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The advent of cryptocurrencies has triggered a revolution in the online gaming industry. The online poker industry has long recognized the need to accommodate various payment methods. Using a credit card or a bank transfer online hasn’t proven to be the best mode of transaction for the poker industry. This is due to a combination of factors such as high transaction costs, slow transactions, among others.

However, players only had a few options until the advent of cryptocurrencies. Bitcoin, allegedly developed in 2009 by ‘Satoshi Nakamoto’, was the first decentralized cryptocurrency. Since then, several digital currencies have been launched in different parts of the world. Most cryptocurrency transactions are instantaneous – a delight to players.

Today, with digital currency, time-consuming intermediaries like banks and credit card firms are becoming obsolete. Since they’re optimized for usage on the internet, cryptocurrencies remove the need for all intermediaries, ensuring a high standard of anonymity, safety, efficiency, and user-friendliness. This is why players now prefer paying with Bitcoin at online poker sites. If you also want to join the bandwagon of players using digital assets, visit Top10PokerSites to discover the best poker sites that accept cryptocurrencies.

Meanwhile, here are the best cryptocurrencies suitable for online poker.

1. Bitcoin

A decentralized digital currency with a market value of over $2 trillion and a price per coin of over $40,000 as of 2022, Bitcoin is widely regarded as the crypto-industry leader. The blockchain tracks all Bitcoin transactions and is available to the public. More than 19 million Bitcoins have been mined, as estimated by the market. When it comes to online poker, Bitcoin is the number one crypto asset. 

Given Bitcoin’s hegemony over the cryptocurrency market, it’s easy to see why it’s the most widely used digital asset in online poker. You will need a Bitcoin wallet if you want to play poker using Bitcoin. Take note that the wallet functions just like a regular bank account. The remainder of the process is similar to playing with fiat dollars.

2. Ethereum

Ethereum is a public, open-source blockchain platform that was first launched in 2015. It has innovative contract capabilities. Based on its market capitalization, Ethereum is the second most valuable cryptocurrency after Bitcoin. As of the middle of 2022, the total value of the Ethereum market was over $487 billion.

According to the study of the market, there are more than 100.7 million ETH tokens in circulation. Bettors who prefer Ethereum to Bitcoin must follow a separate set of instructions. After deciding on a deposit amount, the first step is getting an Ethereum address from the poker site you wish to play at. Then, send the required amount of ETH from your cryptocurrency exchange or wallet to your Ethereum virtual poker address.

Ethereum transaction times are affected by network congestion. Typically, it takes anything from a few minutes to a few hours. Your account will be credited when the ETH reaches the online poker site’s address. You should know that the Ethereum will be translated to your preferred currency before processing; thus, the money won’t appear as Ethereum.

3. Litecoin

After Bitcoin’s launch in 2009, Litecoin emerged in 2011. Though compared to Bitcoin by many, the comparison is not unfavorable, nor does it diminish Litecoin’s value. Litecoin is an excellent alternative to Bitcoin now that the price of the latter has risen beyond the reach of the typical person. Litecoin is well-known and widely traded, with daily volumes of approximately $2 million.

Litecoin is nearly four times as quick as Bitcoin, putting it ahead of Bitcoin in terms of transaction completion time. Avid online poker players are more likely to use it, especially considering the convenience of the instantaneous nature of the transactions. Litecoin’s longevity is hardly breaking news, and unlike other more obscure digital currencies, it is not subject to the same degree of volatility.

4. Ripple

Ripple was developed by Ripple Labs, a business in the United States, to provide instantaneous gross settlements, currency exchanges, and remittances. The total value of all Ripple coins in circulation is above $19.8 billion. Each Ripple token costs a little more than half a dollar, a significant discount from Bitcoin and Ethereum. Moreover, XRP transaction confirmations take three to five seconds, but Bitcoin transactions might take up to ten minutes. This makes it perfect for online gambling.

Approximately 1,500 transactions per second are possible due to the optimized architecture of XRP’s transaction processing. Ripple, like Bitcoin, is a cryptocurrency that may be used on online poker sites, but it can only be purchased using Bitcoin. Those familiar with Bitcoin will likely find Ripple the most convenient alternative. Once you have Ripple coins, you may request a withdrawal from your poker site by sending a transfer request, and the process is usually swift and seamless.

Final Thoughts

Cryptocurrencies have become a veritable means of payment for online gambling, and it is highly used by many online poker players all over the world. These digital assets are desired for their efficient transactions, security, anonymity, and reduced transaction costs. If you are interested in using crypto assets for real money online poker, this article has provided you with the four top options to consider now.