Bitcoin Poker Site 'Betcoin Poker' Shuts Down

Posted On 27 Dec, 2017 0 is an online gambling website that was one of the first websites to deal exclusively in crypto-currencies. The use of these currencies (Bitcoin, Litecoin, Ethereum, etc) on online gambling websites started becoming popular a couple of years back. However, 'Betcoin Poker' has officially shut down services on Christmas Day 2017.

Here's part of the statement they released at the time of shutting down:

" has been acquired and we regret to inform you that the new Betcoin will be discontinuing its poker service as of Monday, December 25, 2017. There are lots of fond memories to look back upon including the Betcoin Cage, the Daily Coin and hundreds of Bitcoin awarded in freerolls. We enjoyed posting about the achievements of our many players who hit it big with wins in major tournaments. But most of all, we have truly enjoyed providing a home to our great poker players these last 3+years. Betcoin poker hasn’t been just a place to play, but a community filled with unique individuals. The dynamic has been almost like a family, in that we loved, we fought, sometimes even dined together (virtually). While this is a big disappointment to us all, we hope to continue that type of camaraderie going forward as Betcoin moves into its next chapter."

Free of centralized bank control and government regulations, these cyber currencies became a way for players to get their money in and out of poker websites without having to worry about shady payment processors. However, there have been many issues coming up of late with regard to cyber currencies.

The skyrocketing in the prices of these currencies of late has led to some problems, while the volatility of these currencies has always been an issue. Transaction costs went up and the rake at many sites also increased. Further, if the value of these currencies took a hit, it would lead to players ending up in a loss, even though they may be winning at poker. Thus, these haven’t been used as primary deposit options.

Betcoin may have shut its poker section, but will continue to run its casino and sports-book operations. Most players however, may not miss Betcoin Poker too much as they have been involved in quite a few shady transactions and controversies over the years, including unannounced rake increases, paying for positive forum posts and others.

Despite such sites being shut down, experiments with the crypto-currencies continue. In recent news, SmartPlay, an Ethereum blockchain development company, has reportedly placed a crypto-currency gambling machine in a land-based casino (location not mentioned). A post on the company's official website states that the first such machine was developed in November 2017 and while SmartRoulette was the only game developed at the time, poker, blackjack and slots could also soon become a part of these blockchain gambling machines.

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