Bitcoin is a widely popular cryptocurrency that is used for many different purposes. It is supported by numerous companies and websites for various activities like making online transactions, trading, or gambling. Gambling companies have been most surprising Bitcoin buyers in the past few weeks but it’s not really illogical if you consider that online poker players usually write up their tax forms by themselves and Bitcoin can be very favorable for doing so.
Today Bitcoin is especially popular among online poker websites and one of these kinds of companies is Winning Poker Network which is popular for supporting many online poker websites all over the world. Although the network has been using Bitcoin as a payment method on its platform, now it was announced by Bloomberg that it has finally responded to the demands of online poker players and fulfilled their needs.
Specifically, recently Winning Poker Network reported that their customers’ demands are a priority for them and this is why they are going to take action and respond to 95% of poker players that are requesting to be paid in Bitcoin. As a result, this leading poker site bought $100 million of Bitcoin to meet demand from the players who want to cash out in Bitcoin.
The decision of the Winning Poker Network may sound innovative at a first glance, but actually, an online poker system is not the only gambling platform that has been using Bitcoin for supporting fair play and security. In fact, there are a lot of online casinos that use an online roulette system as well based on blockchain technology to enhance their fair-play transparency. However, this decision to buy hundreds of million dollars of Bitcoin just for pleasing their customers was very surprising considering the current challenges of poker and the online gambling industry in general.
90% of WPN’s payouts are in Bitcoin
Winning Poker Network (WPN) is one of the major poker websites which has headquarters in Costa Rica. Most of its players are from the US but the website accepts players from all over the world. The company supports the best poker rooms in the world and has fast and convenient software with a secure environment. The poker network has been supporting several cryptocurrencies since 2014 but it seems like they needed to make even more bitcoin purchases because of the increased demand caused by the recent price movement of BTC which is around $17 000 and $18 000.
After the recent increase in prices, demand for bitcoin payouts is rapidly rising. In fact, it is so demanded that brokers are charging up to 1.5%. Increased demand made WPN hurry and adopt this cryptocurrency to their platform. More than 60% of transactions were already in Bitcoin but the company clearly needed to take further action because about 90-95% of their payouts today are in BTC. People have been asking for Bitcoin because it’s going up and this is why they had to go out and buy as many BTC as they could in order to ensure the success of the company.
BTC and online poker
Years ago the idea that somebody would use Bitcoin to play poker online was a total fantasy but today it’s a reality for many poker sites. Using this digital currency makes things easier for players and poker companies as it allows both sides to make quick and convenient transactions with low fees and guaranteed anonymity. Winning Poker Network is one of the first online poker websites that started to use Bitcoin. In fact, they started to accept Bitcoin in 2014, and from this time customers can easily make withdrawals in Bitcoin.
According to the Business Research Company, the online poker industry is rising and it faced especially big benefits in April when it grew by 43%. The reason for this increase is simple and it can be easily attributed to the COVID-19 pandemic, which made the online gambling industry even more popular because lockdown restricted visiting real casinos, and switching to online platforms was the only choice for gamblers.
Many poker players are already used to the online atmosphere and now they try hard to increase their earnings and avoid taxes which is why they are demanding to cash out in Bitcoin. They find this digital currency favorable because players believe that Bitcoin is more difficult for the US regulators to detect compared to the traditional fiat payouts. Crypto investors also tried to use this poker website as a way for fast liquidation. It was an important step to ensure winnings and avoid paying taxes because if Bitcoin drops they can receive $100 000 or $200 000 in Bitcoin as it’s the fastest way for liquidation.
This is why the online poker company had to go out and buy more Bitcoin than ever before. Now they hope that the price of bitcoin will continue to rise. WPN usually concerts Bitcoin into fiat immediately after it’s received from players in order to avoid volatility and its related problems. But the tendency may stop if Bitcoin payouts continue to rise even with this level of BTC adoption.