Online poker firm Americas Cardroom has announced that it will soon begin to accept nearly 70 crypto-currencies for deposits, adding crypto withdrawals shortly thereafter. This will make the room the most enthusiastic supporter of digital currencies among all US-friendly poker sites. As ACR provides games to players in 167 countries, it will become the poker operator with the broadest crypto-currency compatibility serving any market in the world.
Americas Cardroom is the leading brand on the Winning Poker Network and the 5th largest online poker network in the world. It is the largest network accepting anything other than Bitcoin. The addition, and use of these cryptos by such a large poker site has the potential to increase the "velocity of money" in a measureable way for some of these cryptos. I think many of us can agree that the more people use cryptos, the more adoption, the higher the prices, and the better for us all.
In an exclusive interview, ProfessionalRakeback.com sat down with the Winning Poker Network's Chief Executive Officer, Phil Nagy, and asked him a plethora of questions about this exciting new announcement. Keep reading to learn more.
Publishing Date - September 20, 2017
Phil Nagy, the CEO of the Winning Poker Network, gave us further information on the rollout timeframe. “Launch next week,” he said. “Deposits for a week to 10 days to thoroughly test systems. Once confident, we're going to begin implementing withdrawals.” Customers' deposits will be exchanged into U.S. dollars for use at the tables at an exchange rate determined by averaging market rates listed at a variety of exchanges and other BTC/USD informational sites. Once a rate is generated, it will be shown to the user and locked in for a short period, perhaps 12 minutes. As long as the customer initiates the transaction from his or her crypto wallet within that interval, the displayed rate will be honored even if there are fluctuations in between the time the deposit is initiated in the poker software and the moment the transaction is sent by the user. It will take a confirmation or two through the applicable crypto network before the funds are credited to the customer's account. This is a necessary security measure to combat fraud and dishonesty. It may eventually be possible to hold poker balances in the coins deposited rather than dollars and thereby avoid all of these conversion hassles, but we don't have any solid information on how this will work or when it will go live.
We advise our readers to act carefully if they intend to make crypto-currency deposits at Americas Cardroom in the near future because the system will still be in its infancy. We do not expect any problems, but better safe than sorry. After initiating your deposit through the poker client, take note of the exchange rate offered and compare it to the figures you see elsewhere on the Internet, perhaps at your favorite local exchange. If the price you are being offered is acceptable to you, then go ahead and send the appropriate number of coins; otherwise, let the countdown expire, and initiate the transaction once more after the 12 minute time has expired. Remember that the rate of exchange offered is an average of many different exchanges and will vary each time you attempt to make a deposit.
By conducting all their poker banking functions in virtual coins, players can reduce waiting times and eliminate many of the fees associated with traditional payout mechanisms, like bank checks, credit cards, and money transfer services. The information we've received indicates that the expanded roster of crypto-currencies won't be confined solely to Americas Cardroom but will be present at most of the other Winning Poker Network sites as well. There's no word yet on whether all of them will deploy the upgrade at the same time or whether ACR will lead the pack as the flagship site. The decision to enlarge the options available marks the next phase in the WPN's crypto-currency strategy following its adoption of Bitcoin in January 2014. To learn more about how virtual currencies are changing the landscape for real money online gamers, check out this article.
Bitcoin once admirably answered the needs of online poker enthusiasts, but its luster has begun to wane a little bit over the years. Miners fees, which must be paid with every transaction to ensure speedy processing, have begun to climb lately. Early Bitcoin adopters were used to paying just a few pennies with each money movement they undertook, but average miners fees have risen to $1 or even more in the past year or so. Part of this increase is related to the overall appreciation of Bitcoin as a whole, but a lot of it is a function of growing network congestion as more and more users employ BTC for their everyday purchases.
By diversifying into crypto-currencies other than Bitcoin, also known as “altcoins,” customers gain the ability to allocate more of their resources to those that, at any given moment, present the best opportunities for low fees and rapid transaction confirmations. In addition, as many investment advisors would counsel, it's wise to hold a mix of assets rather than putting all of one's eggs into a single basket. WPN chief Nagy further explained the rationale for adding so many new currencies:
I don't know which crypto is going to change the world the most, which will be most widely accepted. We're going to accept all cryptos; we aren't suggesting which is best – we aren't traders. We aren't going to endorse any cryptos. If you're into it, I'll accept it! I want to support wholeheartedly the blockchain and crypto technology.
Given the uncertainty of the crypto-currency markets, Phil and the team at the Winning Poker Network have elected to cover all their bases by dealing in some of the most commonly used coins. They include all 5 of the largest cryptos by market capitalization:
For an exhaustive list of all 69 crypto-currencies that the network will support, click here or see the comments section below.
At the time that Americas Cardroom began to promote Bitcoin as a solution to its users, the virtual coin was gaining popularity with online poker fans, principally in the United States market, but there were several poker companies that had not yet jumped aboard the decentralized currency bandwagon. Hence, Americas Cardroom gained a competitive edge over its rivals. However, other internet poker providers soon began to offer BTC transactions, and now, almost every site that accepts Americans offers Bitcoin as a cashier method. A few organizations have gone even further, like the Chico Poker Network, which deals in BTC and also added Litecoin to its menu in April 2017. Rumors are circulating that the PaiWangLuo Network, including Ignition Poker, may begin to accept Bitcoin Cash. (note: Bitcoin Cash is not the same as Bitcoin). This latest move by Americas Cardroom to embrace a myriad of crypto coins will allow it to leapfrog its challengers and hopefully capture a larger share of the player pool. The Winning Poker Network is currently the #2 place by player liquidity for U.S. online poker according to numbers from industry tracking site GameIntel.com.
Notwithstanding the long-term rise in Bitcoin's price since its inception in 2009, there are some who feel that such newfangled technology is worthy of intense skepticism. One such naysayer is JPMorgan Chase CEO James Dimon who called Bitcoin “a fraud” at a conference on Sept. 12. He reminds us of this visionary reporter who declared in 1995 that the internet was a “most trendy and oversold community.” Americas Cardroom appreciates Dimon's distinctive viewpoint and has decided to feature him in a new avatar, to be released soon, for players to use at the tables:
Sometimes, a picture is worth a thousand words, and so we'll let this image speak for itself.
The forthcoming ability to make a deposit at Americas Cardroom in more than 60 different crypto-currencies is just one of the benefits of signing up. This internet poker site also provides a 100% up to $1,000 first deposit bonus to new customers and $50 for free to use on the Jackpot Poker sit-and-go games. To learn more about the site and how to open a new account, take a look at our comprehensive review of Americas Cardroom. Other sites on the Winning Poker Network that will also implement the new crypto funding options include BlackChip Poker, True Poker, and Ya Poker (non-U.S.).
These new crypto deposits won't go live until next week or the end of September. If you are interested in trying out Americas Cardroom and the Winning Poker Network now, use code PRB10FREE when creating a brand new account at http://americascardroom.eu. It provides new account holders with $10 of free USD fiat with which they can play poker and grind some low-stakes games, free of charge, on the house! Please allow up to 3 business days for processing. For full details on this offer, the terms, conditions, et cetera, read the offer specifics on our exclusive offers page.