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[PoliSci]

Virtual Currency Taking Hold in Online Poker Circles

July 28, 2013

http://www.online-casinos.com/news/news2812272.asp

The wild world of online poker that can see millions of dollars spent on the game has been under attack in the USA and some other jurisdictions on the planet. One of the most effective methods of controlling the online poker industry has been the control of the financial transactions. Most of the concern in America has been based on the taxes that the government hasn’t been collecting when the game is played.

Then came Bitcoin the virtual online money that has taken the internet by a storm came into online gambling’s focus. Bitcoins are becoming the choice of online poker players all over the world earning the nickname “Underground Poker Scene.”

The peer to peer virtual exchange currency has gained a following in the online poker world, Bitcoin enthusiast Steve White, said, “The magic of a deposit to a withdrawal like a cage in a live casino is basically what you have”, White continued, “This method is deposit within minutes and withdrawals within an hour or two, at most by the next day. Pretty sick to think that you can do that in our online poker world.”

There is no need for third party processors as Bitcoin acts as its own processor. “If done right, pokers sites that accept only Bitcoins allow for the player to manage the wallet rather than the poker room. The poker rooms don’t necessarily act as a bank and they can charge very little rake because they don’t have processing fees,” White continued, “The poker room offers the site to play on and the way for managing the bankroll is up to the player- they can deposit, play and withdraw in the same day holding their own rolls in a secure and encrypted manner.” The Bitcoin online poker community must look out for themselves and essentially “self-regulate” to keep out the scammers.