The first online poker site to deal exclusively in digital currency, including Bitcoin, Litecoin, and Ethereum, has shut down its operations on Christmas day. Founded in 2014, Betcoin.ag was one of the recognized platforms in the online poker world a few years ago. The poker room was a member of the Winning Poker Network (WPN).
Betcoin's poker room offered many features one would expect at a world-class online poker site. However, the reason for most poker players and enthusiasts turning to Betcoin was that it was free of centralized bank control and government regulation. The digital currency enabled poker players to avoid sketchy payment processors and various workarounds to make transactions easy.
It is the run-up in the value of Bitcoin along with its volatility that started to cause problems for the group. The players hesitated to go to Betcoin as the transaction costs soared. It used to cost a player $20 or more just to deposit $20 worth of Bitcoin. Over that, players could lose money while they win at poker owing to the volatility of the digital currency. All of these contributed to make crypto currency an unattractive funding method for players.
Betcoin’s officials have not blamed shutting operations on the recent Bitcoin insanity. They have stated that the Betcoin has been acquired. However, the details of the buyer were not disclosed.
Betcoin had the reputation of one of the most mysterious poker sites on the internet. Many players have alleged the management of shady activities.
In the farewell statement, the poker website said they regret to inform the news of the acquisition and that they will discontinue its poker service from December 25, 2017.
The site made it known that the casino and sportsbook are not going off the radar, as of now, and those who have player accounts there will not be affected in any way.
The Betcoin Cage and the Daily Coin were among the notable events of the online poker site.