Has the much-hyped Bitcoin finally arrived as an online poker currency? Perhaps you could say so because the Winning Poker Network (WPN) recently added Bitcoin as a deposit method. This is huge news for the virtual currency because WPN are the second largest US-facing online poker operation, and they’re easily the biggest poker entity to accept Bitcoin.
Previously, SealsWithClubs (SWC), Satoshi Poker and BitsPoker were the only online rooms that dealt in Bitcoin. You can almost throw the latter two rooms out of this discussion because, according to PokerScout, BitsPoker and Satoshi Poker rarely see any action on their sites. This leaves SWC, which are a respectable US-friendly network with 130 cash game players per hour. However, WPN average well over three times this amount since they currently draw 425 cash players an hour.
As for the specifics behind WPN’s Bitcoin deposits, players can deposit a maximum of $1,000 through this method. Compared to the rest of the online poker industry, this isn’t a very high amount. However, the limits should rise in the near future, and WPN will likely add Bitcoin as a withdrawal option too.
Another thing worth discussing about this matter is the difference in which WPN and SWC deal with Bitcoin deposits. At SWC, players aren’t merely using Bitcoin to fund their online poker accounts, but they’re also keeping a stake in the currency’s stock. So if Bitcoin drops in value, so does the value of your poker funds. Contrast this to WPN, where players simply transfer Bitcoin to their account, where it’s converted into USD.
Assuming you deal in Bitcoin and are interested in WPN, keep in mind that this network consists of skins like Americas Cardroom, BlackChip Poker, True Poker and Ya Poker. The fact that these and other WPN sites take Bitcoin is a huge benefit to American players because this currency isn’t backed by a central bank or government. In theory, the US government can’t control Bitcoin, which means Bitcoin users don’t have to worry about another Black Friday scenario where their money is locked up.