Bitcon Based Poker Network Gaining Attention
Bitcoin is a peer-to-peer based virtual currency which has been gaining popularity in the underground and in privacy cultures for a long time. The currency is de-centralized, and is currently entirely virtual, which makes it a serious game-changer.
An online poker network, called SealsWithClubs, is attracting attention in the bitcoin world. The site allows micro-stakes players to compete against each other for bitcoins, and players can then convert those bitcoins into real world currency for a minimal fee.
The thing that makes bitcoin based poker so attractive, however, is not just the fees. Bitcoins are untraceable, anonymous, and mostly safe. If you don’t trust the poker site you’re playing on, simply withdraw your balance at the end of the session, and keep it in your personal wallet.dat file. The wallet.dat is just like a real wallet – no one can break in to your wallet.dat file (in the way they might be able to break in to your Paypal account or online banking), unless you make it available on the internet.
If you keep your wallet.dat file on a memory stick which you treat like a physical wallet, only using it when you need to “handle” bitcoin currency, it should be just as safe as a physical wallet; taking the risk out of online gambling.