The world of cryptocurrency is always expanding. According to recent estimates in fact, there are now more than 10,000 active digital currencies (as of April of 2021). That’s an astonishing number, but it’s all the more reason to be on the lookout for crypto options that serve specific purposes or fill certain niches.
Even years ago, this was the idea behind a piece written here about different altcoins to invest in. There were a lot of options even then, and the sensible practice for investors was to seek out specific functions, cool startups, and so on in order to predict potential value. To that end, we want to use this post to highlight a particularly intriguing altcoin that first emerged in 2018 and continues to show potential. Specifically we’re talking about CHP, or CoinPoker, and a few reasons to keep an eye on it.
The Poker Token
CHP is an ethereum-based cryptocurrency token that is built for use in the “CoinPoker” online poker room — essentially a digital platform for crypto-driven poker gaming. That description alone may strike some as a reason to keep tabs on the altcoin. This does not make it the only cryptocurrency useful for online poker, nor does it make CoinPoker the only platform facilitating this kind of activity. But CHP is arguably the most prominent token designed specifically for this activity, as of this writing.
Crypto Potential in Poker
For years now, there have been theories about what cryptocurrency could offer online poker players, and casino gamers in general. These genres of gaming involve cash deposits and withdrawals, and even gamers who are comfortable with this want their money handled with as much speed and security as possible. Many have pointed to cryptocurrency as an option that addresses these needs, and in fact this is what has led some online casinos to adopt existing cryptocurrencies already. But it certainly appears that there is some general demand for an option like CHP.
Poker’s Spread in America
We won’t harp on specific legal efforts, or go through a state-by-state outline. Suffice it to say, however, that online poker has been made legal in a number of states, and this appears to be persuading other states to reconsider their positions. Initially, spreading online poker will lead to growth for larger casino platforms that are already established businesses. At the same time though, more online poker activity across a market as large as the U.S. could yield growth for an asset like CHP also.
Online Poker’s Diversifying Appeal
It’s important to mention also that as poker is spreading, game offerings are diversifying in order to broaden appeal. Look to major platforms like 888Poker that have gotten a foothold in the U.S., for instance, and you’ll see that Texas Hold’em and 7-Card Stud (very popular poker varieties) aren’t the only offerings. These platforms will also help players learn how to play Omaha poker, and in some cases explore other versions of “stud” and “draw” games. Meanwhile, the tech side of the game is also expanding, with most major sites offering mobile game support, early VR poker games being counted among the most worthwhile virtual gaming experiences. In short, there’s a lot more to online poker than there used to be, which means that once it spreads geographically, it also has more to offer to different people with different preferences.
Crypto Gaming’s General Takeoff
On top of all of the above, cryptocurrency in gaming more broadly is also having a moment. Various crypto networks and tokens like LOOM, Enjin, and more are increasingly being associated with new online gaming ventures, and some are beginning to envision a future in which the blockchain dominates the video game space. This bodes well for crypto-specific online poker platforms, and perhaps for CHP specifically given that it is already somewhat established.
It’s important to remember that there are no guarantees in cryptocurrency, and that potential is not always a good reason to invest. As of now though, we’d certainly point to CHP as a cryptocurrency well worth keeping an eye on for near-future relevance.
