If you follow headlines in the Bitcoin world regularly, you've probably seen mentions of online poker and casino platforms from time to time. It is frequently suggested that Bitcoin and other cryptocurrencies could be particularly useful at online gaming platforms, and at this point there are even some such platforms that have begun to welcome these currencies.
But why does Bitcoin in online poker actually make so much sense? Really, it comes down to four reasons that are, in the end, fairly compelling.
1 - Payments Are Already Digital
As was pointed out in our article about how cash is dead, our fast-paced trajectory toward a cashless society has potential to hasten a digital currency revolution. In other words as we rely less on cash and even physical credit cards in day-to-day transactions, there is space for digital alternatives such as Bitcoin. This all speaks to what we anticipate in the near future. But in the world of online poker (and casinos more broadly, payments are already entirely digital. This sets the space up as an early proving ground for Bitcoin if and when it gains greater influence among other digital options.
2 - Bitcoin Requires Less Personal Info
One reason to expect Bitcoin to gain greater influence among digital options at poker sites specifically is that they offer gamers greater anonymity and security. A guide to playing real-money poker online explains that in the process of setting up accounts, gamers currently need to provide full names, addresses, dates of birth, and in some cases even their social security numbers! Only then are they able to deposit funds and start playing. This is simply more information than a lot of players are willing to provide, however, and Bitcoin can serve as an alternative that has less to do with identity. Poker sites can stay regulated and remain secure without requiring so much information, if only transactions occur in crypto form.
3 - International Play Would Be Simplified
Another issue with poker sites that can be somewhat aggravating to gamers is that cross-border play is either complex or prohibited. And where complexity is the issue, there simply tends to be a certain level of discomfort involved in depositing funds in a foreign currency. Bitcoin poker platforms simply wouldn't have to deal with this problem. Two years ago, an article explained that cryptocurrency even has the potential to "solve" cross-border payment issues by big firms, or in countries with particularly restrictive policies. Handling international poker play is simple by comparison.
4 - Converging Trends
Finally, the latest reason why Bitcoin in online poker makes particularly good sense is that both are currently trendy. Bitcoin has simply been red hot of late, driving what was recently revealed to be a $2 trillion market value for cryptocurrency overall. Meanwhile, online poker has experienced a spike in popularity as a result of worldwide isolation throughout most of 2020. In theory, with both concepts trending, poker sites that choose now as the time to embrace Bitcoin and other crypto transactions would enjoy a great deal of attention for doing so.
It is for all of these reasons that the frequent talk of Bitcoin's potential utility at online casino sites actually makes a great deal of sense. And while we might have expected to see widespread adoption by now already, these same reasons still seem to point toward an inevitable partnership.