One of the most popular new trends in the online poker world is playing poker with bitcoin. Many poker players are starting to use this new technology instead of traditional credit card payments to make their poker bets. Why is it better?
There are two alternatives: 1. Dedicated, full-service bitcoin poker sites. (Not recommended) 2. Run a Linux machine from home that automatically deposits currency on its own into your bank account each time you make a deposit.
Both of these approaches have their advantages and disadvantages. For instance, dedicated sites tend to be much smaller, and they aren’t as likely to experience outages or service interruptions. However, they probably won’t offer the variety of games that you’d find at a full-service venue. Also, if you leave your computer at home, how do you get your bitcoins if you lose them? Not being able to spend them right away makes a lot of poker players less likely to play.
A second option is to run a Linux machine from home. Just like seed wallets, you can create an easy to access and maintain wallet using your regular computer. This has the same advantage as using seed money. You don’t have to worry about spending it in cash because it’s all stored digitally, in your wallet. The only difference is that your localbitcoins website will act as your virtual bank, where you put your money in.
Even though your localbitcoins website acts as your wallet, they don’t actually own your bitcoins. Instead, they act as an intermediary between you and the bitcoin network. They keep a record of all transactions, including who you paid your bill to and how much money was spent. The record that they keep also keeps track of all the changes in the bitcoins’ blockchain, the ledger in which all transactions are recorded and processed.
So does using a seed account with localbitcoins make you a bad poker player? It really depends on the style of game you’re playing. If you’re just playing for fun, no one’s going to care if you loose your shirt because you lost your seed. But if you’re playing in live online poker rooms, it’s probably more important to play with proper security than to hide your identity.
Many online poker rooms will allow you to withdraw your winnings should the need arise. You’ll either have to withdraw them to your local wallet, or to your main account, and then send the check to your winning party. If your winnings are large enough, you may even be able to transfer them into your new wallet immediately. However, if you’re playing in low stakes tables, you won’t be able to cash out very much until your balance hits the maximum payout you can receive.
Another advantage to using bitcoin instead of a traditional online poker site is that the transaction fees are much lower. When you play in a traditional online poker room, you’re gambling a lot of money that you don’t have in you pocket right now. With a bitcoin play, the transaction fees are minimal, often only a few cents. This can make the game much more fun, since you’re not paying out so much in the way of transaction fees.