In the past two years, online poker rooms have made significant headway when it comes to acceptance of bitcoins as payment for their games. The trend is not an isolated one but mirrors the general attitude toward online gambling more generally. For example, online poker companies in the United Kingdom have been active in conversations with leading government officials to address concerns that they may be putting consumers at risk by not being adequately regulated. The outcome of those discussions is yet to be seen, but even if it does result in concrete action, it will be relatively recent and may not catch the attention of the general public until the next round of government reforms takes place.
At present, however, the general public appears much more receptive to the idea of payment via bitcoins than it did to the prospect of payment via credit cards. One reason for this is the perception that many people have come to understand that the value of bitcoins as a form of currency is increasing in value without their actualization in physical money. Since online casinos started using bitcoins as a payment option, they have also begun to incorporate it into their overall businesses model in a number of different ways. This means that the use of bitcoins as a payment option has widespread appeal beyond the world of poker rooms.
The most important aspect of any payment option is that it is safe. In the case of online poker sites, where a single mistake can bring down the entire system, the obvious security concern is the possibility of a security breach that could allow hackers to steal the encryption keys that make up a successful bitcoin wallet. Fortunately, online poker sites are taking steps that are likely to prevent such a problem. To make sure that they are doing everything possible to mitigate a problem like this, they will be building customized software programs that generate the special security keys that go into each wallet.
The software that these poker websites use instead of the standard client-server models creates what is called a “digital wallet”. A digital wallet behaves exactly like a standard wallet, except for the fact that it does not store money in the traditional way. Rather, it acts as a virtual bank account that is used to hold private, secure, online bitcoins. When a player deposits new funds into his or her online poker account, it is made possible by a process that is similar to transferring money from a conventional account to a digital one: a few clicks, a photo ID, and a request for verification.
In much the same way that you would set aside money for a rainy day, or some other time when you know that you might not be able to withdraw your regular currency at an acceptable rate, you do the same thing with your digital wallets. Once you deposit funds into them, they are safely stored and are ready to be used just as if they were a standard, brick-and-mortar wallet. Because they are backed by actual currency, unlike store-bought ones that are typically backed by credit cards, they are able to withstand a lot more abuse than store-bought paper money.
If you happen to like the sound of playing online poker and casino games, but do not want to use your typical banking method because of some of the risks involved, then you should take a look at the new online poker sites payment method. It is one that uses the revolutionary feature of bitcoins. Poker players can play with their traditional chips, but they can also play with bitcoins. This gives them all the benefits of poker without the need to ever leave their homes and without having to worry about worrying about their credit card and banking information falling into the wrong hands.