How Cryptocurrency is Shaping the American Poker Industry
Cryptocurrency is currently the world’s most popular blockchain product, not just in the U.S. but around the world. In 2021, the cryptocurrency market cap officially breached the $3 trillion mark. This year, despite some initial dips, it has since re-entered the $2 trillion market cap. This makes it one of the fastest-growing assets in history.
As a result, it’s found multiple use cases in emerging markets. One standout example is American online poker. By merging, the two trending industries have been instrumental to each other’s growth. Here’s how.
A wider and more anonymous playing pool
The blockchain — and, by extension, crypto — is lauded for the anonymity it provides to users. Using online poker sites that accept crypto, like Ignition Casino, means that players don’t have to submit their personal details to play on the virtual felt. What’s more, crypto is considered to be a form of borderless currency, which means that it be used in international transactions without the need for currency conversion. This allows such sites to cater to more poker players. Ultimately, this means that you’re likely to encounter a wider variety of players — ranging from amateurs to more expert and challenging opponents — in these online poker rooms.
More effective and worthwhile transactions
Many users flock to crypto and the blockchain for its role in decentralization, bringing purchasing power back to users instead of it being diluted by intermediaries like financial institutions. This has created one of crypto’s biggest global impacts which is to drastically reduce transaction costs, thereby making operations faster and more accessible. These same benefits carry over when using crypto for online poker transactions. For one, using crypto to play online poker allows players to put money into their online accounts without having to deal with intermediaries like banks. This helps them not just avoid more transaction fees, but also to get around their state’s legal policies on playing for real money online. What’s more, the high value of crypto means that many sites that accept it have lower rates than those that don’t. Since rates are a percentage of a poker room’s entry fee that serve as these sites’ main moneymaking mechanism, it’s thus cheaper to play in their rooms.
Above all, the decentralized and tamperproof nature of records on the blockchain means that it provides crypto users with unparalleled security. Crypto is a highly effective means of protection for online poker players who participate in high-stakes games. This can be partly attributed to the anonymity it provides users because it means there’s less personal information that can be exploited by cyber threats. The rest of crypto’s security in online poker is provided by the fact that it is deregulated. By cutting out the middle man in online poker transactions, there are fewer links in the payment chain. This has the similar result of giving hackers less information and weak spots to work with.
Both crypto and online poker are wildly successful despite their status as emerging markets. By banding together, they manage to form a synergy that only serves to further boost their legitimacy in the financial and gaming industries.
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