It was only in 2009 that the first Bitcoins - created by Satoshi Nakamoto – were generated, but this new currency is already being utilised by online poker sites. Switch Poker, a mobile site set up for iPhones last year, recently announced that it will allow players to deposit Bitcoins into their accounts.

Bitcoin’s aim is to eliminate the need for a third-party (like PayPal or a credit card company) in the process of online transactions. As almost all third-party companies charge a nominal fee for their service, Bitcoin’s attempt to circumvent them is a step in the right direction for the consumer, and a kick in the teeth for the companies who try to eke out as much money from their customers as they can.

By circumventing these third-parties, Bitcoin gives the consumer more control over his or her finances. Poker players who might not be able to normally make deposits into online poker sites will now be able to more freely move their money around the web and hit the tables if they so wish. With this new-found freedom comes a wealth of problems though.

Monitoring and protecting players’ accounts and security will be far harder for the poker sites with Bitcoin use. Regulating players’ ages will be tougher too. In the words of Switch Poker’s lead developer Conor McCarthy, “Bitcoin allows any person to play for real money completely anonymously.” It is this anonymity that will have governments nervously viewing Bitcoin. In fact Switch Poker is currently not available in the United States of America.

With such a high degree of deregulation and decentralisation, Bitcoin benefits from answering to no authority or government. However the lack of regulations and safety nets could damage customers’ confidence in the idea.

For example, things like huge exchange rate fluctuations between the Dollar and Bitcoin currencies could make Bitcoin a very risky venture for poker players. Time will tell as to whether Bitcoin makes any inroads in the hugely competitive market of money transaction networks.

Remember, it is always handy to get texas hold’em advice, no matter how often you play or what form of poker. Learn as much as you can!

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