5 Things New Bitcoin Poker Players Should Know

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With the rising prices of Bitcoin, BTC online poker is more popular than ever. Players all over the world are depositing and even playing online poker with Bitcoin. If you’ve yet to jump onto the Bitcoin poker bandwagon, take a few minutes and read these 5 things that every new Bitcoin poker player should know. This will help you acclimate to Bitcoin poker faster and may even save you some money.

You’re Usually Betting in Fiat

The first thing to remember about playing online poker with Bitcoin is that generally, you will actually be playing with fiat rather than crypto. What usually happens is that your Bitcoin deposits will be converted into fiat currency for use on the website. This is true for sites like PokerStars, Americas Cardroom and others.

The good part about this is that you are not impacted by the fluctuations of Bitcoin. At the same time, you don’t get any of the gains had you simply held your Bitcoin.

Anonymous Poker Sites Are NOT Recommended

Bitcoin rose to popularity because it provided an anonymous way to make payments. When Bitcoin gambling became a reality, anonymous gambling was all of the rage. The problem with this is that it allowed for a myriad of scam sites that stole tons of crypto.

As such, you want to largely avoid poker sites that allow for anonymous registration and play. Sites that require KYC verification are much preferred. This is because the majority of them are licensed or regulated. This gives you much more protection than a random anonymous poker site that can shut down at any time.

Pay Attention to Your Stakes With BTC Poker

If you happen to find a Bitcoin poker site, such as Blockchain Poker, that allows for BTC poker play, pay close attention to the stakes. Often, sites will allow you to play for a low amount of satoshis. In some cases, you may be playing sub-penny online poker. In other instances, the site may have a minimum bet that is higher than your average micro stakes game.

The best way to figure out the stakes is to do some quick calculations in a Bitcoin converter. That way you know which games are closer to what you normally play in online poker cash games or online poker tournaments.

Don’t Forget About Miner Fees

If you’re new to Bitcoin, or you’ve never transferred crypto outside of your exchange, you need to be mindful of miner fees. These fees apply anytime you send or receive crypto, regardless of type. These fees are taken at the blockchain and not controlled by the casino.

The reason we point this out is that some people will make deposits and not factor in miner fees. If you’re making a minimum deposit, you need to send enough to cover both the deposit and the miner fees. If you don’t, the poker room may not honor the deposit and you will lose your crypto.

Altcoin Deposits May Be Cheaper

If you’ve only dealt in Bitcoin to this point, you may be wise to dabble in some other cryptos. Altcoins offer alternatives to Bitcoin that can be faster and cheaper. Bitcoin fees can be right high, particularly in times of heavy volume. If your poker room allows you to deposit using altcoin, consider purchasing some.

For example, I personally like to use Litecoin as it is much faster than Bitcoin and the fees are significantly less. Bitcoin is better for a store of value over a utility coin. As such, consider either purchasing some Litecoin or other altcoin to use for deposits. This will save you tons of money over the long-term. Also, you can always convert it to Bitcoin in the future.