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
Quick and seamless withdrawals – near instant in most cases!
Excellent promotions including some geared specifically to 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.
How to Deposit With Online Bitcoin Poker Sites
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:
Click on cashier and select deposit
Enter the amount that you wish to deposit (some sites may not require this step)
Take note of the bitcoin address presented as you will need to use that to send funds.
Confirm your transaction (some site may not require this)
Once you have acquired the bitcoin address of the poker site, do the following from your computer:
Launch you bitcoin wallet
Click on the send button or tab
Paste the bitcoin address of the poker site into the “Pay to” or “Address field”
Enter the amount of bitcoin you wish to send
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.
How to Cash Out at Bitcoin Poker Sites
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:
Launch your bitcoin wallet
Click the receive button or tab.
Make a note of the receiving address. This is how you will receive your bitcoin.
Alternatively, if you already have received bitcoin, you can go to Addresses and use a previously used bitcoin address to receive your funds.
After you have made a note of your bitcoin receiving address, head to the bitcoin poker site and do the following:
Click on Cashier
Enter the amount you wish to withdraw
Enter your receiving address.
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.
Frequently Asked Questions
Are there any legal restrictions on bitcoin?
No. Unlike other payment types accepted by online poker sites, bitcoin is a decentralized currency. There are no significant regulations regarding its use, making it perfect for poker sites.
Are there any fees with bitcoin?
Yes, there is a “miner’s fee” when you send and receive bitcoin. This fee used to be quite high, but it is much more reasonable. Any fees will be deducted from your transaction.
Will my deposit lose value?
Maybe. Unlike Fiat currency, bitcoin’s value goes up and down similar to a stock. It is possible that the Fiat value of your bitcoin will go down. Adversely, it is also possible that it will go up.
How do I bet at bitcoin poker sites?
Betting using bitcoin is different than using Fiat currency. Instead of using cents or dollars, you will use satoshis to place bets. A Satoshi is equal to .00000001 ฿. Chip denominations will be in satoshis.
Can I make a deposit using other cryptocurrencies?
It depends on the site. Some bitcoin poker sites also allow you to deposit in other major altcoins such as Litecoin, Ethereum, and Bitcoin Cash. Some will allow you to deposit in other forms of crypto. These options will be available at the cashier.
Is bitcoin secure?
Absolutely. Bitcoin is transferred over blockchain technology and is one of the most secure forms of currency transfer in the world. As long as you keep your private key and password to your wallet safe, you will never have a problem with bitcoin.