Sat, Aug 18, 6:05am by Charlotte Lee
Last Updated Fri, Jan 3, 4:33am
Bitcoin has exploded in both popularity and value over the last few years, so much so that some online poker sites have begun accepting it for deposits. Bitcoin poker sites offer players a decentralized way of playing online poker that isn’t regulated by governments.
This is perfect for areas such as Australia where poker laws prohibit most online poker sites from operating. Bitcoin gives Australians the chance to continue enjoying the game they love by offering fast deposits and rapid withdrawals. You don’t need a credit card to use Bitcoin, simply a Bitcoin wallet and a poker room that accepts BTC payments.
What you can expect from the best poker sites accepting Bitcoin
Before you make your first deposit at a bitcoin poker site, you must acquire some bitcoin. Bitcoin poker rooms will not convert your fiat currency (AUD) to bitcoin to play.
Before buying bitcoin, make sure you download and install a bitcoin wallet to your computer. This is how you will move bitcoin from your computer to the bitcoin poker site. When you cash out, your bitcoin will be sent back to your wallet.
The easiest way to get bitcoin is through a bitcoin exchange. We recommend using one of the major exchanges such as coinbase, BITTREX, Kraken, or eToro. These sites have the best track record and are generally easy to use.
You can buy bitcoin using AUD. Once purchased, it can be used to deposit at a BTC poker site.
Depositing onto a bitcoin poker site is relatively simple, and here we will give you a quick tutorial on how to make your first deposit.
Below are the initial 5 steps you will need to take at the poker room that takes Bitcoin:
Once you have acquired the bitcoin address of the poker site, do the following from your computer:
That’s it! Now all you have to do is sit back and wait for your transaction to go through the confirmation process. Typically, your deposit at a Bitcoin online poker site is credited to your account after about five confirmations, but some sites may require a longer confirmation.
The process for cashing out from BTC poker sites is as simple as making a deposit. It is a two-tier process like depositing.
Before requesting funds, you will need to do the following:
After you have made a note of your bitcoin receiving address, head to the bitcoin poker site and do the following:
That’s it! If your poker room conducts manual processing, then you will have to wait for that process to complete, typically 24 to 48 hours. Otherwise, your transaction should begin transmitting automatically. Open your wallet, and you should receive a notification that the transmission has started. Once it has gone through the proper number of confirmations, your bitcoin funds are ready to use.