Gambling may be no stranger to blockchain, but as poker sites adopt Bitcoin and Covid-19 is increasingly playing games online, the attraction among poker players has only expanded.
The famous game focuses on various blockchain use cases
Although online gambling and games had been widely popular before the advent of blockchain, the technology played a key role in the continuous transition of games.
Due to the inherent fairness and fairness of distributed ledger technology, online poker is one of the first games to join the blockchain framework, not to mention the legal dilemma it faces.
Users from all over the world can join these platforms and can confidently believe that their funds will be protected. Taking into account the anonymous nature of this payment method, the discretion to use Bitcoin for transactions will not be compromised, which allows players restricted by regulations and geographic locations to participate.
Bitcoin and blockchain have become the backbone of the poker ecosystem, but the industry’s innovation is far from over.
Given that most states in the United States still prohibit gaming websites from operating within their borders, bitcoin payments have attracted many participants, mainly from the United States. Since the “Black Friday” incident banned popular poker sites in the United States, offshore businesses have flourished, and Bitcoin has played a pivotal role. For example, non-US citizens will notice that Bitcoin.com hosts a variety of popular casino games, including virtual poker, through Cashgames.bitcoin.com or games.bitcoin.com.
Another operator that has benefited from this shift is Winning Poker Network (WPN). The company manages a portfolio of poker sites, began accepting cryptocurrency deposits in 2014, and currently allows users to withdraw bitcoins when cashing out. Today, WPN is said to buy more than $100 million in Bitcoin every month to meet the needs of players.
Other platforms have also entered this explosive field, including Virtue Poker. This Ethereum-based poker platform has now obtained a gaming license from the Malta Gaming Gaming Authority, making it the first blockchain-based entity to accomplish this feat, allowing it to be available in multiple markets Operate legally.
This Conensys-based project has just raised $5 million in funding from Pantera Capital, Consensys, DFG Group, Funfair’s Jez San, and has received enthusiastic support. In addition to relying on the well-known player Phil Ivey as a brand ambassador and stakeholder, as Joe Lubin is the founder of Consensys, Virtue Poker has a very close connection with Ethereum.
This organization is one of the important business development and funding function channels of the Ethereum network, helping to ensure that Virtue Poker’s platform is as transparent and secure as promised before May’s mainnet launch.
Real-time poker NFT arrives
In addition to betting on the game itself or using cryptocurrency for payment, many other uses of blockchain have emerged in the poker field, including the digitization of collectibles and events.
To this end, the decentralized video delivery platform Theta Network is making important progress in the poker industry. The platform has partnered with the World Poker Tour (WPT) to provide streaming specific events for specific events through its Thetadrop NFT market, and provide real-time NFT throws and auctions to more than 140 million viewers.
During the live broadcast, users will be prompted to visit the market to purchase exclusive collectibles and participate in NFT’s live auction, which will capture the unique moments during the event. The market is expected to achieve faster transaction speeds, low fees, and high interoperability with other blockchains, allowing NFT holders to seamlessly move between supported networks.
Although Covid-19 may be a huge spark to increase the demand for online poker, the industry’s embrace of blockchain and Bitcoin will help pave the way for novel use cases, ultimately benefiting players and making the game more popular.
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