Buying and Selling Crypto for Online Poker
Cryptocurrencies like Bitcoin are one of the best ways to deposit and withdraw from online poker sites. They have the advantage of offering extra-low transaction fees and super-fast settlement. Crypto transactions are also basically impossible to block.
The only trick is that you need to actually acquire some crypto to use it for online poker purposes.
In this article we’re breaking down the basic steps for buying and selling crypto for playing online poker.
Step 1: Learn Some Crypto Basics
You don’t have to be a cryptographer to use crypto for online poker but there are a few basic things you should know when transacting with digital currencies.
There are plenty of resources out there for learning about crypto but here’s a quick rundown of the terminology you’ll encounter:
Blockchain
Blockchain is the underlying technology behind digital currencies like Bitcoin and Ethereum. In the simplest terms it’s basically a massive online ledger where every transaction is recorded. Unlike banks, the ledger is public, which means you can see all transactions and verify that everything is working correctly.
Address
Cryptocurrencies use alphanumeric addresses for sending and receiving coins. The overall number of characters varies from coin to coin but this is an example of a Bitcoin address:
1Lbcfr7sAHTD9CgdQo3HTMTkV8LK4ZnX71
You’ll have to copy/paste a code like that (although your specific address will be unique) to send or receive bitcoin. You’ll be given an address when you open an exchange account and you’ll have another address for your online poker site.
Private keys
Private keys are basically what gives you ownership over coins. They are similar to addresses, except that they are much longer and you’ll probably never see them (they exist in the backend of your respective wallet).
Step 2: Choose a Crypto Exchange
To use crypto for online poker you’re going to need to buy some coins.
Most people use a crypto exchange. Some of the most popular crypto exchanges include Coinbase, Kraken or Binance.
Crypto exchanges have strict Know Your Customer requirements so you will need more than an email address to sign-up. Generally you’ll need some collection of the following:
- Driver’s license
- Home address
- Recent photo
- Email address
- Social Security Number
Your mileage will vary but it can take anywhere from a few days to a week to get your crypto exchange account verified.
Note that you must be 18+ years old to get an exchange account in the USA.
Step 3: Buy Crypto with Fiat Currency (USD, EUR, CAD)
After you’ve completed the verification stage you’ll need to actually fund your account with USD (or similar fiat currency) so that you can purchase crypto.
The most popular method of funding a crypto exchange account is a bank transfer (such as ACH or SEPA). It tends to take a few days but it does not incur any extra fees.
Some crypto users prefer to use credit or debit cards so that they can purchase crypto immediately but you’ll have to pay extra fees.
Finally if you’re sending large amounts of currency you might consider sending a bank wire but that method takes at least a day with considerable fees and most likely requires going into your bank to set up the transfer.
Once your account if funded it’s relatively easy to buy crypto. Just pick your coin (Bitcoin, Ethereum, XRP, USDC, USDT etc.) and the buy the amount you want.
Step 4: Transfer Crypto to Your Online Poker Site
Now that you’ve got your crypto you are ready to send it to the online poker site of your choice.
The process varies from poker site to poker site but you should log into your account and look for the deposit tab. There should be some sort of crypto option (if your online poker site supports crypto).
From there the online poker site will provide you with an address to send your crypto. You’ll want to copy/paste that address and then switch back to your online exchange account.
It’s EXTREMELY IMPORTANT that you double check the address and make sure it’s correct. If you enter the wrong address there’s a chance you’ll lose the transfer. You might consider sending a small amount first to make sure you have the right address.
From there you click the send or withdraw crypto button and enter the amount you want to send.
You might have to pay a small fee for withdrawing and, depending on the amount, it might take awhile for the exchange to process your request. Sometimes this happens within a few minutes, however.
Once the transfer has been processed you’ll need to switch back to your online poker client and refresh your account. The funds should be there and will be immediately converted back into USD for playing online poker.
Congrats you are ready to play.
Step 5: Sell Crypto for Fiat or Other Crypto Currencies
If you manage to record a big win you might want to cash out some of your profits. For the most part the process is exactly the same as depositing but in reverse.
You’ll go to your account and hit the withdraw button. This time around you’ll have to go to your exchange account and copy that address. You’ll paste that address into your poker account and hit send.
Once the crypto hits your exchange account you can sell it for USD (or similar currency) and send it to you bank account. This process will likely take a few days.
The process may seem complicated but it becomes second nature after funding your account a couple times.
Optional Step: Get a Personal Wallet
If you’re interested in holding crypto for the long-term than you might consider getting a private wallet.
Private wallets are separate from crypto exchanges and you have 100% control over the crypto inside them. The best wallets are secured with a hardware device such as a Ledger or Trezor so that your keys are always held offline.
Keep in mind that crypto prices are volatile and, while its possible to see significant profits over a long enough timespan, there are also plenty of downswings that would see the value of your crypto holdings decrease massively (when compared to USD).
One other advantage of having a private wallet is that it makes it even easier to transfer to your online poker account. The transfers should be nearly instantaneous.
