BetSoft geht BitCoin!

09/03/2014
By Pamela PattersonGoogle
Many have said that BetSoft is the first company to release a platform that revolves around the much talked about online currency BitCoin. However, as always, there two sides to this story. BetSoft’s BTC Poker Network is not the first poker network to accept BitCoin.

In fact there are some other poker networks in the US that have been accepting BitCoin as a legal way to get around the online gambling laws in the country. These companies do accept BitCoin, true, but then the currency is turned into US$ and applied to players’ accounts in US$. Then cash games and tournament buy-ins are paid for in US$.

However, although BetSoft’s BTC Poker Network is not the first company to accept BitCoin for poker, it is the first company to release a poker network that actually allows players to play real money games and make buy-ins in the BitCoin currency. Players will not be playing with US$ as their cash game buy-in, but instead BitCoins will be displayed! Rather than BitCoins being forcibly changed into US$, the BTC Poker Network keeps BitCoins as BitCoins.

BitCoin itself is known to many as a ‘cryptocurrency’ obviously due its cryptologic reputation for being a virtual currency rather than an actual physical currency. How in fact BitCoin became so popular is a complicated issue, and along the way it has been denounced as being a recognized currency by many countries; nonetheless, despite the virtual currencies ups and downs, BetSoft and other such companies that are working with BitCoin strongly indicate the currency is most definitely here to stay.

The BTC Poker Network, or any network of its kind, is not cheap to set-up, and BetSoft would not be taking the risk if there was any likelihood of BitCoin’s claimed status as an online currency disappearing.

Anthony Locke, who is the product director at the company has said he sees the move as BetSoft keeping up with the times. Modernity does not rule out the fact that BitCoin will not one day be fully recognized as a currency, and as such the virtual currency is a sign of technology and evolution. This is just BetSoft being one of the first of its many competitors to shift its business model in line with innovation.



In fact Anthony Locke has a very valid point. If BetSoft do attract those who have already adapted to using Bitcoin , then the company will already have captured the majority of the those BitCoin users that love to play poker. If BitCoin does then become finally accepted, which to be honest it isn’t going anywhere is it, so then this also means BetSoft will be ready to capture the patronage of any new to BitCoin customers that also enjoy playing online poker.

What remains to be seen is how the BTC Poker Network deals with casino bonus codes, no deposit bonuses, and deposit bonus codes using BitCoins. An interesting concept for all those involved!
 
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