Here you can find out exactly why bitcoin poker apps like mBit are becoming so popular. Bitcoin ease of use is looked at first, and then how it protects your identity. Next you can see how bitcoin makes internet gambling possible in the US, before discovering how soft the tables are.
Bitcoin Makes Deposits & Withdrawals Easy
While many regular poker site deposits go through instantly, often you are waiting days for your withdrawal to be credited back to you. With bitcoin this process takes minutes. Plus, the fees for all transactions are equivalent to only a few cents at most, sometimes just fractions of cents.
When you deposit and withdraw from a bitcoin mobile poker site, you are essentially cutting out the middle man. Your funds go directly from your bitcoin wallet and to the bitcoin address, assigned to your account.
As long as the iOS, Android or Windows Phone poker site you use supports withdrawals in bitcoin, even if a fee is charged, it is normally tiny compared to other banking methods.
Privacy Protected By Bitcoin
You can set us as many wallets as you want for free. These can be created by downloading the wallet software onto your Nokia Lumia or computer or by using an online service. Once set up, you can even print off your bitcoin keys and create a paper wallet, which can be physically locked up.
Opening a bitcoin wallet requires sharing far less information than opening a bank account, or taking out a credit card. Signing up to a bitcoin only poker room is equally as simple. Often it is just a case of deciding what your username and password will be. You do not need to share ID documents to verify who you are.
Using bitcoin on your Windows Phone means your banking and personal details are not stored on the databases of multiple online sites. Plus you have the advantage of being able to play anonymously, by opening as many mobile poker accounts as you like.
Legal Bitcoin Mobile Poker In The USA
Even though bitcoin has been classed as a currency by the Treasury Department and certain individual states, you will be usually be dealing with an offshore site, not governed by US law. You also don't have to use any large financial institutions, many of which block gambling transactions, even if they are based outside America.
Since 2011, high transaction fees and number questionable operators have left many US poker players wary of offshore sites. Now more are using bitcoin poker apps and are able to cash out, securely after each session. This is due to the low cost and the ease with which you can money on and off the sites.
Softer Competition In Bitcoin Mobile Poker Rooms
The good news is bitcoin poker rooms are softer than most.
The larger sites, which accept bitcoin as a payment option, generally have sportsbooks and casino games on offer too. This brings across many players who regard poker as just another form of gambling, and have not put any time into their game.
Meanwhile the bitcoin only sites, attract players who primarily have an interest in crypto-currency. Even those with poker knowledge often see these games as pure entertainment, preferring to play their A game elsewhere.
A similar view is often shared by the operators. As a result, and because of the low operational costs, the rake on bitcoin sites is kept significantly lower than the industry standard. To encourage the use of BTC, you can even find Windows Phone casinos and poker rooms with a faucet, giving away small amount of coin for free.
Summary - Is Bitcoin The Future Of Mobile Poker?
All payments are quick and basically free. Your identity is protected and as bitcoin is not under any government control, you can use it in countries like the US, where gaming transactions are restricted. Finally the site charges are low and your average opponents are weak, which make joining a bitcoin poker room very profitable.