Does Bitcoin help online poker in the US?

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karl coakley

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Obviously now it is much easier to deposit/withdraw on sites by using bitcoin. When Full Tilt and Stars had their problems, I thought the main problem was the transfer of money, not poker per se (wire transfer act).

Bitcoin right now really isn't money. Its not the currency of any country. It has value because people say it has value, it isn't backed by anything. Things are worth what someone will pay for it.

Is gambling with Bitcoin really "gambling" (poker or books)? If we "gamble" with paperclips for example, is this violating a law?

I kind of think the sites may be on decent footing stepping away from cash and using Bitcoin.
 
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freestocks

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I think bitcoin is good for poker sites in America.

I don't use bitcoin yet, I take checks.
 
Picatrix

Picatrix

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I use bitcoin because I get my money in hours. Also, I have a bitcoin debit card that I can easily convert my winnings into dollars into, so I don't have to worry about the price spiking up or down while I have it.
 
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Weee3eee

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I have to disagree with the term that bitcoin isn't money. It is a crypto currency that is of value and holds "weight" like gold or silver. The IRS definitely defines the bitcoin as currency. The financial Security sees it as money. If it wasn't money then it couldn't be regulated as it is.

With that said. Bitcoin in itself is a way to transmit successfully to chips and back to cash and vice versa.

Let's look at the state of online poker say 5 years ago. I remember on Doyle's room you had already o buy a prepaid long distance card to exchange it to the site to get a simple deposit. Bitcoin is the safest way of transmission.
 
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PKRNRS

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Obviously now it is much easier to deposit/withdraw on sites by using bitcoin. When Full Tilt and Stars had their problems, I thought the main problem was the transfer of money, not poker per se (wire transfer act).

Bitcoin right now really isn't money. Its not the currency of any country. It has value because people say it has value, it isn't backed by anything. Things are worth what someone will pay for it.

Is gambling with Bitcoin really "gambling" (poker or books)? If we "gamble" with paperclips for example, is this violating a law?

I kind of think the sites may be on decent footing stepping away from cash and using Bitcoin.
US currency isn't backed by anything but faith. Its the faith that a piece of paper or metal can be traded for something else. Bitcoins are no different. Bottle caps could be used for trade if they had value. The issue has never been about "gambling" or whatever you wish to call it. The issue was an multi-billion dollar industry being operated and Uncle wasn't getting his cut. Therefore he shut it down. Never underestimate the US government. They can shut anyone down at any time they chose. You small time then they may notice waste their time with you but when you get big, watch out! I personally will not deposit any money type or with draw my tens of dollars while the government is monitoring wire transfer. And lets face it that with digital age we live in they track everything.
 
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ccres

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I don't know if it will prove out to change anything on the legal side, but it absolutely makes depositing/withdrawing so much easier it can't help but be good.
 
boomboxcafe23

boomboxcafe23

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This makes me even more excited to keep learning about Bitcoin I hope to get my own wallet and Miner soon but I'm still looking into encryption methods and how to stay safe and make sure that date it is not trackable or hackable
 
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