The Cons of Using Bitcoin to Play Online Poker (Part V)

Written by:
Ace King
Published on:

In this article we look at the cons of using Bitcoin to make deposits and play real money poker online.

We had previously looked at the pros of using Bitcoin to play poker online, for which there are many.

Before reading any further we suggest checking out the first article in this series - How Do I Use Bitcoin to Play Poker Online

Watch the video below then we will explain why Bitcoin is great to use with Internet poker rooms like Americas Cardroom, which offers up to $1000 in FREE BONUS MONEY.

Also See:

How Fast Does It Take To Get Paid Using Bitcoin?

How Much Bitcoin Do I Need to Play Poker Online?

Cons of Using Bitcoin to Play Poker Online

Education - The biggest con of using Bitcoin is understanding how it functions.  Once you do understand it, you'll practically be able to transfer funds using Bitcoin blindfolded....Well, you won't want to do that for the reason we are about to describe next.

Great Care and Verification is Required - When you screw up sending a bank wire, the financial institution can typically track the funds and return them to the sender or ensure they arrive in the intended recipient's bank account.  With the Bitcoin address, one must verify the address several times after cutting and pasting it.  If even one letter or number is wrong, that money is lost in space.  There is no intermediary to intervene and trace the funds.  That's also the beauty of using Bitcoin, the anonymity factor. It is also important to make sure you send and receive from the correct crypto wallet.  In other words, if you are sending funds using a Bitcoin address, do not do so from your Litecoin wallet.  That money will be lost.  A Bitcoin address must correspond with a Bitcoin address.

The Process - You will want to upload a secure Bitcoin wallet to your laptop or mobile device before anything else.  Next step is to register with a Bitcoin Exchange that conducts business in your country of residence.  That exchange will then be linked to your bank account or PayPal.  Proper identification will be required in addition to the verification of the bank account.  Depending on the exchange, review access only of that account can take place in under five minutes.  This means that the exchange is granted permission to enter your bank account only to review available funds and recent financial history but does not have the ability to pull funds.  Previous verification involved withdrawing two micro-deposits from your account (i.e. 0.7 cents and 0.2 cents) for which you confirm those amounts, typically within two to three business days. 

Security - Wallets are secure but your devices may not be.  Most of us already know these devices will die at some point.  It is important to obtain your wallet key (a series of words in exact order).  This key is NOT to be maintained on your laptop or mobile phone as this defeats the purpose.  Keep written down in a fireproof safe.  There are also external wallets that can be used for extra security.  Please take a moment to study the various wallets and security options through web search.

Exchanges - As Bitcoin matures, the exchanges available today are more reputable.  No matter how reputable, NEVER EVER hold Bitcoin in one of their available wallets.  These online exchange wallets are not safe for long term storage (and by long term we are talking anything beyond a few hours).  They are prone to hacking.  The exchange is to be used just as you would a currency exchange at the airport.  Convert your Bitcoin into USD or other currency or vice versa (going the opposite direction).  Additionally, while it may be tempting to avoid using an intermediary wallet and instead opt to use addresses provided by the exchange itself to send and receive funds for playing poker online, these addresses can and ARE often traced.  Most exchanges do not allow their platform to be used for gambling purposes.  Direct transactions between the Bitcoin exchange and the online poker site is likely a violation of that exchange's terms and conditions. 

Price Fluctuations - If the price of Bitcoin is dropping, you could end up losing a percentage of your funds.  To avoid this issue, move your funds immediately from the wallet to the exchange (this typically takes up to an hour, often less).  Once it lands in the exchange, there will also be upwards of a 45 minute verification period whereby the Bitcoin is still subject to potential price fluctuations.  Once verified you will move immediately into your USD or other currency wallet on the exchange.  Funds are then transferred into your bank account.  Just remember that as soon as the Bitcoin is converted to USD or other local currency, you no longer have to worry about the Bitcoin price fluctuations.  Sometimes these fluctuations work in your favor.  Under normal circumstances, any loss providing funds are transferred immediately will typically be under a half percent.  Avoid requesting a withdrawawl during known volatile periods. 

Be sure to check out the pros of using Bitcoin to play poker online.

- Ace King,

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