why is it better for grinders to choose cryptocurrency

why is it better for grinders to choose cryptocurrency

With the development of payment services and an increase in the variety of cryptocurrencies, poker players have more and more options for safe transactions. Once popular, Skrill has ceased to be the most convenient for regulars, this is especially noticeable in the case of those who operate with large amounts.

At the moment, more and more Pokeroff players are switching to operations in stablecoins, the main of which is Tether USD (USDT), but some still treat it with distrust, preferring to remain a Skrill client. In this article, we’ll explain why you should worry about stopping Skrill right now and switch to USDT payments.

An important point: the information specified in the article is relevant for players who generate $ 1K or more in rake per month or regularly conduct transactions with the room from several thousand dollars – if you operate with hundreds of dollars per month, you can also read the article – but “for growth”, because with small turnover the situation is a little different.

Why is Skrill no longer suitable for regulars with rake of $ 1K per month or more?

To understand what has happened to Skrill over the past year and a half, you need to return to January 31, 2020, when the UK officially terminated its EU membership following Brexit. Until the end of the year, the country remained part of the economic space of the European Union, but carried out various measures to exit it and change the conditions of cooperation with the union, which is why many of the country’s payment systems, including Skrill, underwent structural changes. One of the main reasons for these changes was the tightening of control by regulators. Of course, Skrill had already “tightened the screws” for ordinary users before – for example, in 2017 it stopped sending its cards to Russia, Ukraine and Belarus and constantly increased commissions – but 2020 and the beginning of 2021 turned out to be especially “fruitful” for it.

Problems always start the same way: the user is blocked from actions on the account, requiring them to confirm the source of income. The company accepts as supporting documents:

  • Bank account statement indicating incoming and outgoing transactions for the last 3 months, and the balance of the bank account must be close to the amount (commensurate) that you request for withdrawal from Skrill;
  • Investment reporting on dividends, interest on deposits and similar receipts;
  • Declaration or other document on inheritance receipt;
  • Labor contract;
  • Purchase and sale agreement concluded 1 year ago or later;
  • Tax return.

At the same time, statements of transactions with the room – which are accepted even by the Tax Service of the Russian Federation! – Skrill does not consider it a proof of income, which makes the situation more unpleasant for the regulars. They have two more or less working options:

  • Provide an up-to-date tax return – but if you make a conclusion, for example, in the middle or the end of the year, then Skrill simply will not accept it, because it will not confirm current income;
  • Send a bank statement that matches the conditions – but if, for example, you withdraw an amount larger than your bank account balance, Skrill will not accept it either.

It is noteworthy that the service does not have clear rules on the amount of transactions at which it sounds the alarm and requests documents. From the experience of our players, it is only clear that the amount should be large – transactions up to $ 1K per month are not yet verified in this way, but the more you transfer, the higher the probability that you will be “frozen” at a random moment without warning and the low probability of proving legality your income.

If we add to the above that Skrill rigidly divides money on the account into gaming and non-gaming – and most banks in the Russian Federation and other payment services do not allow making “gambling” transfers – it becomes obvious: using the service for storing and safe transactions has ceased to be convenient, which means it’s time to move on to something more comfortable. This is where the USDT stablecoin comes into play.

Why not Bitcoin?

In terms of anonymity and security, there is no difference between USDT stablecoin and Bitcoin (BTC) cryptocurrency. But there are five important nuances to consider when choosing a cryptocurrency for transactions.

# 1 you need to be careful

In the case of cryptocurrencies, the safety of your assets and control over the correctness of transactions are entirely on your shoulders. You need to choose the right wallet or exchange, secure them using all available methods, try not to lose your username, password, wallet data, recovery keys and other information important for gaining access to it, as well as carefully select sites, services and applications in which you need use of cryptocurrency.

Since it is impossible to reverse a transaction in a crypt, it requires more care when handling than conventional payment systems – but it rewards you with anonymity.

# 2 BTC – volatile, USDT – stable

As the name implies, stablecoin (stable + coin) is a stable cryptocurrency, the rate of which is directly related to the rate of any fiat. In the case of Tether USD, this fiat is the US dollar – 1 USDT is always equal to $ 1. In this regard, it is very reliable: no matter how much and when you withdraw from the room or send to it, the rate will be 1 to 1. Not only will you not lose anything during the transaction, but also keep your anonymity – after all, it will take place like other transfers in cryptocurrency.

As for Bitcoin, the situation with its course is much less stable – it changes very often and is not always predictable, and since the beginning of 2021 it has shown such leaps at all that many token holders were disappointed. Below you can estimate its volatility on a chart covering the period from January 1, 2021 to July 26, 2021.

Jumps in the BTC rate and his sensitive reaction to the news – remember at least the fall when Musk announced Tesla’s refusal to accept BTC as payment due to the low environmental friendliness of mining – make it less convenient for transactions than stablecoins. When using Bitcoin, you have no guarantee that you will receive the same amount after the cashout.

# 3 Withdrawal fees depend on blockchain networks

Depending on the network through which you send your tokens to the room, the commission will differ significantly. At the same time, for USDT, the equivalent in dollars is always equal to the amount of tokens, while for BTC the rate can change at any time.

The table below shows examples of fees on one of the largest crypto exchanges – Binance at 02:00 UTC on July 26, 2021.

