PokerNews Guide To Bitcoin, Pt. 1: What Is Bitcoin and How Does It Relate to Poker?

pokerbitcoin16 Dec 2013 / Poker News – Poker players and gaming companies around the world are finding themselves increasingly enticed by Bitcoin currency for their financial transactions. For the uninitiated, the easiest way to explain Bitcoin is that it is a relatively new form of virtual currency that is starting to find acceptance within the global finance industry, as evidenced by a recent U.S. Senate hearing where different federal agencies agreed that Bitcoin is a viable form of currency and that government needs to find ways to work with it instead of against it. Bitcoin value has also surged dramatically because China has joined the group of countries supporting Bitcoin transactions and which are throwing their financial weight behind the up-and-coming model of financial exchange. The pace of news about Bitcoin is so quick that no one article can keep a reader current. This article serves to provide background understanding for poker players.

Using Bitcoin has several advantages for poker players. The first advantage is the speculative aspect of Bitcoin. Recently, a young Norwegian sold some of the 5,000 Bitcoin he purchased for $27 during the currency’s infancy for over $800,000, because the value of bitcoins had increased dramatically. Anyone who thought that value was significant would have been premature, because by mid-November one bitcoin had rocketed to more than $900, and there is the potential that it will keep increasing. This opportunity for increase in value makes it possible for poker players to potentially gain a return on investment (ROI) by buying a bitcoin at a lower price and watching the value of the purchase go up (or potentially down) based on the scarcity of or demand for this cryptocurrency….. Read more

Part 2:

PokerNews Guide To Bitcoin, Pt. 2: The Pros of Bitcoin in Online Poker


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