Cross-Border Poker: How Crypto Solves the Problem of Currency Exchanges

Picture this: You are seated at an online poker game with people in Tokyo, Berlin, São Paulo, and New York. There’s a lot of action in the game, cards are being played fast, and excitement is high. You are ready to give it your best… But a pop-up comes up and takes the fun away. “Currency conversion fee: $4.50.”

Online poker has become popular all around the world. With apps and websites, you can enjoy gambling anytime and anywhere, without having to go to a casino. But here’s the catch: cross-border payments suck.

Credit cards and bank transfers have some disadvantages. Be aware of hidden costs, long waits before your money arrives, and changing exchange rates that may take $100 of yours and give you $85 on the other end. It’s a bit like winning at poker and then turning over your whole profit to the dealer.

But wouldn't it be great if you could get the money directly and right away? Now, thanks to crypto poker, playing with people from different countries is just as easy as getting a royal flush. Let’s discuss why crypto is now a great option for anyone who wants to make sure they keep all their chips, not just tech geeks.

The Old-School Problem

Playing poker with people from different countries used to be much like playing a game of financial whack-a-mole. You might avoid a certain fee, but another one would soon appear. This is the reason why playing poker from another country was a difficult and inconvenient experience.

Fees That Bite

Whenever you made a transaction using different currencies, a large fee was taken from you. If you place a $100 deposit, the poker site could take a 3% fee. There is a chance your bank will add another $5 to your fees for an international transaction. You should also keep in mind that exchanging your currency for another can cost you up to 5%, due to the rates they give you. Even before your money was down, you were already down by $10 or more. What if you took out your winnings? You’d pay those fees again. You pay a fee just to have a bad time and lose your money.

But the worst part? These fees add up fast. If you play often, you may end up losing hundreds of dollars to banks, poker sites, and currency brokers before considering your wins or losses.

The Waiting Game

Imagine that a $10,000 guaranteed tournament will start in an hour. You’re all set to begin, but your bank advises, “Before you can use the money, we need to process your transfer for 3-5 business days.” After your deposit is cleared, the tournament is already finished.

Traditional payment methods are slow. It can take hours (or even longer) for a credit card deposit to be approved. It takes a long time for a bank wire to go through, especially if it crosses a border. Weekends and holidays? You won’t get your money anytime soon since it’s in limbo. Even if you use PayPal or Skrill, they might hold your withdrawals for security reasons. You’re also unable to play in the tables or tournaments that seem interesting to you.

Exchange Rate Roulette

The rate of currencies changes all the time, and gambling sites and banks seldom provide the current exchange rate. A decrease in the euro or an increase in the yen on Wednesday could change your $100 deposit to either $90 or ¥12,000. Furthermore, you have no say in when you will exchange your currency. Sometimes, your poker site can fix the rate at a moment when you are on your way to winning, causing you to lose in the end.

And let’s not forget: exchange rates can cause problems for a business at any time. If you enjoy playing in casinos all over the world, you risk your funds as well as your chances of winning.

Dealing with traditional payments made playing poker online with friends abroad very tedious. The extra costs made you lose a lot, the waits slowed you down, and the changes in exchange rates made each victory uncertain. Cryptocurrency changes the entire process of transferring money in poker.

Crypto Poker 101: What is It and How It Changes Things

Let’s start with the basics: Crypto currency is a kind of digital money, with a few advantages over regular cash. It has the same process in every nation, ignores national boundaries, and does away with banks completely. This means that poker players will not have to ask anyone’s permission to manage their money. This is how it affects the way the game is played.:

No Conversion Fees and You Get to Take Home More Money

With crypto, you avoid having to waste your time on currency conversion. You can put your Bitcoin, Ethereum, or Litecoin directly into your poker account, and there won’t be any fees or hidden charges. No matter where you play, your $100 will stay the same in value.

Instant Transactions: Play Now, Not Next Week

Speed is a main quality of crypto because it is connected to the internet. Money is deposited into your account quickly, not after several days. Withdrawals? Same deal. You won’t have to sit and wait for banks to deal with your winnings anymore. It’s the same as changing from dial-up internet to fibre-optic for your funds.

Stablecoins: Crypto Without the Roller coaster

Worried about Bitcoin’s price swings? One solution is to look at stablecoins such as USD Coin (USDC) or Tether (USDT). They are cryptocurrencies that have the same value as the U.S. dollar. You can use your $100 deposit, and it will always be worth $100, regardless of changes to cryptocurrency prices. It gives you the best of both types of learning. Cryptocurrencies have fast and private transactions but do not experience the same kind of ups and downs.

