For those who are yet not updated about the latest news from the iGaming industry – here’s a big-shot news for you! Crypto Poker has taken over traditional online poker substantially and going by the current set-up, cryptocurrencies are triggering a revolution in the poker industry. Currently, Bitcoin and Ethereum have taken over, but more payment modes from the world of blockchain technology will soon take over. Apart from the host of benefits of this currency, it is the instantaneous payment format (with almost no waiting time) that has garnered huge popularity.
In this article, you will get a glimpse of the differences that this format of payment has brought in online poker, as well as the benefits and the future that it holds. However, as you scroll down – experts associated with this content have also tried highlighting the challenges that cryptocurrency has brought to the fold. It’s time to check out the specifics –
How is crypto poker winning over the traditional format?
Though it might look like a big name – here, the payment is made in crypto format (mostly Ethereum and Bitcoin as of now) versus bank transfers, cards, or any other payment mode.
What is noteworthy though, is the segregation in terms of gameplay. In the case of crypto poker, the pot size depends on the crypto amount deposited in the player’s account. Also, there are certain structural differences between the crypto and regular ones, with the crypto games getting more online bonuses vis-a-vis the normal ones.
Why it has become so popular?
The reasons for its popularity are –
- The encrypted format keeps the player anonymous, allowing you to play from multiple domains and in a decentralized manner (remains unaffected by exchange rates).
- As you know, the lightning-fast payment mode is another reason for its popularity.
- They are not controlled by an agency (government or private) and hence transaction costs are minimal.
Does it have a future relevance?
Without a doubt, the increased technological impact of the future will considerably broaden the domain of crypto poker. However, the authority’s decision and its extension are the things that may cause a roadblock. Having said that, without a doubt, the positives of this format are numerous, and with the iGaming industry moving forward – one can only hope that the progress rate of this form of gaming propels marginally.
What are the challenges of this currency?
Assuming you have been with us all this while, you have only seen the positives that are associated with playing poker with cryptocurrencies. However, there are certain challenges associated with the same as well.
- Unlike fiat currencies – crypto is volatile in nature. Hence, its value can drastically change at any point, leaving the player in a glitch. In fact, there have been cases when the profit margin has shrunk considerably – due to the fall in value.
- Courtesy of its volatility, predicting the games while playing poker with crypto has become challenging for gamers.
- The fact that crypto is untraceable has a negative effect as well. Despite all the secured web connections, there remains a slight chance of a sudden security glitch in the crypto poker networks. Constant surveillance and maintenance is the sole way out.
- Lastly, it is still in the process of gaining popularity. Therefore – most people are unaware of or do not use the same. This yet-to-develop ‘high usage’ scenario, makes licensing difficult, and regulatory bodies do not recognize these casinos.
Though these may be noted as some of the drawbacks of blockchain-based poker games, there are websites that allow usage of the same.
Parting shot
Blockchain is one of the most transformative technologies to be introduced in recent times and it is percolating every ground. The way crypto poker has broadened the domain of iGaming is worth noting. Thus, one may only state that in upcoming times, it will increase its fold and the profits delivered will increase manifold.
