There’s a lot of talk about the new wave of online poker sites – the new wave of “regulated” Poker sites that offer a place for the professional poker player to ply his wares. It seems as though the government is trying to get in between the professional poker player and his customer base by trying to regulate all poker rooms. And it’s working. In the past few months the biggest two websites, Poker Stars and Full Tilt have both gone fully on the Internet. They are planning to go live within the next six months, and the other sites are also planning to go digital if they get into the marketplace.
But how does this affect the average online poker player? Well, for the first few months there will be a lot of drama, and a lot of confusion as these new regulated poker sites try to figure out if they are legal or not. And then the next few months there will be no drama and everything should be smooth sailing. However, that doesn’t mean that the average online poker player doesn’t stand to gain from the new development.
Let’s say that you play in one of the new regulated bitcoin poker rooms. You deposit the cash into your wallet, and then you go and win some money. You now have to send the rest of your cashout to your bank account. Since you deposited it into your wallet, you now own that money. So instead of just sending it to your bank account like you would with a regular poker room, you now have to send it through a payment channel that the regulated poker room has set up, like their own virtual bank.
This setup is a great deal for the user. With most regular poker sites, you have to either have a certain amount of funds in your account that you can withdraw, or you have to wait for a long time (many hours in some cases) until you can withdraw it. Now, with the new setup of these bitcoin poker sites, all of your money is safe and secure, no matter what. These withdrawal methods have been standardized by the IRS, and all of your transactions are reported to them. So, even though you may not be able to withdraw right away, at least your wins should be sent to your designated bank account, instead of just disappearing into thin air.
One other advantage is the play money feature. When you first play at a regulated pool, you might get a small max deposit. It is usually only enough to allow you to start, or practice, and you have to remember it. However, the play money feature lets you deposit more money, and take out more money. This lets you build a nice bankroll, and it also allows you to experiment with different types of games. You can experiment with staying at the table until you’ve reached your cash limit, or you can win some money along the way, depending on which game you’re playing.
Lastly, there are no transaction fees when using bitcoins, which make them the best choice for anyone who wants to have a secure and reliable virtual currency. Transactions are done completely through the Internet, so no one will ever know that you are exchanging one currency for another. You can use this digital currency to purchase things online, or for playing poker in any of the many available casinos around the world.