Online gambling with cryptocurrency such as bitcoin has caught the fancy of players the world over. Due to the ease of play and the advantage of maintaining anonymity, sites which offer such games and services have seen a steady increase in the number of players.
However, just because it is anonymous does not mean it is completely safe and there are some risks that are still involved in such games. People should recognize these risks and then find ways to mitigate them.
Of course to reduce the risk, people should be first aware of the risks involved in bitcoin poker and cryptocurrency gambling. Here we will do exactly that.
The number one concern for player of online poker using bitcoins is that the live casino and poker sites that offer such services are totally unregulated.
That means even though they may promise many safeguards like segregated bank accounts for holding player’s money etc, the claims can never be proven or guaranteed by a regulatory body.
And bitcoin poker players do know that there have been issues in the past with poker sites defaulting on payments due to a number of reasons. Another major risk for such players, especially those in the United States, is that the government may swoop down any moment and catch the site.
Though federal regulations are still a bit hazy when it comes to online poker, there have been a number of cases where the government has seen to interfere and also take away the money. This is something that bitcoin poker players should consider before choosing a site.
Another issue for such players is the value of the bitcoin itself. Though this is a general issue for all users of bitcoins, it is especially acute for bitcoin poker players since they are risking a lot to win more bitcoins. Bitcoin values can change within a matter of minutes, so holding onto many bitcoins does not automatically translate into a huge fortune.
There are a number of risks involved in playing bitcoin poker over the internet. Players must recognize these risks and then work out ways to minimize the effects of these risks.