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Bitcoin mining is analogous to the mining of gold, but its digital form. The process involves specialized computers solving algorithmic equations or hash functions. These problems help miners to confirm blocks of transactions held within the network. Bitcoin mining provides a reward for miners by paying out in Bitcoin in turn the miners confirm transactions on the blockchain. Miners introduce new Bitcoin into the network and also secure the system with transaction confirmation.
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NLH, PLO, 5 card PLO, Open-Face Chinese running daily. We run everything from micro to high stakes 24/7 with over a 5000 player pool. We also testing a new site https://www.thewinnerscircleclub.com where you can sign up and receive pp credits today!!! When submitting the form, choose Reddit Forum from the dropdown and send me a message that you’ve submitted through our website. Message me with questions.
11-10 02:13 - 'i have no trust in any online casino besides maybe pokerstars or full tilt poker, possibly party poker for casino. / Im done with online gambling. If i ever gamble again i will go to a real casino where if i get lu...' by /u/unpopularopinionwhat removed from /r/Bitcoin within 41-51min
''' i have no trust in any online casino besides maybe pokerstars or full tilt poker, possibly party poker for casino. Im done with online gambling. If i ever gamble again i will go to a real casino where if i get lucky enough to win i will actually get paid. And now i will go back to saving bitcoin, XLM, XRP and putting them on my ledger. ''' Context Link Go1dfish undelete link unreddit undelete link Author: unpopularopinionwhat
Since Bitcoin is not recognized as a currency, could I legally create an online poker site in the U.S. where deposits and withdraws are done solely with Bitcoin (or other cryptocurrencies)?
This question is probably beyond the limits of the subreddit and is more like "ask your company's lawyer" if I wanted to legitimately go down this path, but I thought I would ask anyway. I like to code and tinker, and I enjoy poker. I've also been reading about Bitcoin a lot lately, and I'm curious if I could legally/safely put the two together. Would this still be considered gambling in a legal sense since an item of value is being risked despite it not being a true legal currency? Edit to appease the bot: I'm in the U.S. as mentioned in the title, Texas specifically.
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How to Get Money Out of Poker sites Using Cryptocurrency. A guide.
I wanted to provide a definitive guide for those trying to find the quickest and cheapest way to get their winnings/initial deposit out of various poker sites through the means of cryptocurrency. This guide does not recommend cryptocurrency trading and even if you follow all of these steps, there is still a risk for currency fluctuations. It took a lot for me to figure this out and I wanted to pay it forward and help those in the future learn this valuable information. I take no responsibility for the accuracy of this guide, but I will say this is the method I now use. Various state laws can make each step more difficult. However, this method is tailored to the strictest of laws that affect Cryptocurrency issued by New York state. Ok, so you got some money and want to get it out of a poker or gambling site. Checks are offered, but who has time for that 4 week turnaround on what could be a bad check. So you have decided to get into Cryptocurrency. Here is how the money gets to your bank. Poker site -> Wallet -> Exchange -> Bank. 1st Step - Getting the money out of your poker account. So you request a withdrawal in cryptocurrency. But which currency? There is Bitcoin (the original), Bitcoin Cash (the fork), Ethereum (New Cool Kid), Tether or Dai (stablecoin) Bitcoin SV, Litecoin, etc.... There are benefits to each currency. Bitcoin is the original and most well known. It is the most traded by far with a market cap (total value) more than all other cryptocurrencies combined. There is also a well established group of people holding bitcoin as an investment to the future. However, Bitcoin also has the most fees and slowest transaction times depending on the fee you pay. Personally I use Ether and Bitcoin Cash. They are based on new versions of blockchain, transfer quickest between wallets and exchanges, and have lower transfer fees. I have not used Dai and Tether, but I will go into stablecoin later. Step 2 - The Wallet. The wallet is where your money from the pokersite will go. I want to make it very clear. You do not want your money to go from the pokersite to the exchange. The exchange can and will learn it is from a pokersite which can cause you a lot of problems later on. In particular, running a foul of U.S laws and regulations on gaming. So you want the money