Online gaming has continued to grow exponentially in recent years. The growth has brought about safe, easy, and fast ways to make payments, enabling online gamers to continue enjoying online poker games. Bitcoin is a form of cryptocurrency that is now commonly used and has been quickly embraced in online gaming.
Wallets are a secure way to store and manage bitcoins. An exchange market is where you purchase and sell bitcoin and send it to your wallet. Once in your wallet, you can use it as you please.
Keep reading to know more about the wallets used in Bitcoin poker and how to use Bitcoin to play your favorite online poker games and tournaments.
What are the Types of Bitcoin Wallets?
Bitcoin wallets are like traditional purses or wallets. The extent of your privacy depends on the type of wallet you choose. The wallets come with private keys that allow you or anyone who possesses them to access the bitcoins. Here are 5 types of bitcoin wallets that Bitcoin poker players can use.
1. Mobile wallets
They are apps that run on your smartphone. Some are available on android phones and others on iPhones, while others work on both platforms. They are known as the Blockstream Green Wallets. The private key is stored in the app, and the keys are kept offline, meaning they are kept out of the hand of third parties.
Mobile wallets are more secure compared to online wallets. There’s less chance of hacking on your phone than on a cloud-based wallet. Also, mobile wallets are convenient and have easy-to-maneuver features in comparison to desktop or hardware wallets
2. Cloud-based wallet
Some apps manage the private keys for you, therefore, are responsible for protecting the bitcoins in your wallet. These wallets are the most convenient since you can access your bitcoin account from any device, provided that you have an internet connection. Additionally, transferring funds is very easy and fast. On the flip side, you don’t control your private keys; hence the cloud-based wallets are less secure; although encrypted, it doesn’t mean that a talented hacker can’t get in.
3. Desktop wallets
As the name suggests, these wallets reside on your desktop or laptop. The software program is downloaded and installed on your machine. The private keys are stored natively; hence they are more secure than cloud-based wallets.
However, if you don’t carry your laptop, you can’t access the wallet from another device. A gamer can be left out of a major bitcoin poker tournament since you can’t transfer bitcoins to your account to place bets.
Also, desktops are prone to malware. You risk being locked out of your wallet if you don’t install protective measures like running antivirus software.
4. Hardware wallets
These wallets are physical gadgets that you can hold in your hand. It means that this option offers secure storage for your bitcoins. The private key is stored in the device and kept offline. To transfer the bitcoins to your bitcoin poker game, you must first connect the wallet to a device with an internet connection.
It would be best if you kept in mind that the gadget can be stolen, but the contents can be kept safe with a PIN. It’s also easy to restore your wallet on a new gadget and back up with minimal downtime.
5. Paper wallet
Before the hardware wallets, paper wallets were in use. They contain bitcoin addresses, private and public keys, and QR codes to be scanned for any transactions. Since the keys are stored on paper, they can’t be hacked, and you can enjoy cold storage of the bitcoins at a fair price.
The downside is that the paper can be easily destroyed and can’t be restored like a hardware option.
How Does Bitcoin Work in Poker Games?
1. The first step is choosing a wallet; now you know the types of wallets.
2. Then download and set up a personal bitcoin wallet.
3. Next, you need to create an account where you can buy bitcoin. Fund the account and buy the amount required.
4. Send the bitcoin purchased to the personal wallet created.
5. Create an account at the online casino of your choice, visit the cashier and find the bitcoin address for depositing and send the bitcoin to that address
6. You can now start making your bets and enjoy your poker game.
How do I Buy Bitcoin?
Many people are aware of cryptocurrency’s existence but are unaware of how to turn their dollars into bitcoins. Amazingly, it’s a very easy process.
Depending on your location, you can find the best way to get bitcoins in your hands. Cash. The app is one of the fastest, yet easiest ways to use while in the USA. There are other options such as bitstamp, coinmama, coinbase, etc. You must check out the option that works best for you.
Bitcoin ATMs are popping up worldwide and will make buying bitcoin very easy. All you need is to walk up to an ATM, enter some dollars and get the bitcoin sent to your wallet.
How do I Deposit Bitcoin at an Online Casino?
Once you have the bitcoin in your wallet, you open the sportsbook cashier and enter the bitcoin address. You then choose the amount of money to deposit to the sportsbook address. It will show you the USD corresponding to your bitcoins, and your account is credited upon verification. The conversion is done at prevailing market rates.
Conclusion
Bitcoin poker has taken over the online gaming experience by storm. Bitcoin poker games are on the rise, making many online casinos adjust their payment options. As an online gamer, you can now choose this payment method, noting the different types of bitcoin wallet methods.
Since the world is changing daily, you need to be informed by researching thoroughly and reading reviews from other bitcoin poker players. You will always be at the forefront of all the good things bitcoin poker offers.
