Nothing is – but it is close.
- Privacy – using crypto means you can keep most personal information to yourself and play in near anonymity.
- Speed – transactions are fast and frictionless. Even if they are not quite instant, they are far quicker than the likes of a bank wire transfer or Mastercard.
- Lower costs – crypto payments do not usually incur a transaction cost – or if there is one, it will be much lower than other payment methods.
What about the downsides?
The main downside to using crypto to play poker arises from its volatility. This means simply holding on to it can involve as much gambling as your card game. However, on balance, there are more pros than cons to crypto poker.
So will crypto poker simply be the next NFT, a passing fad that soon falls out of favor? Given the game’s huge global popularity and its 200 year history, that seems unlikely. Crypto poker is almost certainly here to stay and will soon be as commonplace as other forms of crypto gambling.