17/06/2023 | Statname Team

How poker players use cryptocurrency in 2023: detailed guide

Poker rooms offer different ways to deposit and withdraw funds: some accept bank cards and e-wallets, while others only work with cryptocurrencies. Do not be afraid of one mention of the crypt, there is nothing complicated here! Let's take a detailed look at how to register on exchanges and use them in a couple of clicks.

Basics of crypto and stablecoin

Between the cryptocurrency and the currencies we are used to, there is a middle ground called a stablecoin. It is preferred by poker players from many countries because it has a fixed cost and is tied to an economically established asset. As a rule, precious metals, money or even oil are used for binding.

The most famous example of coins is USDT, which is pegged to $ and is equal to one US dollar.

Before discussing how to use cryptocurrencies, let's look at what can be done with a stablecoin:

  • Payment for services. Some coins are simply not accepted for payments, because they do not have a fixed price, which means they can fall in one day. As a result, their owner will only suffer losses. The price fixing option helps to deposit money from a crypto wallet without loss, which is why poker players prefer it.
  • Profit fixation. After successful transactions, or in our case, a successful win, you can fix the received funds by turning them into conditional USDT.
  • Convenient and fast transfers. If earlier a transaction from another country had to wait up to a week, paying a large commission, now it has become much easier to transfer money. This is especially important when you play in a Western or European poker room.

There are more than 5 of the most famous and popular stablecoins on the crypto market - you can choose any or stop at the classic USDT. The result depends on the form in which it will be more convenient for you to store funds, at any time you can change your choice.

Cryptocurrency exchange Binance, as a place to withdraw / enter cryptocurrency

Let's look at the most famous and convenient cryptocurrency exchange. Binance is a blockchain ecosystem that brings together several million users around the world - it is here that large transactions are carried out, currencies are traded and earn money. But we only need the basics for depositing and withdrawing money, so let's go straight to registration!

If you don't have an account yet, click the link and follow the screenshots below: https://accounts.binance.com/en/register

Click on the topmost button to register and enter either an email address or a phone number. Most users prefer mail, and for two-factor authentication in the future, you will need to enter all the data.

Further, a confirmation code will be sent either to the mail or to the phone number, enter it in the field and get to the exchange itself. The first step has been taken, it remains to confirm your identity in order to deposit the first funds!

To verify, click on the personal account icon in the upper right corner.

In the menu that opens, click on the “Dashboard” button and pay attention to the plate offering to pass verification.

After clicking on the “Pass Verification” button, we proceed to a small questionnaire, where we enter basic personal data.

Next, we fill in the data about the address of residence and proceed to the final verification step, identity confirmation.

Binance provides 4 different document types to choose from - just choose the one that is most convenient for you. After taking the picture, connect the camera, fix the face in the rectangular area and make one rotational movement.

Documents are checked within 24 hours, but most often users receive confirmation or refusal literally in the first 10 minutes after verification.

Depositing and withdrawing funds on Binance

We have verified your identity, which means it's time to move on to the main point - payment methods on Binance, with the help of which this money will easily be transferred to the poker room. Click on the “Toolbar” again and in the column on the left we find the “Buy crypto” tab - click and select the item with the purchase via credit / debit card.

In the window that opens, enter the amount of rubles in exchange for a certain amount of any stablecoin of your choice. Ready! Your crypto wallet on Binance has been replenished and you can connect to any poker room.

How to withdraw funds? There is also nothing complicated here. Click on the personal account icon in the upper right corner and expand the “Wallet” tab, we are interested in the “Fiat and Spot” button, through which we get to the wallet menu. Among the buttons above, find “Withdraw” and click on it.

Before withdrawing, be sure to exchange all cryptocurrency for the currency you want to withdraw to the card. For example, if you have a euro card and USDT on your balance, then exchange USDT for EUR through the "Convert" button.

Don't forget to go to the "Withdraw Fiat" section (located in the upper right corner) and select your preferred currency in the window that opens - please note that this method is only available for Visa cards, but you can also withdraw funds through the "Other Payments" button.

