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Winning Poker Network Adds Bitcoin to Cashier

WPN Logo  Winning Poker Network just keep bringing good news and incentives for online poker players.  Their latest move will allow players to make transactions with the site much easier than ever before using the Bitcoin crypto currency!

 

Winning Poker Network First Major US Poker Site to Use Bitcoin

All skins using the network cashier of The Winning Poker Network, which consists of the following network owned skins, America’s Cardroom, Black Chip Poker, True Poker and Ya Poker, has become the first major US facing network to allow withdraws and deposits using bitcoins.  This step will allow players to deposit in a matter of minutes and withdraws of up to $10,000 should be in the 24-48 hour range, all without needing to worry about dealing with US banks and other regulations. In an exclusive interview Professional Rakeback conducted  with the CEO of Winning poker Network he has stated that they “will consider raising the deposits and withdrawal limits to $25,000 USD if this initial roll out goes smoothly.”  The option to deposit and withdraw using bitcoins will be offered to players all over the world, including players from the United States of America!

What is Bitcoin?  How does it relate to poker?

Bitcoin is a word that has been said a lot in the past year, but many people still don’t know what it is, and even fewer understand how it works.  Bitcoin is a digital currency that allows for individuals to make purchases anonymously and without needing to give credit card or other important sensitive information to any person or company.  The price that bitcoins are trading at is strictly based on the perception of value that it creates.  This is the case, because no government or other agency backs the currency and it is not tied to a commodity such as gold or silver.

Winning Poker Network is not the first network to offer its players Bitcoin as a method of deposit and withdraw, but it is by far the largest.  Prior to this announcement the largest bitcoin related site was Seals with Clubs , but it pales in comparison size wise to Winning Poker Network.  Players who want to remain anonymous, or have a very easy way of moving money to or from a site have an option that will meet their needs in terms of games and tournaments offered to American players.  (NOTE: Seals With Clubs games are all denominated in bitcoins where as WPN games are all played and denominated in USD). New to bitcoin and gambling? Check out our bitcoin gambling guide.

The Details of the Plan

The deposit and withdraw options will work like current funding procedures available to Winning Poker Network customers.  This means that they will use the deposit button conveniently located in the client and will then have to make a selection to deposit or withdraw via the bitcoin option.  If a player makes a deposit they will see the amount credit to their account in as little as 15 minutes.  If the player makes a withdrawal they will should see the bitcoins cash out hit their wallet within 24-48 hours.

WPN Bitcoin Deposit Screen

The USD to bitcoin conversion rate that Winning Poker Network will use is a proprietary method based on the current prices listed at four separate and reputable price sources being averaged together.  This should allow players to feel they are getting a fair price at all times and will guard against short term variation in one price source as opposed to another.  The price quoted to a potential depositor at the time of deposit will be good for 7 minutes at which time it will expire and if a deposit hasn't been made, a new deposit will need to be initiated.  If a player requests a withdraw then they will be given the conversion rate at the time of the withdraw, not at the time the request is paid, which takes 24-48 hours because all withdrawing accounts are run through security checks.

At the time you are reading this article, deposits to Americas Cardroom, Black Chip Poker, True Poker, and Ya Poker should be available in the USD equivalent of $25 to $10,000 USD.  Payouts in bitcoins are scheduled to go live on Wednesday, January 14th, 2015.  (by that time we may already see the $25,000 caps instead of $10,000).

Winning Poker Network Promotions

Winning Poker Network is famous for its player centric nature and this new option highlights that attitude even more.  If you have not signed up for any of the great skins on Winning Poker Network then you are missing out on the Winning Millions tournament which allows players in the US to play for their share of $1,000,000 with a small $540 buy-in (coming again on February 22nd, 2015!).  They also offer 27% rakeback or a VIP program that is a clone of Poker Stars's program, a brand new redesigned tournament schedule, a $1,000 first deposit bonus, the worlds largest weekly rake race, a weekly sit and go rake race, and soft tournament series,.  There truly is a little something for everyone at the network, no matter their bankroll or games of preference.

Conclusion

Winning Poker Network is going to become the first major real money US online poker network to offer Bitcoin as an option for deposits and withdraws.  When coupled with the great promotions and player incentives already at Winning Poker Network it’s a very smart play to start playing at any of the great skins of Winning Poker Network.  Are you going to take advantage of the new bitcoin cashout options?  Do you feel comfortable using bitcoins for your poker transaction?  Tell us on Twitter and Facebook!

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Flat 27% weighted contributed rakeback is best for players raking under $300 a month.  Players raking more than $300 a month can potentially be better off on the Elite Benefits VIP program.