to go to your wallet. I recommend either Exodus or if you just want Bitcon, Blockstream Green. Exodus though is my go to. You can use it online or through your mobile device. It will automatically scan deposit and withdraw codes for you (this is extremely important so you don't mess up where your money goes). It also has a nice sleek interface and accepts most cryptocurrencies. One thing to point out, Exodus was designed for bitcoin miners at one point who wanted their money out quickly. So, when using bitcoin, it sends and receives your money out as quick as possible using higher fees. You may be concerned by this. However, now you got crypto, lets get it to your exchange. Step 3 - The Exchange. So there are many exchanges, where you convert your crypto to other crypto or even cash. The three most popular in the US are Cash App, Coinbase, and Gemini. Cash App is easy, if you can set it up. If there is an issue with Cash App, good luck. Their customer support is non-existent (this actually led me to use Coinbase). Basically, you send the money from your wallet to CashApp and then sell the bitcoin in the app. About 20 minutes later the money is in the app and can be sent to your bank. There are various fees, I believe 1.5% to sell the coin, 1.5% to ACH to your account or 1.75% for instant credit to your bank account. I personally use Coinbase Pro. It costs me .5% to sell the crypto. I could then ACH it to my bank account which takes about 5 days. Instead I added another step. You can link your Coinbase account to your Paypal account. So, when I have cashed out at the cheapest rate at Coinbase Pro, I instant transfer the money to Coinbase and then instant transfer it to paypal. There are no fees for this and there are no fees for Coinbase Pro. Coinbase Pro allows you to do things CashApp or regular Coinbase does not. For example, I held my Bitcoin Cash which came in at 219 and put an order to sell at 230. When Bitcoin Cash hit 230, it sold and I made a couple extra percent return on my money. It was a risk, but wanted to play with a limit order. When the money got to my Paypal account, I instant transferred it to my debit card for 1% fee. I could have ACHed it for free and had the money in a day or two, but I decided to take the quick cash. Overall, the quickest I have seen cryptocurrency with withdrawals is under 24 hours with Pai Wang Luo Network (Bovada/Ignition) and 3 days for WPN. Once I have received my crypto, the quickest I have been able to hit my account is 1.5 hours. Now here is the big risk from Cryptocurrency: Currency fluctuation. I have no idea why crypto goes down or up, or why some cryptos go one way while others will go another. General rule, if Bitcoin is up or down, the others are as well. Example: Past 24 Hours (7/5/2020 - 7/6/2020), Bitcoin up 3.1%, Ether 6%, Bitcoin Cash 8.36% Tether -.1%, Dai .68%. Dai and Tether were created to avoid currency fluctuations by tieing themselves to an asset. Tether is "tethered" to the USD. So try one of the those for less risk maybe. But please note, while you have crypto in your wallet and exchange, and it goes up or down, that's your money going up or down. I hope this helps anyone trying to figure out how to use cryptocurrencies. GL
Over the last few years Bitcoin has popped up everywhere in the tech world and in mainstream media. It’s made a lot of inroads into online poker as well with a few Bitcoin-only poker sites in operation and more and more mainstream poker sites that accept Bitcoin as a deposit option. Several years ago, the idea of using Bitcoin to play poker online was just a pipe dream, but it is now a reality at many poker sites. The digital cryptocurrency Bitcoin makes things convenient for both players and poker rooms alike because it enables speedy transactions with relative anonymity and low fees. This is especially useful for American poker fans and those in other restrictive Bitcoin has long been touted as the “killer app” for online poker but it’s only recently that the major online poker sites have gone all-in on cryptocurrency. These days Bitcoin is one of the fastest ways to get playing with zero friction and less of the frustrations that come with credit cards and bank accounts. Some poker rooms that accept Bitcoins only offer games that are played in this currency; others will convert them at that day's conversion rate. We Find the Best Bitcoin Poker Sites Online. If you're looking to "mine" the best poker sites accepting Bitcoin in 2020, you're in the right place. Bitcoin Online Poker. Bitcoin is one of a growing number of "crypto-currencies" that can be used to buy goods or to fund your real money online poker account. It may be a relatively new type of currency, but the number of online sites accepting Bitcoin deposits is growing quickly. Bitcoin is quick, free of fees and totally anonymous.
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