Select the required card, enter the confirmation code and receive money from the crypto wallet. Please note that if you withdraw funds directly to the card, you will have to pay a commission. If you do not have a Visa, use the withdrawal through the P2P system, it is also quite easy to learn:

  • Log in through the mobile application and click on the central button “P2P trading”
  • Select rubles (RUB/EUR/USD) in the upper right corner, click on the “Sell” button
  • Specify the amount you want to withdraw and confirm your choice
  • Choose a payment method, bank card or e-wallet
  • Among the presented candidates, we choose the appropriate option, they differ slightly
  • In the window that opens, click on the “For fiat” option and enter the amount in the field
  • Click on the sell USDT button, wait for the person's response and confirm receipt of the payment
  • Enter the confirmation code that will be sent to you by SMS

If you have not yet added a bank card, you can do this in the field where the Visa or Mastercard card is displayed - just enter the name of your bank and fill in all the required data. The card will be linked forever, this is a one-time procedure.

Ready! Now you know how to use the cryptocurrency wallet on Binance.

Cold wallet for cryptocurrency, TronLink

If you do not want to go through verification, then we suggest that you consider the TronLink cold crypto wallet, which does not require verification, which is available from any country. You can use it as a mobile app or install a browser extension.

To download the extension in a couple of clicks, click on the link - https://chrome.google.com/webstore/detail/tronlink/ibnejdfjmmkpcnlpebklmnkoeoihofec

Let's start creating a wallet! To get started, activate the extension by clicking on the appropriate icon in the upper right corner. Consider on the Google browser, on other browsers, some buttons may be different.

Click on the “Create Wallet” button, scroll down and agree to the terms. Enter a name for your crypto wallet and come up with a password, then click on the button below.

Done, you have registered in the TronLink wallet! Now we have to go through a small procedure to strengthen the security of the account - just click on any of the "Send" or "Receive" buttons to instantly start it.

Enter your password to proceed. TronLink will give you a list of random words called a seed phrase. Save them, hide them, and never send them to anyone, as they will help you recover your account. Know that if you are asked to send these words, scammers are communicating with you.

Depositing and withdrawing funds on TronLink

To fully understand how to use a cold wallet, you need to deposit and withdraw money. To do this, click on the extension again, a rather simple menu with several buttons opens in front of us, for replenishment we are interested in the “+” next to the names of other tokens.

Choose USDT to replenish your crypto wallet with stablecoins in the future.

For further actions, we need to go to the BestChange exchanger.

On the site on the left you will find a column, it works very simply: in the first option, select the method of replenishment, in the second, indicate where the funds will go. For example, replenishment from Sberbank will look like this.

In the column on the right you will see who sells how much and on which exchanges. The main parameters that are important to consider here are the reserve (maximum) and the minimum amount. BestChange will automatically sort deals from the most profitable to the least profitable, so there is no need to search for options by the rate.

Here the question may immediately appear: “Why BestChange? I can just find an exchanger on Google.” The answer lies in security. The platform moderates reviews very seriously, literally deleting exchangers even for one negative review. Thus, all crypto exchangers are interested not to deceive customers, which cannot be said about random sites from the network.

So, click on the option you need, enter all the details, including the TronLink wallet address. It is most convenient to copy it through the extension using a special button.

As a rule, all exchangers from the BestChange list carry out transactions quickly, and within a few 10-15 minutes you will receive money to your crypto wallet.

Remember to top up your wallet with TRX coin in the same way, because a small commission will be charged for transfers, it will not affect the USDT account.

To withdraw money, use exactly the same system: just swap the selected currencies in the left column. For example, you give "TRC20", you get "Sberbank". To send crypto from the TronLink wallet, use the extension and select the “Send” button in the small menu.

Next, enter the recipient's wallet address, amount and confirm the choice. So you can easily withdraw money from your wallet to a real bank card.

Conclusion: exchange or cold wallet?

Answering the question of how to use cryptocurrency for beginners, I would like to recommend cold wallets. They are easier to learn and do not require verification, even if you have to resort to a third-party service and pay a slightly higher commission.

At the same time, Binance will be suitable for more experienced users who are already familiar with P2P trading and will be able to quickly make transactions in order to withdraw funds to a real account with a minimum of expenses.

This completes the guide on crypto wallets - play poker rooms from anywhere in the world and bypass all the problems. And we can wish you only successful games!