This article is aimed at addressing the advantages and correct application of cryptocurrency on the platforms which could function in grey areas and give the interested party a shot at the game beloved by many gamblers. I am talking about Poker.
Online platforms have harnessed the advantages of blockchain technology. The major one being the anonymity of the players on the platform.
Of course, these advantages also have a flip side, but the common ones to watch out for will be outlined in this article.
Advantages of Cryptocurrency in Poker
The major advantage as applied to poker game is the anonymity it provides to the players on the platform. It is almost impossible to trace and know the identity of the players who participate in the online poker game using the cryptocurrency as a form of payment.
It is an advantage to the player and the online establishments to ensure untraceable footprint on the network.
- Maximum security
All cryptocurrency platforms provide a secure wallet for the players for the currency they own. This makes it almost impossible to cyber-attack individual wallets due to its decentralized system.
- Instant payment
The cryptocurrency platform brags about its instant currency transfer without the need for approval from a central system. Due to its decentralized system, transfer of funds is instant. I am sure that it is true since crypto publication icopulse.com tested and reviewed all major casinos that accept Bitcoin and published results here.
Blockchain platform is an online tool that paves the way for fairness and openness in games without external interference to favor the house.
Disadvantages of Cryptocurrency in Poker
- Strict Regulations
Although some governments still view cryptocurrency as a form of product and not as a currency that can serve as a legal tender, they still impose the same rules that apply to normal gambling on online platforms.
- Risks of Superuser
If the platform on which these games are taking place is not being investigated properly, there is a larger risk that the creator or developers of the platform might pack up overnight with the cryptocurrencies already transferred to created accounts on the platforms.
- Future laws
Although no specific laws are prohibiting the use of cryptocurrency, there could be passing laws in the nearest foreseeable future as the use of the cryptocurrency increases.
Most online gambling platforms that have tapped into the use of cryptocurrency are operating in the grey area of the cryptocurrency not being a legal form of legal tender as a currency just yet and thus the activities are not directly regulated.
To be safe while searching for platforms to play on, it would be advisable to seek out licensed platforms to reduce the risks of theft and online fraud or ultimate seizure of cryptocurrency by the government of the jurisdiction.
There is no yes or no answer to this rather straightforward question. It is neither a yes nor a no just yet as we can’t be sure which turn the final decisions would take in the upcoming period.