Withdrawals and deposits can now be processed in a fraction of the time of other methods at Americas Cardroom. Bitcoin is becoming the cashout gold standard for US online poker players.
Winning Poker Network CEO Phil Nagy plans to double the size of the network by the end of 2016. Americas Cardroom is the flagship site on the network, and the adoption of Bitcoin is one of the key strategies that Phil is deploying to attract more players.
In a recent interview with OnTiltRadio Phil explained that he could process a Bitcoin cashout inside three hours. He is so keen to get players to adopt the crypto currency that he is planning to offer a withdrawal bonus for players making their first Bitcoin cashout.
Phil explained that one of the biggest issues facing Americas Cardroom was how to develop trust with players. The Bitcoin withdrawal bonus is a way of saying that players can be confident that when they deposit money, they can get it back whenever they want it.
“Instilling the confidence that everyone lost when that whole Black Friday thing happened is hard,” he said. “I have a firm belief, pay the players on time, every time, and everything else will fall into place.”
Americas Cardroom and the Winning Poker Network have been in the online poker business for over 11 years, and they have never had a problem with having the funds to pay out players. Phil is proud of the achievement and explains that online poker regulation can’t replace dealing with a trusted company like Americas Cardroom.
He points out that the big online poker failures where players lost money, such as Full Tilt before it was bought by PokerStars, Ultimate Bet and the Everleaf network were all regulated, and the fact didn’t help players one bit. Full Tilt was regulated in Alderney, Ultimate Bet by the Kahnawake Gaming Commission, and Everleaf was regulated by the Malta Gaming Authority.
For players who aren’t comfortable with the concept, Americas Cardroom has produced a new video which provides a simple explanation of how to make financial transactions using Bitcoin.
One of the issues which the video doesn’t address is the problem of exchange rate risk. The value of Bitcoin changes, sometimes very significantly, but poker players can easily avoid any currency risks.
When Bitcoin is deposited at Americas Cardroom, it is instantly converted into US dollars, so the amount of time a player’s dollars spend exposed to exchange rate risk is miniscule, typically between 5 and 20 minutes.
Similarly when cashing out, so long as players immediately withdraw from their Bitcoin wallet to their bank account or credit/debit card, they should not have to worry at all about exchange rate fluctuations.
Although Bitcoin wallets charge for transactions in the same way as for any currency conversion, the charges are much less than other cashout methods, and Americas Cardroom doesn’t impose any charges of its own.
It has taken a few years, but Bitcoin is coming of age. Some of the biggest names in finance are now invested in Bitcoin, and financial regulatory systems, including in the US, are introducing control measures to ensure that the businesses where Bitcoins are exchanged for other currencies are run properly.
Look out for the Rakeback beginners guide to using Bitcoin which we will publish over the next few weeks.
Register now for Rakeback.com Rakeback at Americas Cardroom
By Joss Wood Rakeback.com Content Manager
Up to 30% Rakeback + €1000 Bonus
Up to 70% Rakeback + None Bonus
Up to 22.2% VIP Rakeback + $500 Bonus
Up to 30% VIP Rakeback + $600 Bonus
Up to 30% Rakeback + $1000 Bonus
Up to 27% Rakeback + $1000 Bonus