Rakeback.com - Don't play poker without it
 

Poker Site Accepts “Bitcoins” as Alternative to Traditional Currency

by Daniel Smyth, Rakeback.com Poker News Staff Writer

Imagine a financial world where money can’t be physically held and a single government body doesn’t hold the purse strings. It sounds impossible. Perhaps it isn’t, as Bitcoin, a new virtual currency, is rapidly growing in popularity. Bitcoin’s financial exchange system has become increasingly appealing to potential users recently, and now it has found its way to the poker world thanks to independent poker room SwitchPoker.com.

Implemented in 2009 by Satoshi Nakamoto, the peer-to-peer (P2P) monetary system uses virtual currency, known as Bitcoins, which are both created and traded via the internet. Each Bitcoin is made through a process known as Bitcoin mining, which takes place using a software program attached to a user’s computer. 

The software acts as a cog within a larger matrix, using the computer’s CPU and GPU to anonymously verify and publish transactions to the network. Because this process is extremely resource hungry, providers are rewarded with Bitcoins, which they can then use for trade. 

Used mainly by computer companies, Bitcoins are quickly becoming a viable alternative to credit cards for purchasing online services across the world. Indeed, as the currency has grown, a series of exchange markets have emerged – www.mtgox.com for example – through which people can buy and sell Bitcoins. The current value of one Bitcoin is $2.30 or €1.75. 

While there are certain reservations about Bitcoins – most notably that the system’s anonymity makes it possible to launder money more easily – the currency seems to be flourishing. Indeed, with the poker industry now starting to take notice, it could soon become the preferred currency of online players in the near future.

How Much Cash Back Will I Earn?

Rakeback increases your winnings from online poker as you continually earn money back from every raked hand or tournament you play.

Many players earn a living wage from rakeback alone. Use the calculator below to estimate the size of payments you’ll get over a given period of time. The calculator will compute your expected daily, weekly, and monthly cash back depending on the stakes and tables you input.

Calculate Your Rakeback
$125
Hourly
$998
Daily
$17,472
Monthly
$174,720
Yearly

Top Poker Room Recommendation

Black Chip Poker

  • 27% Rakeback
  • $1000 Sign-up Bonus
  • Bonus Code: RBCOM

Download

Popular

  • 11 Online Poker Tools to Boost Your Winrate

    August 20th, 2015

    First up, you probably know them already – PokerTracker and Holdem Manager are by far the most popular poker tools – but may not have heard the two companies recently merged.

    Read more…

  • Where are the Softest Poker Games Online in 2017?

    April 26th, 2017

    “I shouldn’t say this on a poker forum but sng 2.0 acr is about as free money as I’ve seen in poker in a long time. Not sure how long it’s going to last but right now as it’s new people r punting hard.”

    Read more…

  • Lottery Sit & Gos – Where to Play

    August 20th, 2015

    A mixture between tournament poker and gambling, the ‘Lottery Sit and Go’ format is popular with recreationals and regs alike – attracting net depositing players

    Read more…

  • Fast-Fold Poker – The Fastest Poker Online

    January 7th, 2015

    Many of Rakeback.com’s partner sites offer Fast-Fold format poker tables. These high speed poker games eliminate the need for table selection and allow players to grind many more hands/hour thanks to a ‘quick fold’ option. This in turn boosts rakeback earnings.

    Read more…

 
© 2015 Rakeback.com