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One only needed 0.013 of Bitcoin to start playing online poker at the exchange rate as of this writing. This was the equivalent of USD $50. If you have that amount, you can start playing poker online now.
CLAIM UP TO $1000 SIGNUP BONUS HERE
Don't I Need Something Like $5000 for One Bitcoin?
Not at all! You will not be betting with a full Bitcoin or two Bitcoins. You will only be betting with a small percentage of a Bitcoin. In this case, if you want to start playing online poker with just USD $50, you will simply exchange this into 0.013 Bitcoin via an exchange linked to your personal bank account. THAT'S IT! 0.013 Bitcoin may not seem like a lot but it is the equivalent of USD $50 that is easily convertible back and forth via an exchange.
Now let's say you turn that USD $50 into USD $700 by winning at playing online poker. You want to cash that money out of your online poker account. The online poker site will pay you the $700 equivalent of Bitcoin minus a very small fee. You will then receive 0.19 Bitcoin into your personal wallet. That 0.19 Bitcoin can quickly be converted via the exchange into USD $700 and immediately transferred into your personal bank account.
The only time you are dealing in Bitcoin is during the transfer process and if you wish to store some in your personal wallet hoping it will increase in value.
It is recommended that you maintain both a personal wallet and an exchange account that is tied to your personal bank account. Never link your online poker account directly to the exchange. There should always be a personal Bitcoin wallet used in between the poker account and exchange for security and policy adherence purposes. While this may seem like an unncessary burdomsome step in the process, it is not. Furthermore, this simply adds a mere 45 minutes to the overall cashout process. You are still being paid super fast by the online poker site (typically under a few hours as opposed to a few business days as in the past).
Why Do Online Poker Sites Use Bitcoin
Certain industries over the years have become frowned upon by traditional banking sectors. Gambling, marijuana, Canadian Web Pharmacies, adult entertainment, and the list goes on. Some bank issuing credit cards do not allow gambling. As such, these legal but often frowned upon industries must find alternative banking methods like Bitcoin.
Likewise, Bitcoin has become an excellent means of sending and receiving money in countries where traditional banking online has never been easy such as the vast number of African nations. The Asian and Middle Eastern markets functions differently from that of the North American market when it comes financial transactions. And there are certain countries in Latin America (i.e. Argentina) where it is nearly impossible to send and receive money for varying reasons. The use of Bitcoin has helped to remove such barriers.
Watch This Video
The below video, courtesy of our friends at Americas Cardroom, explains how to fund your online poker account using Bitcoin. It is geared slightly more towards those who have already dabbled in Web poker for real money, but it is still quite informative in understanding how to open an online betting account is the easy part.
How Fast Does It Take To Get Paid Using Bitcoin?
How Much Bitcoin Do I Need to Play Poker Online?
How Much Bitcoin Do I Need to Play Poker Online?
The Pros of Using Bitcoin to Play Online Poker (Part IV)
The Cons of Using Bitcoin to Play Online Poker (Part V)
Summary of The Basics
*Online Betting Account - In order to place bets, you will need to open an account at any number of Internet poker sites. This account needs to be secured with a password. You will need to fund it prior to placing a bet.
*Bitcoin Wallet - This is used to transfer Bitcoin to and from the online poker room and can also be used for storing winnings.
*Bitcoin Exchange - This is used to convert Bitcoin to your regular currency (i.e. US Dollars) then transfer to and from your linked bank account.
- Aaron Goldstein, Gambling911.com
