What are cryptos?
Cryptos refer to cryptocurrency, which is a digital or virtual currency that is secured by cryptography, making it nearly impossible to counterfeit or double-spend. Most cryptocurrencies are decentralized networks which are based on a blockchain technology- a bit like a bank. Blockchain is a distributed ledger which is enforced by a disparate network of computers.
This includes things such as bitcoin and the like. One of the most defining features of cryptocurrencies is that they are typically not issued by any central authority, which, in theory, makes them immune to government interference and manipulation. Many who work in the cryptographic world believe that cryptocurrencies will play a bigger part in the future. Perhaps replacing the physical cash we spend today in some aspects, which leaves us wondering what this would mean for the gambling world.
For hundreds of years, since people started placing bets, we have always used cash and localized currency to wager. However, if cryptocurrencies become more significant and recognized, could it replace money, or even things such as poker chips?
Playing poker online, you can sometimes use bitcoin to gamble. In fact, many websites now allow for the use of bitcoin when you are online gambling. In sports betting, or in poker, roulette and so on.
When you play poker at https://www.fanduel.com/casino is it possible that perhaps, one day, you won’t be playing with chips but instead, with cryptos?
These are the questions we need answers to. What does our future hold?
The link between poker chips and cryptocurrencies.
Funnily enough, long before cryptocurrency even exists, or even before the internet was a thing, casinos have used poker chips to replace cash money. When you really think about it, this is not all that different from the premise around cryptocurrency.
The idea of chips is simple: by using a proprietary currency, the house can implement checks and balances to increase trust and reduce the chance of fraud. Chips can then be changed and secured as needed, but they are also usable as a form of currency anywhere in the casino. Much like how cryptos are usable as a form of currency almost anywhere online.
There is a correlation between the use of poker chips and cryptocurrency, and it runs deep. Thus, it is not really all that surprising that cryptocurrency projects are aimed towards the casino market.
Despite how these two currency forms are not all that different in some ways, poker is one of the gambling games that is slower to adopt it, most people will still prefer to play with chips. Tradition perhaps? However, the built-in anonymity, the fast transaction speed, and the convenience are all factors that make using cryptocurrency attractive. And casinos are fast adopting it, and have been for the past decade, since bitcoin started to come out of its shell.
The rise of cryptocurrency gambling.
At first cryptocurrencies were treated with suspicion and a bit of hesitation, yet when people started to see how the market was rising, and how bitcoin has risen in value in recent years, more have been trying to get into it.
As this happened, cryptos worked their way into the casino industry, and it started to gain some traction, as paying with cryptos yields many benefits.
Anonymity is probably one of the primary factors, even though gambling is by no means a taboo, there are many cultures that still do not 100% approve of it, and in some places it is still forbidden by law. For people in situations like such, cryptos are a great way around it, transactions only concern the recipient and sender, and no third-party can track it or snoop around the transaction.
Not only this, but professional gamblers have started appreciating the ever-rising value of cryptos such as Bitcoin. A professional gambler is very interested in increasing their winning percentages and gaining edge with poker calculators and such. And since a vast majority of cryptos tend to rise in value, It’s not really very shocking that this is part of why professional gamblers find an appeal in this.
Then, another thing that makes this form of currency even better in the gambling world, is the low fees. Any time that an online casino takes a processing fee away from your winnings, it diminishes the player’s returns. It’s all just a numbers game. This means that the only reliable way for skill to succeed over chance is through large sample sizes. You have to put in more time to obtain the same rewards. This is why a low fee, as we get with cryptocurrency transactions, above other payment methods.
It’s kept anonymous, it rises in value, and there is a low transaction fee… What more could you ask for?
Bitcoin based online poker.
While poker players are slower to fully adopt cryptos, the online poker industry was one of the first to adopt bitcoin poker.
In recent years, there have been issues with US banks and cards not offering decent methods to move money to and from gambling sites, which made gambling more stressful than any form of entertainment need be.
Bitcoin poker was a fast and easy solution, sites operated on the blockchain and made it possible for players to deposit and withdraw without having to use other banks. When this happened, of course, bitcoin was not quite the legend it is today, and for most there was still an air of suspicion around cryptos.
However, the fact that bitcoin came in to save the day for poker lovers when the banks failed them, just went to show how cryptos can have the effect of a saving grace when traditional options fail us. They set up the concept and introduced us to a whole new way of gambling.
Bitcoin poker was a thing in that time, and it still is. The key to its success is for players to understand and accept the concept, and with more understanding around cryptos, this will come.
It is safe to say that it is entirely possible that cryptos will replace chips… especially in online poker.