Cryptocurrency and the Future of Poker: How Does It All Tie Up?

https://thefintechtimes.com/cryptocurrency-and-the-future-of-poker-how-does-it-all-tie-up/
//?#

In the recent decade or so, the world has started to open its eyes
to the allure of Bitcoin and other cryptocurrencies. Its built-in
anonymity, transaction speed, and overall convenience are the
factors that make it an attractive payment processing solution for
online gambling purposes as well. But the online poker community,
for some reason, has been a bit slower to adopt it and still
prefers to pay with plastic. But why is this so and what does its
future look like? Let’s find out!

The multi-million dollar pizza

We all know the story from 2010 when someone decided to order a
pizza and pay for it with Bitcoin, believing it wasn’t worth
holding anyway due to its low value. At the time, a single coin was
worth around $0.01. A mere three years later, Bitcoin crossed the
milestone of $1000, effectively making it the most expensive pizza
order in the history of mankind.

Although the fate of Bitcoin is still not set in stone (it’s
well over $10K at the time of writing), one thing is for certain:
the one who paid for pizza with it on that unfortunate day will
never forget it. Had they held onto the crypto coins, they would
have been a multi-millionaire by now!

The emergence of crypto gambling

Ever since cryptocurrencies took the main spotlight (partially
due to the pizza story), people have started looking for ways to
get their hands on more, even if it comes at the expense of putting
their entire collection at risk. This is when crypto casinos
started gaining traction as paying in this manner yields numerous
benefits.

Anonymity is one of the main contributing factors to the
phenomenon. Despite the fact that gambling is by no means as taboo
as it used to be in the past, certain cultures still look down on
it, and in certain cases, it may even be forbidden by law.
Cryptocurrencies are the perfect solution in this regard, as every
transaction only concerns the sender and the recipient; no other
third-party can track it and snoop in on it. Another reason why
someone may decide to value anonymity so much is due to the prying
eyes of the government – in this case, protecting one’s public
image becomes the priority.

The ever-increasing value of Bitcoin can also be hard to pass
up. Professional gamblers are all about increasing their winning
percentages and gaining an edge by using a poker
calculator
and similar tools (to the extent allowed by the
casino). Since most cryptocurrencies have a tendency to go up in
value, it’s not at all surprising why that would factor into
their appeal. Keep in mind there is a finite number of Bitcoins in
existence; more will not be produced.

Of course, low fees associated with crypto transactions are just
the icing on the cake. Every time an online casino takes a
processing fee away from one’s winnings, this diminishes the
player’s returns. It’s a numbers’ game after all, which means
that the only reliable way for skill to prevail over chance is
through a large sample size. Every single force that chips into
one’s profits means that a player will have to put in more time
to obtain the same kind of awards. Taking all of this into account,
it’s easy to see why the low-fee, high-speed crypto transactions
outshine every other payment method.

The obstacles ahead

Despite its numerous advantages, the world of poker has yet to
accept the concept of cryptocurrency in its entirety. Keep in mind
that it hasn’t been around for long and the traditionalists still
have a hard time trusting it. Before it can become the preferred
poker and casino payment method of choice, there are obstacles to
overcome.

First and foremost, bear in mind that cryptocurrencies are a
digital entity. As such, there is the perceived notion of it being
susceptible to hackers and other
cyber threats
. Despite it being based on blockchain technology
that is as secure as it gets, there are other ways hackers can get
past the defenses. For instance, if you choose to store your
precious crypto coins in an online wallet, you’re putting them in
danger if there’s ever a breach (and it has happened before). So
even though there is almost zero chance of someone stealing them if
you go the hardware wallet way, people in general don’t know the
subject matter enough to be willing to put their savings on the
line.

Next, there is the problem of being constantly bombarded with
new forms of cryptocurrency that are flooding the market all the
time. Every new kid on the block is now trying to become the next
big thing by following in the footsteps of Bitcoin and creating a
new crypto coin. While all is fine and well with experimenting, the
problem lies in creating more competition for everyone. So instead
of working in conjunction with one another, everyone is butting
heads by fighting for their slice of the crypto pie.

Whatever the reason may be, poker sites in general do not yet
offer crypto payments as a widely accepted form of payment. While
there are a couple of notable exceptions to the rule, for the most
part, you’d have to initiate a targeted Google search if you
wanted to find one in 2020. And that’s not good for the industry
as a whole.

Tying it all together

If there is any hope of cryptocurrencies becoming the golden
standard of payments when it comes to poker, these challenges will
need to be overcome in one way or another. Only then can we ever
expect to see them standing alongside the likes
of Paypal
, credit card payments, and the good old wire
transfers.

On the bright side, Bitcoin and other cryptos are not only
getting increasingly popular, they’re also growing in value. The
more successful they become, the more people will know about them,
and any remaining trust issues will gradually fade away. The
concept of a decentralized currency is what the world wants to see
with a fiery passion, and as cryptos become a valid for of payment
not only for gambling but across a multitude of online retailers
worldwide, change is on the horizon.

The post
Cryptocurrency and the Future of Poker: How Does It All Tie Up?

appeared first on The
Fintech Times
.

https://thefintechtimes.com/cryptocurrency-and-the-future-of-poker-how-does-it-all-tie-up/