It is no longer a secret; cryptocurrency is taking over various industries. The convenience it brings has made many sectors embrace it wholly, offering users multiple banking platforms to do business. One of those sectors is the gambling and casino industry, where Bitcoin gambling is rapidly becoming the new form of betting. Before looking at the relationship between video gaming and cryptocurrency, we must first understand the meaning of cryptocurrency.
Cryptocurrency is a digital asset secured through cryptography, leveraging blockchain technology for purposes of decentralization, immutability and transparency. Because there is no central authority in cryptocurrency, it is thoroughly immune to manipulation or any form of government interference. So far, bitcoin is the most popular digital currency.
Crypto the Future of Online Video Gaming
The larger percentage of online gamers would prefer a platform where they can exchange their virtual assets for a flexible currency that can be used to trade on other platforms.
Cryptocurrency allows gamers to collect and buy or sell their virtual assets which can be traded across the planet. Bitcoin offers a safe and easy way of making money.
How Cryptocurrency Works in Online Video Gaming
You can trade cryptocurrencies via wallet exchanges. For example, when you want to send Bitcoin units to another user, all you need to do is send them directly to that user’s digital wallet.
In video gaming, the monetization structures adopted come in various ways. They can be in the form of in-app advertising, in-app purchases, or referral or affiliate marketing.
In-app advertising in video games is offered in paid ads, where players complete specific tasks, fill surveys, or watch video ads to earn Bitcoin units.
On the other hand, in-app purchases allow players to make purchases like extra coins, lives, or custom characters during the game. Players can buy items using crypto in games that accommodate the feature.
Affiliate marketing is not new to the market, and it allows players to earn rewards upon clicking on affiliate links or refer friends to sign up for free offers.
Why Cryptocurrency is Blossoming in Online Video Gaming
The larger gambling industry is adopting cryptocurrency to solve fraud and irregularities in transactions while playing video games. With crypto gambling, payments are streamlined and centralized, and there is cross-game compatibility.
Besides the benefits mentioned above, we here are some of the benefits of cryptocurrency when playing online video games.
#1. Fast Transactions
Blockchain technology eliminates bureaucratic authorities and all inefficient intermediaries from the payment process, making it possible for players to enjoy their favourite games with ease.
The process of trading and exchanging crypto units is not only instant but also efficient.
Gaming developers often face the challenge of selling their software outside established app stores. Cryptocurrency facilitates nano-payments, making it possible to receive instant payments.
#2. Safe and Secure
Online security is one of the most crucial factors when playing online video games. Unfortunately, there are so many gaming companies not operating under the required guidelines.
The application of blockchain technology in video games prevents users from engaging in illegal digital assets. By creating an immutable ledger, it also eliminates the possibility of hacking and duplication of keys. The confidence that a user is making safe and secured payments is important in all online transactions.
#3. Play Anywhere
Ordinary payments limit players to specific fiat currencies, but the inclusion of cryptocurrency means players can enjoy their favourite games wherever they are. There are no security and exchange challenges.
Players are usually asked to verify their accounts with emails or personal phone numbers, but cryptocurrency asks for none of that. Similarly, payment and withdrawal processes can be done quickly and swiftly from every corner of the globe.
#4. More Value for Money
Credit cards, online money transfers such as PayPal, and traditional bank transfers are known to carry some hidden transaction costs. Where digital currency is involved there are usually no hidden fees, and no time is wasted waiting for transactions to reflect
Typically, cryptocurrency in video gaming eliminates all exchange and handling fees because transactions are carried out between peers. Exchange of units is done from peer to peer, doing away with go-betweens. Resultantly, gamers and video developers get more profits.
#5. Online Privacy
Whenever you’re playing games or betting online, your personal data may be exposed. This is regardless of whether your money is safe or not. To prevent your identity from leaking out, crypto gaming is the way to go.
Purchases made using cryptocurrency remain discrete unless you voluntarily share your personal information while transacting. This is only possible because whenever a transaction is carried out, a unique crypto address is generated.
The above benefits of Bitcoin gambling and video gaming’s nature only strengthen the narrative that these are two entities made for each other. Studies have continually shown the potential in the gaming industry, and there is a need to ensure player security, seamless and instant transactions, and convenience across multiple platforms. All these can only be guaranteed courtesy of Cryptocurrency gaming.