As the price of Bitcoin (BTC) has just surpassed $20,000 and even reached the $21,000 mark, the legitimacy of cryptocurrencies is becoming more and more obvious. In a very pessimistic global economic environment, the status of fiat money no longer seems to be as advantageous as it was a few years ago.
In January 2009, Bitcoin, the world’s first cryptocurrency was born and with it, the concept of decentralization and financial autonomy. If Bitcoin is obviously unique since it doesn’t belong to anyone – or rather, it belongs to EVERYONE – it is no less true that it paved the way to a whole crypto world: Ethereum and its smart contracts, the decentralized finance (DeFi) and the NFTs phenomenon.
Cryptocurrencies are also changing the poker world. First of all, it is now easier for players to exchange large amounts of money (swapping money for tournaments for example).
With the traditional banking system, transferring thousands of dollars (or a few hundred dollars) is a real challenge and it can take time. Cryptocurrencies allow you to exchange money easily and almost instantly.
When you travel a lot to play tournaments around the world as I did a few years ago (long before cryptocurrencies were popular), you need to have cash on you (but a limited amount by customs) or you need to make a bank transfer. This issue has been solved since the arrival of cryptocurrencies and today, many professional poker players exchange large amounts of money using cryptos.
Finally, poker itself is being revolutionized by cryptocurrencies. On CoinPoker, people have been playing in cryptocurrencies for several years now. In CHP (the native token of the platform) in the first times. Today, it is possible to use several other cryptocurrencies to deposit on one’s account. It can be done via the Ethereum blockchain (ETH/CHP/USDT), via the Polygon network (MATIC, CHP, USDT) or the BSC network (BNB, BUSD).
Cryptocurrencies and the blockchain also bring more transparency to the game. CoinPoker uses a decentralized RNG (Random Number Generation) that allows players to verify each hand. Once a hand is completed, players can verify the randomness of the deck, as well as see the undealt cards that would have been in play.
All of these benefits are slowly transforming the way poker sites operate, and it’s a safe bet to say that more and more online poker rooms will be using cryptocurrencies and all the benefits that virtual currencies offer players.
Want to try a cryptocurrency poker session? Open your account at CoinPoker now and join the action at the Open Face Chinese Poker tables offered by the platform. Missed the cryptocurrency boom? Don’t miss out on the crypto-poker revolution. The best is coming!