Nov 20, 2020 06:43 UTC
Nov 20, 2020 at 06:43 UTC
Poker network currently offers ‘95% of payouts’ in Bitcoin — around $160M monthly
“We are perpetually having to travel out and get Bitcoin,” the Winning Poker Network reports
Winning Poker Network, on-line|a web|an internet} network that supports varied online poker websites across the globe, has reported a surge in demand for Bitcoin payouts.
In an Nov. nineteen report from Bloomberg, the chief executive officer behind Winning Poker Network, or WPN, same that up to ninety fifth of poker players are presently requesting to be paid in Bitcoin (BTC).
Though the poker network has supported many cryptocurrencies since 2014, WPN chief executive officer Phil Nagy declared that the corporate required to create additional BTC purchases than ever as a result of demand caused by the recent value movement past $17,000 and $18,000 in a very matter of days.
“We are perpetually having to travel out and get Bitcoin — tons,” same Nagy. He calculable that even before this recent value surge, the WPN was paying out quite $100 million in BTC monthly, roughly hr of all transactions on the network. compute to the ninety fifth of payouts Nagy reports is presently occurring, and presumptuous an equivalent volume, that might equate to roughly $158 million in Bitcoin every month.
According to Nagy, the bulk of consumers taking part in poker on the network reside within the us, which can facilitate justify their preference for crypto as a medium of exchange provided that on-line gambling is legal in barely eleven out of fifty states. The CEO, UN agency relies in Republic of Costa Rica, admitted to not checking whether or not players file their winnings for tax functions.
“It’s a piece around to flout the law, not extremely the adoption Bitcoin ought to mean,” same Reddit user HighFivePuddy. “Not specifically nice PR.”
Bitcoin and on-line poker features a long history along and there are several parallels between the favored cards and crypto commerce, right right down to the language of ‘know once to HODL.’ Former and current skilled poker players are heavily involved crypto, together with Blockfolio co-founder male erecticle dysfunction Moncada and Doug President of the United States, UN agency conjointly runs a crypto YouTube channel.
One of the most important crossover moments in crypto and gambling came last year, once WPN set a Guinness record for the biggest crypto jackpot for on-line poker winnings — $1,050,560, or roughly 106 BTC at the time.
Even with this level of adoption among the net gambling world, Nagy same that the WPN typically reborn Bitcoin it received from players straight into enactment to avoid addressing the volatility. However, that will not be the case for for much longer if demand for Bitcoin payouts continues to rise.At the time of publication, Bitcoin is priced at $17,831, having up quite Sep 11 within the last seven days.