Crypto-Friendly Poker Platforms

Sites such as Ignition Poker and Bovada now allow users to use cryptocurrency for deposits, playing, and withdrawals. They have instructions for those who are new to crypto on how to get a crypto wallet.

You can get your funds from your wallet to the table in just three clicks

Compare how much quicker it is to use crypto compared to traditional currency in online poker:

Traditional Method

● Bank transfer
● Wait three days
● The poker site charges a fee for using their services
● Finally play

Crypto Method

● Open crypto wallet
● Send Bitcoin to the poker site
● Play.

For example, if you’re going to deposit $50 in Bitcoin, you grab the wallet address from your poker site, put it into your wallet app, and click “Send”. Soon, your funds will appear. No paperwork, no long wait, and no delays in getting things done. Withdrawing is just as easy.

Keep your Identity Safe

Let’s be real: it is risky to give your credit card or banking information to a poker site. What would happen if the site is hacked? What if your data leaks? The good news is that there are a few features of crypto that can help keep your money and identity safer.

No Sensitive Details are used

You don’t have to give your name, address, or bank details for crypto transactions. A wallet address (like a username for your money) is all you have to use. If a poker platform is hacked, hackers won’t be able to take anything they did not get from you.

Blockchain technology prevents fraud

Every time a crypto transaction happens, it is added to the public blockchain. Therefore, the process of paying and receiving money is clear and cannot be easily changed. You can use Bitcoin to transfer $100 to a poker site, and it will be visible to everyone, but you are the only one who can decide where the money is spent. Problems such as lost deposits and chargebacks are no longer an issue.

Privacy on Your Terms

Want to play anonymously? Crypto lets you do that. Although you need to give some information to start using it, your money matters are not exposed. There isn’t any paperwork or bank statements; it’s only you and the online game.

But Wait—Is Crypto Safe?

Short answer: Yes, if you are careful. Play on well-regarded poker sites and use wallets you can trust; turn on two-factor authentication; and never share your private keys (the private keys are your password to your crypto). If you do this, your money could even be safer than if it were kept at a bank.

Cryptocurrencies are not only quicker and cheaper to use, but they are safer too. You still have your cash and personal information, but you do not miss out on the fun.

Play Smarter, Not Harder

Crypto goes beyond fixing payments and also provides you with an advantage. Here’s how to leverage it:

Bankroll Management in Crypto

Keep a record of your profits and losses with BTC or ETH, not with dollars. This makes sure you do not spend more than planned when the value of crypto changes.

Exploit Time Zones

You can deposit at any time and join international tables when the competition is low, such as late at night in Europe.

Target Crypto Tables

A lot of new users are drawn to websites that allow crypto trading. Try to find poker tables where the stakes are low, as they offer many chances to win.

Bluff Aggressively, Rebuy Cheaply

Because rebuys cost almost nothing, you can keep the pressure on your rivals without having to worry about the cost.

If you’d like more advice, you can read here.

But What About Crypto Volatility?

Crypto’s dramatic price changes get a lot of attention, but there is something else to know. You can still have fun if volatility comes up. A few good choices can help you avoid the mess and keep your bankroll under control.

Stablecoins

These are made to match the value of the U.S. dollar. Since USDC is backed by cash or bonds, the value of one USDC will not change over time. When you use stablecoins, you’re playing with money that is stable, so you don’t have to worry about Bitcoin crashing during the event.

Cash Out Before Anyone Calls Your Bluff

Most of the platforms allow you to withdraw your winnings at any time. If you want, you can turn your Bitcoin into stablecoins or regular currency (such as USD or EUR) in very little time. It’s not necessary to take risks with your crypto if you do not want to.

Pick platforms that have inbuilt safety measures.

Websites that are well-known in the industry, like Coinbase and Kraken, can automate your trading strategy for you. You can keep track of changes in crypto prices with alerts or swap your cryptocurrency for a stablecoin whenever your balance gets to a certain point. Withdrawal sites that allow instant transactions will make sure you are safe.

Conclusion

The idea of poker is to beat other players, not the bank. With crypto, you don’t have to worry about fees or waiting for your money after you have won. It’s poker, simplified.

Here’s the thing: You do not have to be an expert in cryptocurrency to give it a try. Get a cup of coffee, register for a wallet, and put in $20 of stablecoins. Choose a betting site that accepts cryptocurrency, play some hands, and watch how quickly you’ll get used to it.