Crypto and Poker – What does the future look like?
We are currently living in a world where technology is changing at a rapid pace and for the better. We are seeing innovations in the lifestyle and entertainment industries change the way we live. Two industries that stick out are cryptocurrency and poker. These two industries have experienced immense growth over the past 10 years, from incorporating technologies in everyday things to being more accessible to the general population – all positive changes and influences. And it’s become more apparent with time that these two industries could work well together in the future. But how would it work? And does one incorporate crypto into poker? Well, we are going to look at that in more detail.
The impact of crypto on the poker industry
We have already experienced the impact of crypto on the online poker industry. It’s there and happening as we speak. However, few people are aware of how the two have intertwined. And here is how. Many online poker sites today accept cryptocurrency as a form of in-game currency or payment. This has largely been successful since it simplifies the deposit and withdrawal process for players.
There are even more benefits many have not thought about, and the big one is the speed at which crypto transactions occur. With traditional banks, when a transaction is processed it can take days, and sometimes weeks, to reflect. This has put some strain on players who wish to access their winnings immediately. And if you do want your transactions to clear immediately, most banks offer this. However, it often comes at a ridiculous fee. Crypto removes the long wait and the fee to have your transaction processed.
Online poker players have also called for a more secure system that allows some form of anonymity. Essentially, a layer of protection from cybercriminals and to protect their personal information. With traditional banking methods, you are required to share all your personal identifiers, including your address, bank and card details, social security number, etc. While banks do try to secure their systems to protect their customers from hacking, some feel not enough is being done. On the other end, crypto transactions are secured through highly complex encryption techniques and unique codes you cannot duplicate. Making it much harder is near impossible to hack.
The future looks bright
We know that crypto has had a positive impact on the poker industry. It provides players with peace of mind when it comes to anonymity and security, as well as quick and easy transactions. As both industries evolve, we will see even more integration between the two. And in terms of the future, here is a sneak peek of what we expect to see:
- Increase adoption of cryptocurrencies
We expect to see more people become comfortable with crypto and use it. This will increase its adoption in the poker industry and here is why. Poker players will encourage online casino sites to offer cryptocurrencies as a form of payment. While also having the option to create their cryptocurrency. Furthermore, traditional land-based casinos may also begin to accept cryptocurrency. While, in turn, allowing for even more players.
- Decentralized poker platforms
What is a decentralized poker platform? It is a platform built on blockchain technology. It allows for secure and transparent transactions without the need for a middleman or a central bank. While this development in the poker industry is relatively new, it could revolutionize the entire industry.
The decentralized platform offers so much for players. There is transparency and fairness. Two key factors for poker players. Because all transactions, as well as the outcomes of games, are recorded on the blockchain, it gives players much greater peace of mind. However, you still need to prioritize cybersecurity with blockchain and always keep your eye on pressing cyber threats.
- Cryptocurrency poker tournaments
This is not such a wild concept as it might have been only five years ago, but here we are, in the next phase of technology and gambling. What is rarely being said about the future of these industries is that we might see crypto poker tournaments soon. These types of tournaments will offer players the opportunity to win large sums of money, which is enticing enough.
However, the large prize pools might be the biggest drawcard, but crypto tournaments will make poker more accessible. These types of tournaments will bring brand-new poker players to the fold, which is exciting. We might also see crypto enthusiasts try their hand at poker from time to time, knowing they can win large amounts of crypto as an incentive.
- Smart contracts
Now, this is a great one since it will largely improve online poker for the better. What are smart contracts in poker? It is a self-executing contract that includes the terms and conditions between buyer and seller written into the code. So, how does this tie into poker? It will automate much of the manual work on the backend, such as payouts and distribution of winnings.
Think of it this way, once a poker tournament is complete, a smart contract can be used to automatically distribute the winnings to the winner without the need for manual intervention. Clever, right? This also adds to the transparency poker players are after. It’s an interesting concept that is going to change the world, so be sure to read up on smart contracts.
In conclusion, crypto and poker are intertwining more and more each day. And the future of the two industries working together in the future looks bright and full of innovation.