Mitigating Risks: The Security Advantages of Bitcoin in Online Poker

Mitigating Risks: The Security Advantages of Bitcoin in Online Poker

Written by Kenneth Sawyer, In Casino, Updated On
January 3rd, 2024
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When completing any transaction online, it’s a good idea to always do so with the comfort that you’re safe. Mitigating and reducing risks is important to stay safe without fear of stealing your financial details, personal identity, or funds. Let’s discuss why Bitcoin has several security advantages for players of US poker sites.

Advantages of Bitcoin in Online Poker

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Bitcoin’s White Knight

Bitcoin and cryptocurrencies work on much more private systems than ‘regular banking means’. To set up a bank account with a mainstream establishment, you must provide several key information and personal details and fulfill certain criteria. Bitcoin does away with all that conjecture, as users must submit very limited information to have an account. This means it’s harder to target specific individuals for malicious attacks – even if your account is compromised, the hacker won’t be able to access your details.

This means nobody needs to know you’re spending time in an online poker room if you don’t want them to. While not everyone needs to hide their activity, it’s useful if your significant other doesn’t like gambling, etc.

Built for Security

Cryptocurrencies were built on the concept that people didn’t like mainstream financial firms having authority over their financial assets. Mediators and other stakeholders in big banks reserve the right to freeze accounts, which crypto was designed to stop. That’s because algorithms independently regulate crypto.

This is known as ‘decentralisation’. The people who founded Bitcoin and other related technologies believed that big banks and governments had too much power over their financial proceedings and, by extension, their lives. This new cryptocurrency, therefore, looks to dethrone the monetary authorities of yesteryear, who reserved the right to govern people’s money.

Proven Record of Security and Reliability

Bitcoin or Litecoin

Blockchain (the name for software that powers Bitcoin) has been up and running since 2009. During that time, nobody ever stole directly from the server. The system has never been down, either. This is a fantastic security record, especially compared to mainstream banks’ websites/applications that are often down for maintenance and have multiple security issues. While US poker sites that accept Bitcoin might have a problem or two with security, you can rest assured that if you’re dealing with blockchain technologies, your funds are safe there. Some online poker sites and casinos, especially offshore ones, now only deal in crypto as they prefer the security aspects of these means.

Transactional Speed Improves Security

One of the primary reasons people turn to Bitcoin and other cryptocurrencies is the speed at which transactions can be completed. In the United States, most transactions are subject to security durations of around 3-5 days. This is a lifetime compared to Bitcoin’s completion time of a few seconds. The fastest cryptocurrencies market themselves on being able to complete transactions in 0.00001 nano-seconds faster than others. Compare this to opening your wallet; if you opened it wide open for five days in the street, there’s a good chance someone could steal some money. If you have it available for half a second, then there’s almost no opportunity for a thief to take the money. That’s one of the core benefits of having such rapid transaction speeds.

It’s also super useful for online poker, as you can quickly bank on the site. The lightning-quick transactions are a real godsend when you’ve just won a big pot at a table and want to withdraw the winnings.

Know What You’re Doing Before Jumping In

bitcoin

The security advantages of cryptocurrencies over conventional money means are great. It’s much harder for third parties to track your spending, more difficult for hackers to obtain your funds and details, and generally offers more privacy. That doesn’t mean you should move your life savings to Bitcoin. The cryptocurrency world is quite deep, with many different wallets, trading platforms, exchanges, and other processes to understand. Don’t pay large amounts of money without being completely comfortable with it.

While many online poker sites and casinos will incentivize you to use and deposit in cryptocurrencies, it’s really important to be comfortable and au fait with how it works. No matter how much they give you in free bets, you’ll lose more money if you don’t know how to work Bitcoin correctly.

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