Cryptocurrencies have the potential to revolutionize how people transfer money around the world. Since the inception of Bitcoin in January 2009, it has become possible to send millions of dollars (or just a few cents) almost instantly using a distributed, free, and tamper-proof computer protocol.
Thanks to blockchain technology, everyone can view the ledger and see every single transaction. Cryptocurrencies offer many advantages, which is also true for the poker world, whether it’s Texas Hold’em or Open-Face Chinese Poker.
Benefits of Cryptocurrencies for Chinese Poker:
Quick Deposits and Withdrawals
Using blockchain allows for fast transactions with a dematerialized currency. No need to carry large wads of cash to play a cash game in Vegas. Plus, there are restrictions on the amount of cash you can carry when crossing borders.
Security
When dealing with transactions of several thousand dollars, security is paramount. Today, cryptocurrencies offer ways to secure transactions. For example, the Bitcoin protocol is often used for money transfers. As of writing this on September 24, 2024, Bitcoin’s daily volume is $29.8 billion! For a poker player, it’s common to send thousands of dollars, either after winning a Chinese poker tournament or needing to send large sums for a player to retrieve at their tournament destination. Using a 100% secure network like Bitcoin offers a significant advantage. Other players might use Ethereum or Monero, each with unique features.
Transparency
When a poker player wants to send large sums of money in cryptocurrency to another player, they need to ensure the funds are traceable, and for that, a transparent crypto network is necessary. Bitcoin uses a ledger viewable by everyone at any time, knowing the transaction address. This transparency is highly valued in the gambling and betting world. Blockchain technology indeed offers complete transparency and enhanced transaction security. Il you want to check crypto transactions go to a website like Blockchain.com.
Anonymity and Privacy
Many believe Bitcoin is an anonymous protocol. That’s not entirely accurate; with BTC, we talk about pseudonymity. All Bitcoin network transactions are transparent and viewable by anyone, but it’s impossible to know the name of the Bitcoin wallet holder. Thus, there is a form of anonymity. However, platforms like Binance or Margex, which are crypto exchanges, require identity verification (KYC) before you can open an account and buy Bitcoin.
Fewer Geographical Restrictions
For a poker player who travels the world to play tournaments on every continent, not being geographically limited for money transfers is a big advantage. They have access to poker tables from anywhere in the world without the constraints of national currencies or currency conversions. Platforms like CoinPoker allow playing poker anywhere on the planet. No more geographical restrictions.
Enhanced Gaming Experience
The integration of cryptocurrencies can make the game smoother and more appealing for tech-savvy players, as indicated by posts on X mentioning a smoother gaming experience.
Choosing a new economic model
For many global economy observers, the monetary system based on debt money is doomed to collapse. The $35 trillion debt of the USA or over $3.4 trillion debt of France are strong signs of an unsustainable situation in the long term. Some economists observing Bitcoin’s fundamentals predict a transfer of value from the traditional economy to Bitcoin, often seen as digital gold. Notably, entities like BlackRock offer products to buy Bitcoin.
As we’ve seen, if you’re an Open-Face Chinese Poker player, there are numerous advantages to using cryptocurrencies. Educate yourself before taking action; it’s a universe unfortunately rife with scams. And good luck at the tables or crypto-tables!
