What is the Future of Bitcoin in Poker?January 18, 2021
Crypto poker sites have been gaining in popularity in 2020 and there’s no doubt it’ll continue through 2021. But what about beyond that? Will Bitcoin be around for the foreseeable future? If so, will Bitcoin in poker?
The answer depends on factors that are out of our hands..and some that we can control.
Let’s take a look.
- 1 The Future of Bitcoin & Online Poker
- 2 Government Regulations
- 3 2. Cost and Speed of Transactions.
- 4 3. Online Poker Needs Provably Fair Systems
The Future of Bitcoin & Online Poker
Bitcoin will have a future in online poker rooms as long as it has a future in general. There are several key factors to Bitcoin’s future which we should consider.
If government regulation works to weed out the scams in the cryptocurrency space while regulating crypto to a reasonable degree, then the relationship can be productive and the future of Bitcoin will look brighter.
There’s a light of hope towards the direction. The U.S. gov acting comptroller, Brain Brooks, went on CNBC’s “Squawk Box” to talk to Melissa Lee and told her to expect “clarity” on cryptocurrency in the next six-to-eight weeks. Part of that clarity is that “nobody’s going to ban bitcoin.”
“We’re very focused on getting this right. We’re very focused on not killing this,” Brooks said. “And it’s equally important that we develop the networks behind bitcoin and other cryptos as it is that we prevent money laundering and terrorism financing.”
Good crypto news sites will be covering this story as it develops. As it stands, the hint is that the future of Bitcoin in the U.S. will be a prosperous one.
Such regulation and clarity will extend to Bitcoin in Poker because it will continue to allow crypto gambling sites that offer poker to keep offering Bitcoin as a method of financing poker games.
2. Cost and Speed of Transactions.
Another strong factor influencing Bitcoin’s future with poker online is the fees and transaction times associated with using Bitcoin to fund poker rooms and withdraw winnings from them.
Currently, Bitcoin is cheaper and faster than traditional fiat when it comes to sending funds to other countries (where poker sites may be based).
However, when the price of Bitcoin rises, so too do the transaction fees. Sometimes, when a large number of people are transacting during peak volume times, the transaction speeds will also slow down.
Fortunately, the bitcoin developers working on the code base, and other developers contributing to the Bitcoin ecosystem, are also hyper-focused on reducing transaction fees and times.
We currently have the Lightning Network, a way to send even small amounts of BTC at even smaller fees and faster transaction times.
These types of developments will enhance Bitcoin’s attraction as a method of payment transfer for poker players.
3. Online Poker Needs Provably Fair Systems
Online Poker and poker rooms are not as visible and personally verifiable as real-world poker games in casinos.
Casinos in the real world are regulated and their games must be fair, or else face fines and revocation of the casino license.
Online poker rooms are not regulated. So who knows if their game is fair or not?
You can know if the game is fair or not.
When you choose a poker room, make sure they offer a system that is provably fair.
“In a provably fair gambling system, a player places bets on games offered by the service operator. The service operator will publish a method for verifying each transaction in the game. This is usually by using open-source algorithms for random seed generation, hashing, and for the random number generator. Once a game has been played, the player can use these algorithms to test the game’s response to his in-game decisions and evaluate the outcome by only using the published algorithms, the seeds, hashes, and the events which transpired during the game.”
With a small amount of effort, you can make sure that the poker games you play and fund with your hard-won BTC are being played fairly.
The combination of Bitcoin’s bright future and the technology to hold poker games to a provably fair standard should combine to ensure Bitcoin in poker remains a fun outlet in the coming years and the future ahead.
Best of luck and watch those cards while keeping your BTC close to the chest.
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