The relationship between online poker and cryptocurrency is not immediately evident. When people learn that a lot of poker players like to invest in crypto, they may wonder why such a connection exists.
To understand why crypto is so appealing to poker players, we must first understand the competitive poker journey. Many players spend years playing games online to hone their skills, and a lot of online poker platforms allow for anonymous deposits and withdrawals via cryptocurrencies.
Such an introduction to crypto may get poker players curious. Below is a guide that explains why that curiosity can often lead to a significant hobby of investing in cryptocurrency among poker stars.
When you tell the average stocks or bonds trader about the cryptocurrency market, they get a little apprehensive because of the volatility. While such ups and downs may put off traders who aim for stability, poker players are drawn to such a market.
Poker is a game that involves a lot of skill and luck. Over a whole career, the most successful players are the ones who can strategize and bluff better than their opponents.
However, during a single game, luck plays a significant element in who wins. A player can go from having a 90% chance of winning a pot to a 10% chance with the single flip of a card in the center of the table.
Such volatility is exciting to poker players, which is why they also find the crypto market so exciting.
The best poker players in the world, along with part-time players and general poker enthusiasts, all started in the same place. They likely began their poker careers playing online, trying to win as many small-money games as possible.
Such a journey often involves signing up for poker websites that are hosted around the world. Poker players often prefer to deposit money and withdraw their winnings as anonymously as possible, which is where cryptocurrency comes into the picture.
Many of the top poker sites have accepted Bitcoin for a few years, and even more, are joining suit in 2022. Needing to buy and sell crypto for poker purposes introduces many players to the cryptocurrency world, and they never look back!
Also read: Top 9 Crypto NFT Games To Play And Earn
Playing Texas Hold’em poker is all about speed. You have to think quickly, react even faster, and make decisions in a split second. Will you fold or play a hand? Will you match, raise, or bow out as another player bets aggressively?
These are the questions poker players must answer within seconds, all while showing no emotion on the table. Such speed is exciting and nerve-wracking, and poker players love the adrenaline rush.
A similar rush of excitement and intensity can be felt when investing in cryptocurrency. Traders who spend a few hours a day buying and selling often feel the thrill of executing a trade, the anxiety of seeing how the numbers trend in the next few hours, and another dose of excitement as they look to sell their position.
Investing may even help players learn ways to remain calm when they are involved in an intense poker game.
NFTs, or non-fungible tokens, have taken the online world by storm over the past year. Poker players are especially drawn to NFTs, as they are unique, non-replaceable, and lead to notoriety.
Anyone who plays poker for big money wants to involve themselves in high-stakes action, and NFTs fit the bill. Many NFTs go for tens of thousands or even hundreds of thousands of dollars.
If a poker player enjoys the concept of buying NFTs, they are likely interested in cryptocurrency as well, given the close links between NFTs and crypto.
Learn Before Investing
The best step anyone can take if they have a newfound interest in buying cryptocurrency is to learn more about the market. Crypto trading is vastly different from buying stocks or bonds and is even unique compared to the forex market.
Suppose you are a poker player and have some introduction to cryptocurrency, or you are merely curious about currencies such as Bitcoin and Dogecoin. In that case, you may want to start buying and selling for fun.
Such a step is admirable, but you should first spend time learning more about crypto and the best investment strategies around this market. Then you can invest your money with an open mind and all the necessary information.