Blockchain network abbreviation BTC Transaction Fee USDT Transaction Fee
Binance Chain BNB 0.0000044 BTC (~ $ 0.15) 1 USDT ($ 1)
Binance Smart Chain BSC 0.0000044 BTC (~ $ 0.15) 0.8 USDT ($ 0.8)
Bitcoin BTC 0.00057 BTC (~ $ 20) not used
Ethereum ERC20 0.00046 BTC (~ $ 16) 10 USDT ($ 10)
Tron TRC20 not used 1 USDT ($ 1)

# 4 Crypto does not directly convert to fiat

To convert your tokens into dollars, euros or rubles, they will have to be exchanged or sold. The exchange is carried out through people-exchangers – you can find a suitable one among private traders with a high reputation, for example, on GipsyTeam – or special services, the rating and reviews of which can be seen on the website BestChange and analogues.

The sale can be carried out through a cryptocurrency exchange – for example, on the above-mentioned Binance there is a P2P trading section, through which you can sell your cryptocurrency to a person, having received a payment on a card or payment in a convenient national currency.

# 5 Not all rooms accept cryptocurrencies

The number of rooms that directly carry out cryptocurrency transactions is growing, and at the moment most of the partner rooms of Pokeroff freely work with tokens. At the same time, BTC is available in more rooms than USDT.

Important: so far, at partypoker, cryptocurrency transactions are made through MuchBetter. However, for Pokeroff players there are more opportunities for using cryptocurrency in various rooms, which you can learn more about from the VIP-manager of Pokeroff.

Why is USDT more profitable than Skrill?

# 1 Cryptocurrency account cannot be frozen

If you use your Skrill account because you allowthen by crypto wallet you you know – no one can freeze it and ask you for any documents to confirm anything. At the same time, on the crypto exchange, you may be asked to confirm transactions or freeze the account – but only in case of a serious violation of the platform rules.

# 2 Decentralization of cryptocurrencies

The location of the cryptocurrency is the Internet, so it is not subject to the regulation of any particular country and is not subject to a group of people, corporations or states. Of course, now many governments are trying to implement control mechanisms over the cryptocurrency, but due to the very specifics of its functioning, full control seems unlikely. Most likely, it is even impossible. This is not the case with Skrill, which is subject to UK regulators.

# 3 Cryptocurrency is easy to change

USDT can be sold for almost any fiat or converted for most payment systems. The only downside to this is that you need to figure out how to do it correctly.

# 4 Cryptocurrency transactions are cheaper

If you take Skrill, then on the way from the room through it to your bank account or into your hands, you must pay a commission:

  • For withdrawal from the room – from 0 to 3% ($ 1 from GGPOKEROK);
  • For currency conversion (if the account in the room and the Skrill account are in different currencies) – up to 5%, and this will happen every time you transfer money between Skrill and accounts in other places, if they differ in currency;
  • For withdrawals from Skrill to other places – from 3.49% to 7.5%;

Let’s look at an example. You have decided to withdraw $ 5K from GGPOKEROK. For withdrawal, the room takes $ 1 commission from you – $ 4,999 remains. Let’s say you have a Skrill account in EUR and the exchange rate is $ 1 = € 0.85, so your $ 4,999 turns into € 4,246. From the last amount, a conversion fee of 5% (€ 212) is taken and € 4,034 is credited to the account. If you are lucky and Skrill still does not knock on your mail with a request to confirm the legality of the income, then you decide to withdraw the received amount to your Visa card. If your account is in dollars, then you will again pay 5% for the conversion (€ 201) and the remaining € 3,833 will turn into $ 4,511. From this amount, you will be charged another 7.5% for withdrawal for a Visa ($ 338), so in the end you will receive $ 4,173 – $ 827 less (16.5%) than you sent for withdrawal from the room.

In the case of USDT, the situation looks simpler: with a cashout, you only pay the room’s commission – from 0 to 3% ($ 1 for GGPOKER).

Room Skrill withdrawal commission Commission for withdrawal in cryptocurrency
GGPOKEROK $1 $1
PokerKing 0 for the first cashout of the month, 5% for the second and subsequent 0
partypoker 0 0
RedStar Poker 1.5% 2% for the exchange of volutes + 1% for the operation
PokerMatch 1% 1%
Pokerdom 3% 3%

The fees paid further depend on how you convert the token to fiat:

  • Through P2P on Binance – the commission will depend on the buyer, starting at 1%. At the same time, Binance itself takes commissions for converting currencies and selling operations only from those who advertise for the sale or purchase – from 0% to 0.35%. If you conduct an operation by choosing a posted ad (without placing it yourself), then the exchange will not charge you a commission;
  • Through exchange services – the commission depends on the selected service and starts from 1%. In addition, the payment system to which you exchange funds may also take a commission – for example, PerfectMoney takes another 0.5%.

An important advantage of P2P and exchangers over Skrlll is the ability to choose the currency rate – Skrill exchanges at the rate, choosing it itself.

Let’s look at an example. You have decided to withdraw $ 5K to USDT from GGPOKEROK. For withdrawal, the room takes $ 1 commission from you – $ 4,999 remains. USDT 4,999 comes to your wallet. You decide to sell it via P2P on Binance and choose a ready-made order from a seller offering a transfer to your bank account at the rate of 1 USDT = $ 0.98 (commission – 2%). After the operation, you receive $ 4,899 to your account – only $ 100 (2%) less than you withdrawn from the room.

How do I switch to USDT?

The standard way for poker players to start dealing with cryptocurrency is as follows:

If you generate more than $ 1K in rake per month and want to use alternative payments to Skrill, write to the VIP manager of Pokeroff, he will help you choose the best option.

Pokeroff can pay rakeback, process deposits and cashouts with USDT. Contact us, we will tell you everything and help you. The exchange of these currencies will be no less convenient, but more profitable and secure.

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