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Online poker is the pastime and income to many in 2023 thanks to the expansion of real money poker sites. While not everyone is a winner, there’s enough traction in the market to keep it competitive as more and more players turn up every day. While playing with US dollars or the local currency used to be the norm, now more players want to deposit and gamble in cryptocurrencies. What’s it all about and is it worth it?
Why even use Cryptocurrency for online poker?
If you’re completely new to the idea of using cryptocurrency for real money poker sites then you might want to conduct more extensive research but the crux of it is this: people are fed up with the financial and government-regulated currencies. People have made their own like Bitcoin, Litecoin, etc. They offer privacy as it's much harder to track transactions with these when compared to regular money formats and it's one of many reasons why real money poker sites in the USA have started to embrace crypto.
Worth monitoring the prices while you play
So you’re at the table and you’re gambling all your shiny new FrogCoin (or whatever one you’ve invested in) and the poker game is going well. You’ve won a few hands, lost a few, a decent balance. As these cryptocurrencies are exceptionally volatile and the value can change without warning, it’s worth monitoring. It could be that when you just got a big pot win the price has dropped and that coin isn’t worth anything. Or conversely, it could have skyrocketed and you’ve suddenly got very rich off a seemingly lackluster pot. Either way, crypto isn’t like US dollars or British pounds where we can accurately track the value as it’s the funds we use day in and out.
Only using decent coins
Everyone wants to be the innovator in crypto. Being one of the first on a specific cryptocurrency hype train can often lead to handsome returns. If you’re a financial and crypto wizard and can commit to consistently monitoring prices, then go ahead and try to be ahead of the curve. If that’s not the case, you should consider only using well-established coins that have a track record of some stability. Sure, the new token coin might be appealing but who knows if it’s going to last…
Use multiple cryptocurrencies and combine them with real-world assets
This is one for those looking to build a good-sized bankroll for their upcoming activity on real money poker sites. If you’re in the process of grinding out minor wins to put a pool of money together, then you need to remember that you’re playing with moving parts. This isn’t like the safe where you put a $5 note in and in 10 years it’s still $5 or the bank and it's $5.10. There’s no telling what the value could be given the unpredictability of some coin markets. It’s therefore a good idea to split your crypto bankroll efforts into multiple coin accounts. That way if XCoin takes a nosedive overnight, it’s not the entirety of your project that’s gone down the drain. While there can be resistance to using real-world finance, it can be useful to have a reserve just in case your entire portfolio ends up trading at the wrong end of the market.
Make the most of sign-up deals
This might be a long-winded process but comes in useful if you’re trying to accumulate a bankroll. Create a spreadsheet of every real money poker site you can join (some geographic restrictions may apply) and rank them by the order of their sign-up deals. The majority of online poker providers and casinos have them as it’s a very crowded marketplace. Keep track of what the exact specifications are for the sign-up incentive, ensure you do all the necessary qualification processes (some will require you to play a game of poker first, etc.), and monitor that you receive the bonus.
Only gamble on reputable poker sites
This one should go without saying but it's worth repeating. Would you put your money in a shark’s mouth or simply throw it down a well? The answer is probably no. So don’t do it online. Gambling on nefarious sites without regulation is a surefire way to end up with a small or non-existent bankroll. The site could simply take your money or be rigged so that you’ll never win.
Be prompt to partition the funds
It’s a good idea that after every session you withdraw your winnings. This way it will be stored away in your bankroll account or accounts. You mustn’t go over your budget for ‘working’ or ‘grinding’ money, ensuring that you create a healthy distance between the growing pot and that which will assist you in making said pot will ensure that your bankroll develops efficiently.