Is Now a Good Time to Start Playing Bitcoin Poker?
If you’ve been following the price of Bitcoin, then you know that it is on a bull run and may crack the $20,000 plateau soon. We are beginning to receive questions from online poker players asking if now is a good time to get into Bitcoin poker.
Today, we will examine whether you should get into Bitcoin poker now or wait until a later date. We will advise you that we are not financial advisors and our advice should not be taken as investment advice.
It is More Expensive to Get Into Bitcoin Poker
If you decide to start playing Bitcoin poker, then it will be more expensive to deposit at online poker rooms using Bitcoin than ever before. Why? Because of the value of Bitcoin. Depositing .005 BTC today is not the same as depositing .005 BTC a year ago. Most online poker rooms are not changing their minimum deposit for Bitcoin, and as such you will be paying more money to play online poker with Bitcoin.
Of course, there are alternatives. Blockchain Poker offers the ability to run up your bankroll starting at just 50 satoshis. No, that is not a lot of money, but you can also play freerolls that let you get small amounts of BTC, BCH, and BSV. You can take any winnings and run them up in online poker tournaments and online cash games.
Deposit Bonuses Are More Generous By Default
One positive outcome of the bull run is that online poker room bonuses are now worth more than they were a year ago. A 100% match on .005 BTC is worth triple what it was after the most recent dip. Granted, you still have to clear this bonus, but if you’re able to clear the bonus, you will have more Bitcoin to play online poker.
One of the world's largest poker networks says it's having to buy more bitcoin than ever to satisfy payout demand from players.
— CoinDesk (@CoinDesk) November 20, 2020
Bitcoin Poker Games Tend to Be Softer
If you’ve sat in Bitcoin poker games, you will notice that many of them are softer than your average fiat poker game. In this instance, I am referring to poker sites that allow you to play using mBTC or Satoshis. Sites that convert your Bitcoin into USD or Euro are fiat online poker rooms.
Serious poker players and professionals are still focusing primarily on fiat sites. If they have crypto, they are usually HOLDing their coins in hopes they go up. Many Bitcoin poker players are more recreational or people that have Bitcoin and think that online poker is an easy way to get more Bitcoin. While there are great Bitcoin poker players, you will find more fish at Bitcoin poker sites over fiat sites.
Poker Winnings Have the Chance to Increase in Value – Or Plummet
The most exciting part of playing Bitcoin poker during a Bitcoin boom is that any BTC won has a chance to go up in value. At the time of this writing, Bitcoin is worth around $18,300. Imagine winning .5 BTC and watching as BTC’s value goes up over $20,000. It’s instant money in the bank.
Poker Players Are Enhancing Winnings by Cashing Out in Bitcoin https://t.co/jfCHtHskC4
— Kevin Mathers (@Kevmath) November 20, 2020
Adversely, your crypto can also lose value. Remember all of the people that got in a few years back at $17,000 and watched in horror as the coin crashed back down to $5,000. Those that HODLd are back into a profit, but many lost their shirts.
Bitcoin Poker a Great Opportunity – But the Risks Are High
In 2019, we would easily recommend that you get into Bitcoin Poker as it appeared the dip was bottoming out. There was nowhere to go but up. We are still recommending that you give Bitcoin poker a try, but urge you to use caution.
Bitcoin is at a price right now where it could skyrocket or it could dip once again. Those of you that plan to HODL regardless of the price will do well getting into Bitcoin Poker. If you are one that is heavily swayed by the price of Bitcoin, then you may want to hold off or invest a small amount into playing Bitcoin poker.
There is a tremendous upside to playing BTC poker right now, but there are also risks. If you are able to manage those risks, then you may find Bitcoin poker a great way to add to your BTC wallet.