Should There Be a Cryptocurrency Specifically for Online Poker?

In spite of the fact that Bitcoin and other cryptocurrencies have, up to now, failed to go mainstream, the technology that has risen up because of them has been influential. Bitcoin’s blockchain, for instance, has been applied to a number of different industries already. Up to now, along with cryptocurrency, it has been typically used in financial services, video games, and supply chains. With Bitcoin or a similar cryptocoin expected to be the future of internet transactions, most sectors need to make preparations for this eventuality. For that reason, calls for a poker-based cryptocurrency are getting louder.

Blockchain can be used to address key issues

One of the main reasons that Bitcoin gained traction was down to its innovative use of blockchain technology. The idea behind the original cryptocurrency was to bypass a central authority, such as a bank, and have a massive, interconnected, ongoing ledger on which to store transaction history. It meant that every transaction could be accounted for, and that it would be exceedingly difficult for data to be doctored or altered in any way from the time that it had occurred. The blockchain network is essentially governed by itself, and for it to be corrupted it would require the consensus of the network majority. The system is considered to be secure by design and has therefore been given decentralised status.

Aside from recording transactions in Bitcoin, blockchain has proven to be useful as a way for keeping a ledger of records in various other industries. For instance, it has been particularly advantageous with supply chain logistics, with Walmart and IBM using a blockchain-based system for tracking and monitoring supply chains. As the technology continues to permeate various sectors, it seems like it will only be a matter of time before the poker industry gets involved.

There are a few obvious areas in which blockchain could help to improve the online poker industry. For one thing, it could lead the processing of transactions to become much smoother. If all online poker players are using the same currency, regardless of their physical location, it will mean that there are no issues with international transfers and exchange rates. In addition to this, it could be argued that the prizes and promotions on offer are equally appealing to all players.

There could also be improvements with security. Credit card transactions have often been considered risky online, with cybercriminals ready to pounce on people who aren’t careful enough. By introducing blockchain, which is known to be much more secure, the number of hacking instances could be reduced. The current problem is the fact that not enough people are aware of these benefits of blockchain, and are therefore slow to put trust in it.

Should existing or original cryptos be used?

If cryptocurrency is to be introduced to the online poker industry, it may make sense to use Bitcoin because of the fact that it is already well established in the gambling industry. According to online poker site 888poker, there would be numerous advantages to using bitcoin for online Texas Hold’em or Omaha poker. It provides anonymity for players, safety, low fees, and increasing value. The fact that it has been around since 2009 means that more people are aware of it than of more recent currencies, and the levels of trust could be higher than they would be in a brand new token.

A poker-specific blockchain-based currency sounds like a novel idea, which would have some benefits. It would mean that every poker transaction is performed with the same currency, no matter where a player is physically based. This would enable all poker players to have a clear understanding of how much of their bankroll they are investing, rather than have to calculate exchange rates when playing at a site based in another country. The problem is, it would have to appeal to every single online poker operator for it to be successful.

The more likely outcome is that the cryptocurrency which wins the race to be the number one method for online transactions will become the one used by online poker sites. For this reason, it would be fair to assume that Bitcoin will one day be the preferred cryptocurrency in the poker sector.

Which crypto wallet would be best to hold winnings?

If cryptocurrency does end up revolutionizing the online poker scene, players will need to decide which wallet is best for storing their poker bankroll. If Bitcoin becomes the preferred currency for poker sites, there are already a number of highly regarded wallets on the market which specialize only in Satoshi Nakamoto’s currency. If another currency emerges in the poker scene, there are numerous wallets which have been open to adding new tokens to their catalogues.

One of the top desktop wallets for Bitcoin at the moment is Electrum, which stores the cryptocurrency in a set of encrypted files on the user’s laptop or desktop. It is considered to be more secure than using an online wallet, but not as safe as a hard wallet. It works with some physical wallets and is available for a wide range of different devices.

Exodus is considered to be one of the top desktop wallets for people who use and trade a variety of cryptocurrencies as it constantly updates to hold new tokens. If a new poker cryptocurrency is introduced, Exodus would almost certainly be able to store it.

Desktop wallets give players quick access to their funds, but they don’t provide infallible security. For players who want to store their winnings more securely, the best option would be to use a hard wallet which can be stored offline in a safe place.

The idea of poker having its own cryptocurrency is an attractive prospect, but for it to work it would require all poker operators to agree to its use. In the future, the cryptocurrency most likely to be used in poker is Bitcoin.