What Are Bitcoins?
Bitcoin allows the exchange of money in a different and dare we say superior way than the usual method of involving banks.
There are no banks and zero transfer fees.
That’s right – as there are no banks involved in the online transferring of Bitcoin, there have been a surge in their usage this year in particular with an ever-increasing rise in the number of poker operators that offer this payment option.
Bitcoins are entirely digital with no physical printing involved, essentially cutting out the banks also known as the “middlemen” and therefore also the transfer fees that traditionally come with old banking methods.
One of the best ways to get further acquainted with the concept of Bitcoin is straight from the horse’s mouth on the official Bitcoin site.
How to Play Poker Using Bitcoin
As Bitcoins are 100% online, they can be bought, transferred or sold simply using your computer or mobile phone app, all you need is a virtual wallet/bank account whether it’s done so from your browser or phone. There are some useful guides on Bitcoin.org on getting started with your virtual Bitcoin wallet with a huge list of vendors to choose from here.
Once you’ve chosen your preferred seller to buy Bitcoins from—and we recommend doing some preliminary result before doing so as Bitcoins cannot be refunded—you can start to look for poker sites that show Bitcoin in their payment options.
It’s as easy as it sounds.
Jump into the 21st century and play online poker with Bitcoin behind the millions out there who’ve figured out just how easy (and secure) Bitcoins are, but don’t be fooled into thinking their worth is as solid as other currencies. Because of how young the Bitcoin economy still is, that can present with it the volatility of illiquid markets which brings us on to the next VERY IMPORTANT point:
Is Bitcoin Poker Reliable?
Bitcoin’s actual value behaves unpredictably at best and is subject to jumping up and down in its actual worth due to its novel nature and—as mentioned above—young stage in its online role in the world’s economy. Used correctly, Bitcoin provides a phenomenal level of security and is one of our personal go-to choices for payment options but it is still the player’s responsibility to learn and integrate sensible practices to secure their virtual wallets, just as they would do with physical currencies.
There are many ways to secure your wallet.
The absolute minimum we recommend is to backup, encrypt and protect yourself.
It is absolutely critical that players understand that Bitcoin should be viewed as a high-risk asset and they should never store their savings in Bitcoin as it is a fact—however many people try to convince you of otherwise—that the future of Bitcoin is not known and cannot be predicted with any degree of reliability or accuracy at this current time. Be sensible and do not gamble money you cannot afford to lose.
Do You Pay Tax on Bitcoin?
When playing Bitcoin poker online or anything that involves Bitcoin, although it is not an official currency as of now, jurisdictions still leave it to the individual to pay taxes to their legal obligation and no more. This includes but is not limited to income tax, sales tax, payroll tax and capital gains tax at the rate of the player’s residency or country’s rules and regulations. Therefore players are encouraged to read about and adhere to the best of their knowledge, the tax and legal/regulatory mandates of their government or governing officials.
Read about legality and tax obligations for Bitcoin in your country