As the popularity of cryptocurrency continues to rise, more and more industries are taking interest in it — and the world of poker is no exception to that. With virtual currencies like Bitcoin, Ripple, Litecoin, and Ethereum, online poker sites are able to enjoy greater security and privacy, limit cheating, and connect with players overseas. Without a doubt, cryptocurrency is indeed changing the game of poker in a variety of ways.
Enhancing security and privacy
Due to the strong stigma and misconceptions surrounding games like poker, many players are wary of sharing information about themselves. Unfortunately, this reality doesn’t deter most platforms from asking players to disclose sensitive data. A guide by Poker.org’s Jon Sofen highlights how the sign-up process for most poker sites tends to require a lot of personal information. This includes your full name, address, birth date, and social security number — making safety and security an important consideration among casual and professional poker players alike.
This is where cryptocurrency can come in handy. Thanks to its decentralized nature and the blockchain technology that supports it, cryptocurrency is able to offer players complete privacy. With cryptocurrency, players are given absolute freedom to make their own decisions without needing to disclose any sensitive information.
Reducing the likelihood of cheating
One of the most common concerns players have with most online poker sites is the possibility of the house rigging the software in their favor. This is a valid concern considering how this used to happen when online poker was still in its infancy. Fortunately, with blockchain, the likelihood of cheating can be significantly reduced if not completely eliminated.
By using blockchain as their basis, poker sites can put a verifiably fair random number generator as their shuffling software. An article on BTC Manager.xom also notes how blockchain can help prevent fraud by bringing in more transparency and giving individual users no chance to modify or hack the record. Through the integration of blockchain technology into the payment method, the distributed ledgers are automatically updated and are made publicly accessible. Players are also able to view their winnings and losses, as well as the calculations used to determine the odds.
Making sites accessible to players overseas
Due to the difference in local regulations, some places may restrict access to online poker sites. For instance, banks in certain regions can easily stop transactions from going through or even block accounts. With cryptocurrency, players can easily overcome these challenges. That’s because a number of countries are still not recognizing many cryptocurrencies as a valid form of currency.
In addition to this, a feature on Bitcoin Market Journal also mentioned how the decentralization of cryptocurrencies keeps them from being subjected to geographically based rules and regulations. For online poker platforms, blockchain makes them more attractive to players overseas. For instance, in Singapore, the introduction of blockchain helped remove the suspicious services and processes non-Singaporeans had to go through to make cross-border payments and play in Singaporean online casinos.
By enhancing security and privacy, reducing the likelihood of cheating, and making sites accessible to me players, cryptocurrency is slowly but surely revolutionizing the world of poker.