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Decentralization means that there is no central authority behind Bitcoin. That exact scenario literally happens to Bitcoin providers several times per year. Please feel free to close my account whenever you feel like it and block any transactions on a whim. Best aspects:. No government controls Bitcoin, no conglomerate makes up the rules for Bitcoin, and no one server hosts it. Totally embrace the tech, ready to take back power from The Man, and want to make money doing it? Instead of being stored entirely online with a Bitcoin wallet service like Blockchain and protected only by a username and password, Bitpay actually creates wallet files on your device. The FUD and lazy reporting on Bitcoin poker is real. It all fits together that well. A Bitcoin address is a long alphanumeric string that represents a destination. Why should online poker players care? Bitcoin payments, including those used for poker sites, take place directly between users without a middleman. SMS codes are useless and can be easily hacked these days. However, if a third-party can tie any person to a Bitcoin address, that starts the trail. You provide your address to others in order to be sent Bitcoin. Bitcoin poker affiliates are some of the biggest offenders. Still, the possibility of your device being compromised by malware specifically targeting your Bitcoin is very low. Private keys are automatically handled using your Bitcoin wallet. In that way, Bitcoin functions more as a stock holding or commodity. The further Bitcoin online poker transactions get from any wallet address that can be tied to you, the use of a VPN, and refraining from posting your Bitcoin address publicly all make your Bitcoin more anonymous. The mental loop of potential catastrophes for an online company holding the only access to your money is endless. Create as many wallets as you want, name them whatever you want, and even choose different colors for them. Playing Bitcoin poker never blocks anything. Instead of using a central database that could be hacked, manipulated, or compromised, updates to a blockchain are mirrored on software records around the globe. Anyone can try to fill in the gaps from there. Hence, Bitcoin poker is as private as you make it. With Bitcoin poker sites, you are your own bank. Within 24 hours. Like PayPal, you can use it to pay for goods and services, like deposits and withdrawals at Bitcoin poker sites. There are dozens of stories online about that very thing happening, but I still see poker players using online wallets in spades. By nature, every Bitcoin poker transaction is public on the blockchain. My friend over at Kick Ass Poker also has an excellent primer on using Bitcoin for online poker. No government, company, agency, or individual controls the Bitcoin system, making it totally decentralized. Short of shutting down the internet, no one can yank your Bitcoin away from you, tell you how to spend it, or print more of it at will and decrease your value of it. When you make a deposit or withdrawal at a Bitcoin poker site, it will be based on its US dollar value at the time of transfer. I dare you not to get hyped after watching it:. The value of Bitcoin can fluctuate significantly based on supply and demand , although it has risen exponentially since it was first released to the public. Electrum is one of the most popular and widely trusted desktop Bitcoin poker wallets, thanks to its open-source nature and appeal to power Bitcoin users. The easiest and most necessary first step in playing online poker with Bitcoin is to choose a Bitcoin wallet to install How To Play Bitcoin Poker Step 1: Get a Wallet Who needs a Bitcoin wallet: everyone making any transaction with Bitcoin. Addresses and private keys are automatically handled by your wallet. Basically, a bunch of numbers and complex math formulas replace the banking records and printing presses behind traditional money. Do you think moving your money from online poker to investing involves a suit-clad broker, management fees, and returns that need a microscope to measure? Fortunately, Bitcoin addresses are a long alphanumeric string, which is gibberish to onlookers. Shouting and tears about Bitcoin? Even if you buy Bitcoin with your bank account, they never see any transactions with poker sites. The one-tap ability to reload your Bitpay card, get Amazon gift cards, and buy Bitcoin without going through an exchange are the cherries on top with this wallet. A backup phrase can restore your Bitcoin wallet on a new device if yours is lost or stolen. Nosy banking hucksters shutting you down because you had the audacity to deposit and withdraw your own money for your own leisure activities? Bitcoin is a cryptocurrency, which is a type of digital money that uses cryptography to record transactions and complex math problems to create new units of currency. Bitpay actually creates an offline Bitcoin wallet on your device, rather than making you log in to a third-party server. The number of poker players and sites recommending online wallets is staggering. You could pay for poker and life with a credit card, PayPal, checks, or bank wires. Bitcoin is both an asset and a currency, which, like traditional money, can be used for the purchase of goods and services. No other withdrawal method can touch that. That also means a single word recovery phrase can restore all your addresses within a wallet if you lose access to your Bitpay app. I play online poker. Printed money controlled by a central government. Why you need a Bitcoin wallet: a Bitcoin software wallet is where you spend your Bitcoin from and receive your Bitcoin to. The Martian kingpins blocking your Visa Intergalactic again? Bitpay is a hierarchical deterministic HD wallet, meaning it will automatically create new receiving addresses for each new transaction. Bitcoin can be intimidating -- until you actually do it. No reputable Bitcoin poker site takes more than days to get your Bitcoin to you. Each Bitcoin transaction is recorded publicly on a ledger, which is updated and mirrored on computers around the globe. You are your own bank with Bitcoin. Okay, so Bitcoin poker is awesome and uses the money of the future. Bitcoin will empower you with the blockchain-fabric cape, crushing middlemen like ants and effortlessly making you the smartest investor in the room. Because Bitcoin is tailor-made for the online poker market. It would take a dedicated hacker specifically targeting your device and somehow breaking the encryption to rob you of your Bitcoins. Sure, your government might forbid its banks from sending money to and from online poker sites, but guess what? Nobrain posts his Bitcoin QR code as his Facebook profile photo, every transaction made to and from that address can tied to Mr. Bitpay is also available on pretty much every desktop and mobile platform, so no matter what you like to use you can get it. The best analogy I can use is that Bitcoin is like a combination of gold and PayPal. The usual timeframe? The Antarctican government got you down again about the new online gambling ban? That happens seemingly every day to massive companies in larger sectors than Bitcoin and, in fact, it has happened multiple times specifically to Bitcoin exchanges. There are currently around 16 million Bitcoin in circulation and its maximum supply is 21 million, which will be reached around the year Head spinning already a little bit? If James T. Best for: Anyone new to Bitcoin who wants a one-stop shop or advanced users looking for a secure hot wallet. Use the authenticator app option and get Authy on your phone.{/INSERTKEYS}{/PARAGRAPH} Each user is responsible for his or her own privacy. That means your wallet account could conceivably be hacked and drained of its Bitcoin contents as easy as your email account. {PARAGRAPH}{INSERTKEYS}If every online poker player would bother to learn how to use Bitcoin today, deposit and withdrawal troubles around the globe would be solved tomorrow. You can log in to Blockchain from anywhere you have your credentials -- and therein lies its fatal flaw. They know everywhere you shop, how much money you make, and everywhere you travel. If Bitcoin poker transactions are public, how can you make sure no one steals or tries to spend your Bitcoin? Bitcoin poker is pseudonymous , which is a helluva lot more private than credit cards, bank wires, or any other type of fiat transaction. Your bank might as well have a camera in your wallet. Every time Bitcoin is sent, it must be signed by its matching private key. Bitcoins are created and transactions are proofed via cryptography, hence its cryptocurrency moniker. There are dozens of software Bitcoin poker wallet options. Bitcoin poker is honestly only as difficult as you make it. Bitcoin was the first cryptocurrency , released in with the first open-source Bitcoin wallet launched in Unlike traditional government-issued currency fiat , Bitcoin only exists in digital space. At worst? This is a pretty propaganda-tastic primer into Bitcoin poker. Your Bitcoin is stored, sent, and received using a wallet. All you need is an email address to sign up, so no personal information is required. Your fiat currency bank sees you doing business with a Bitcoin exchange -- not an online poker site.