The story of the rise of Bitcoin would not be complete without considering the online poker industry's influence and adoption of Bitcoin, and increasingly the other cryptocurrencies as well. Online poker and bitcoin have in essence played a big part in building each other up and I believe will continue to do so for years to come.
Online Poker Took To Bitcoin Early On
Online poker and bitcoin's relationship possibly has its roots in the Unlawful Internet Gambling Act (UIGEA) passed in 2006. The UIGEA essentially made it legally very difficult for poker sites to accept deposits and withdrawals from US players.
When Bitcoin came along it provided a way for the sites and US players to bypass the traditional funding via bank transfer that were now forbidden by the UIGEA.
Bitcoin's Use as a Viable Currency
One of the biggest drawbacks and a constant objection from Bitcoin detractors is that is not suitable as a currency in most cases. This is even a stronger objection now that Bitcoin's price has risen to nosebleed highs. Combined with the fees and the slow transaction speeds, and the bitcoin non-believers think they have a strong case that Bitcoin is a bubble and will ultimately fail.
However, online poker/gaming is an industry that has proven bitcoin can be a viable currency. Some of the advantages that Bitcoin deposits has afforded poker players include:
- A way to make online poker deposits and withdrawals in the U.S. without breaking the UIGEA.
- Access to money faster. The "slow" transaction speeds of bitcoin are not even close to how long a traditional fiat withdrawal usually takes for US-based players.
- Relative anonymity. Of course this is a huge reason why cryptocurrencies have grown so much, and with poker/gambling it is especially useful to keep these matter anonymous and private.
BItcoin's Growth Aided by Online Gaming
To summarize: While it would be very hard to prove, I would theorize that part of bitcoin's growth has been because of the online poker/gaming industry's adoption of the coin , especially early on. Millions of dollars have passed through the bitcoin-friendly poker and gaming sites, possibly billions at this point.
Online Poker Starting to Look to Other Cryptos as Well
Not only are poker sites growing their player base and offering them deposit and withdrawal options via bitcoin, but the savviest, most player friendly sites are now presenting options in other cryptocurrencies as well.
America's Card Room for example, is currently offering both poker deposits and withdrawals in over 60 different cryptocurrencies. Soon to even include STEEM!
Thank you for reading. For more poker insights, news and strategy please follow me. I just joined but am planning to post every day on all things poker! Upvotes and resteems will be greatly appreciated too!
Now go play some poker! The Steem Poker League offers freerolls every day for steemians only. See @spl for more info. The serious players among you should also check out the aforementioned America's Card Room. It's a great site with many awesome promotions, and is currently offering a 100% cryptocurrency deposit match bonus. Basically, it's a way to earn free Bitcoin (or the cryptocurrency of your choice)!
Poker is what originally attracted me to bitcoin -- and I'm pretty excited to check out Virtue poker on Ethereum when / if it launches. I think it's a good thing for both cryptos, and poker as well. There's a big influx of amatuer money in bitcoin poker rooms, which is good for the poker community.
You and me both. I just regret not having kept more of the bitcoin I was using to make transfers.
Totally agree on the influx of amateurs being a boon for the community ;)
Yeah I definitely have some regrets too.. When I first got into it, I had 5BTC @ ~$100/BTC... I had them in an account at BTContilt (I think that's the name of it)... Dude ended up running away with all the coins I think... WOuld have been pretty sweet to have that ~$90,000 now.. :(
Ouch. Sorry to hear that :(
Cool, I didn't know ACR was getting ready to accept Steem! That made my day!
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