Playing Poker With Cryptocurrencies

Cryptocurrencies are intended as a means of payment. Can they ever replace traditional currencies? In rare cases, they already do this, but mostly in their own system on the Internet: for example on platforms on which you can play poker online (인싸포커) and use your own cryptocurrencies. Will you soon be playing Texas Holdem Poker and only betting Bitcoin or other cryptocurrencies: Is that the future?

Cryptocurrencies are more than an investment object

Cryptocurrencies are designed as digital means of payment on a blockchain basis. In simple terms, “blockchain” means: Every transaction with the currency is entered in an ever-growing list (blockchain). The list thus resembles a chain to which new links are constantly being added.

As a rule, the booking system is stored locally on many computers. It is designed in such a way that it always remains clear which version of the list is the current one. Decentralized storage is an important part of the security concept because it makes manipulation very difficult.

Playing poker with cryptocurrencies?

They claim that you can pay with a cryptocurrency in a great many places would be at least an exaggeration. But they do exist and there are not so few: bars, hotels, and shops that accept a cryptocurrency as a means of payment. And they are also sometimes accepted on digital platforms. One example is online poker platforms. At this point at the latest, however, you will have to ask yourself what benefits you get from playing poker online with a cryptocurrency instead of traditional money.

The advantages of cryptocurrency are above all relatively low fees for transactions, a high level of security, the possibility of easily entering a game anywhere in the world, and the anonymity of payments. The latter means that you don’t have to use any personal data at least when making payments in order to play a game of Texas Holdem Poker or Seven Card Stud on the Internet.

Another advantage is the lack of regulation for cryptocurrencies. But here you have to be careful: cryptocurrencies are still relatively young. Many states do not yet know exactly how to deal with them. But they are concerned with them. There is therefore uncertainty here as to which regulations they will develop and what exactly this will have consequences.

A separate currency for poker online

Some concepts for playing poker with cryptocurrencies go far beyond accepting cryptocurrencies as one of several possible payment methods. Some platforms on which you can play poker have switched to working with their completely own cryptocurrency. Such currencies have names like Breakout Coin or CoinPoker (CHP). Such platforms for poker online also name anonymity as well as fast payouts and transactions as advantages of the cryptocurrency. So far, the providers have tended to occupy niches. But they are by no means small and completely insignificant. And it will be interesting to follow their path further.

Is that the future?

It is currently difficult to imagine that cryptocurrencies in online poker will completely or at least almost completely replace the game of classic currencies (US dollars, euros). On the other hand, you see the start of a wide variety of projects behind which serious teams are behind and you think: something is happening. Something exciting.

Much may depend on how the discussion about cryptocurrencies develops in general. As long as they are primarily seen as an object of speculation, with which at best one can earn a lot of money in a short time due to rising prices, their acceptance as a means of payment is likely to remain limited even on online poker platforms.

On the other hand, something has started to move with cryptocurrencies, which could lead to a renewed discussion on a broader basis around fundamental questions: What is money actually? And what and who determines its value? And that definitely has the potential to change online poker forever. And not just online poker.