Speculation grows about a crypto-poker partnership

For as long as cryptocurrency has been in the public eye, there has been speculation about where it could be put to use.

This speculation has quieted somewhat of late because as an asset class, cryptocurrency is doing quite well. That is to say, without a great deal of practical utility cryptocurrencies have seen their values rise — with Bitcoin crossing over USD 60,000 and others following along.

As strong as cryptocurrencies look to be from an investment perspective though, many are still waiting to see if and when they’ll become easier to use and spend in the real world. This primarily leads to talk of payment processor companies warming to the idea of integrating cryptocurrencies, or major retailers contemplating digital payment options. Another concept that comes up and is in some respects more interesting, however, is that of cryptocurrency entering the poker world.

We say that this is more interesting primarily because the potential for mutual benefits is so significant.

To put it bluntly, the poker industry needs cryptocurrency in a way that companies like PayPal and Amazon don’t — at least at this stage. This is because, in the United States, many are legally prohibited from engaging in real-money poker at all, on the grounds that banks cannot process gambling-related transactions. This policy heavily restricts poker on its own, but it does not actually outlaw the game itself. And there is some thinking that cryptocurrency in online poker could be the solution to the problem. It would theoretically allow people to play at real-money poker sites without banks or government-recognized currency factoring in.

If this proves to be an accurate or acceptable legal theory (it’s somewhat up in the air right now) — and if poker sites recognize it and embrace cryptocurrency — it’s not melodramatic to say that cryptocurrency will have redefined a massive worldwide industry. Opening the doors to a U.S. market and spreading appeal to crypto users around the world would be significant steps forward, and would lead to lucrative growth.

At the same time meanwhile, the legitimacy and practical reputation of cryptocurrency would be boosted meaningfully. This side of the equation is more or less the same in all of these conversations, in that any large company or industry embracing cryptocurrency will mean positive attention. And while poker may not quite have the clout of PayPal or Amazon, it would still mean exposure to a huge, global network of players.

It’s difficult to say just how close we may be to a significant effort to push cryptocurrency into the poker industry. But speculation is growing. There are some small gaming sites experimenting with the concept, and the aforementioned legal argument is circling among those who wish to see poker become more accessible in the U.S.

If it happens, the impact on the poker industry and cryptocurrency development alike would make for one of the most mutually beneficial developments crypto advocates could hope to see.

Source: https://bitcoinerx.com/cryptocurrency/speculation-grows-about-a-crypto-poker-partnership/