Crypto gaming has been surging in popularity as more gamers look for ways to enhance their gaming experiences. As of 2022, the global virtual token-based gaming market is already worth a whopping billion.
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In fact, one of crypto gaming’s most popular platforms Axie Infinity, which has around two million active users daily, has $5.5 billion in virtual assets.
With the rise of crypto gaming, it doesn’t come as a shock that, in the gaming sector, one of crypto’s earliest adopters is online poker. As it stands, a BBC article showed that online poker remains widely popular among players today, especially since it offers individuals a chance to earn substantial prizes.
Since 2014, online poker sites have been providing users with opportunities to play using cryptocurrencies. To date, major online providers transact upwards of $100 million in crypto every month despite the crypto dip. By using popular cryptocurrencies like Bitcoin, online poker platforms can facilitate speedier payouts, offer anonymity to players, and promote fairer and more secure transactions.
If you’re interested in learning more about crypto poker, we’ve created a guide that can tell you everything you need to know.
What is crypto poker?
Essentially, crypto poker runs on blockchain technology, and as such, its transactions are irreversible. This is because a “block” is simply a batch of newly processed transactions. Every block is linked to the previous batch of transactions through a one-way cryptographic function (inevitably forming a “chain”).
Another thing that makes crypto poker unique is the fact that blockchains are a type of distributed ledger. This means that they can prevent transactions from being modified. Rather than relying on centralized parties like banks to record transactions and prevent fraud, crypto poker sites can verify transactions using blockchains.
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How does it benefit the industry?
The use of cryptocurrency in virtual poker rooms, aside from its advantages for players, also benefits the poker industry as a whole. For one, cryptocurrency in online poker promotes easy account funding. As such, Bitcoin and other similar cryptocurrencies may be the means towards a nationwide online poker legalization, mainly because they aren’t bought through a bank.
Currently, there are laws that limit online casino activities. The Interstate Wire Act of 1961, specifically, states that gaming sites can’t legally accept the amount of money poker players place in matches. As such, banks are technically prohibited from processing online transactions outside of states that have legalized online poker platforms. It’s clear, then, that the use of cryptocurrencies can positively affect poker legislation. The transfer of funds is between the players and the poker site alone, removing banks from the equation altogether.
How to join crypto poker?
If you’re wondering how long it takes to set up an account, it only entails a few steps before you can play crypto poker. First, register an account on the exchange. Some exchanges require documents like your passport or driver’s license, so prepare these documents in advance. Upon verification, you can purchase Bitcoin, Ethereum, and other cryptocurrencies through bank transfers or credit and debit cards. Be aware that coin prices can fluctuate after you purchase them.
Next, before you register in an online poker room, open a crypto wallet and transfer your coins there. Ideally, an online wallet, apart from the one your exchanger provided, is necessary for additional security. When you’ve accomplished the above, all that’s left to do is to register with a poker room that accepts cryptocurrency deposits.
What are the future trends in crypto poker?
Because many online poker platforms have utilized cryptocurrency to facilitate faster and safer transactions, gaming enterprises are seeking out more ways to improve and elevate the online poker experience. One innovative way they are doing this is by marrying online poker and the metaverse. Broadly speaking, the metaverse is characterized by virtual worlds. It can also include augmented reality which combines attributes from the digital and physical worlds.
Back in 2020, Decentral Games launched the ICE Poker virtual casino in Decentraland. A 2021 Markets Insider article stated that, at any given time, 1,000 users could be playing poker in the casino. Aside from Decentral Games, online poker room Ape In Poker has also recently announced their Poker Room Cashier. The online platform seeks to bridge traditional casino play with cryptocurrency and provide players access to immersive and interactive experiences. At present, Ape In Poker also plans to tap into the metaverse to enhance the full casino experience. By leveraging virtual reality, users can walk into a casino, choose their table, and interact with other poker players.
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