An independent poker room, SwitchPoker.com, is the first in the industry to accept the currency, Bitcoin, which can be used for making withdrawals and deposits on the site. A unique aspect about Bitcoin is that it doesn’t require a financial institution for a transaction to be processed.
Bitcoin Enables Person to Person Money Transfers with No Involvement of Financial Institutions
Created by Satoshi Nakamoto in the year 2009, Bitcoin is a virtual currency that doesn’t have government backing. It enables person to person money transfers with no financial institutions involved in the transaction. A central server is not used to count the Bitcoins. An open source, free software client is employed. It tracks transactions made by users anonymously. The software client also aids in the process of Bitcoin creations.
Client Software Creates Bitcoins
The process by which the coins are created is called Bitcoin mining. The client software utilizes GPU cycles and CPU of a computer to maintain network functioning. The software client also monitors transactions and publishes on a public ‘block’. The process requires a lot of computing power. A large number of processing cycles are involved in creating one Bitcoin.
Bitcoins still Not an Accepted Form of Currency in Many Sectors
Bitcoin is not a widely accepted form of currency. Those who have never generated Bitcoins but want to use it to make transactions can avail exchange services. They allow Bitcoin purchase in exchange of real money. The currency of any country can be used by poker players for buying Bitcoins. Players will have to make transactions on SwitchPoker.com on the basis of the exchange rate. It is €1.75 or $2.30 per Bitcoin. The system has been set up in a way so that not more than 21 million Bitcoins can exist.
SwitchPoker.com is a small online poker room. The site is one of the first in the industry to offer real money poker for iPad, iPhone and iPod Touch. A wide variety of online poker games are offered by the site. The games include No Limit Hold’em, Pot-Limit Hold’em, Fixed-Limit Hold’em and a lot more. A number of online poker tournaments are also held by the poker room. Some of the games are Multi Table Tournaments, Sit n Gos, 9 seater ring games and heads-up ring games. Players have ample scope to make money at the poker site owing to the attractive range of bonuses and promotions it offers.
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