Unless you have been buried under an anchor for the past few years or are not keeping up with the growing world, it is impossible to have gone without knowing about cryptocurrency. Pretty much everyone is aware of the crypto realm. It is undoubtedly a massive breakthrough towards a whole new dimension of living. Is crypto the future of online gaming?
Different industries are benefiting from the convenience of cryptocurrency. As a matter of fact, From the year 2021, these industries are willingly accepting cryptocurrencies for payments by consumers worldwide, and guess what? Online gaming has also become a part of it.
Well, before diving deeper into the discussion on how Defi crypto is causing an impact on the future of online gaming altogether, why not have a quick go-through about the cryptocurrency itself.
So, it’s time we kick in and get to know all about the crypto world.
What is Crypto?
Crypto is a digital currency that operates without a centralized bank. It is entirely an alternative medium of exchange that is facilitated by the internet. With the help of cryptographic functions – a system of protecting information through complex coding – financial transactions are processed evenly.
Cryptocurrencies can be transferred between parties using public and private keys. This type of transfer ensures minimal processing fees unless we have become accustomed to it. Cryptocurrency is a promising alternative to the fee-laden processes offered by many financial institutions today.
The most popular blockchain-based cryptocurrency is Bitcoin. However, there are other competing cryptocurrencies – Bitcoin alternatives – such as Litecoin, Peercoin, Namecoin, Ethereum, EOS, and Cardano.
How Does Cryptocurrency Work in Online Gaming?
To put it simply, your wallet that gets used in purchasing and selling cryptocurrencies on an exchange is basically how crypto is being utilized for online gaming. For example, when a player wants to send cryptocurrency to some other user, they send them to the digital wallet of that user.
Moreover, in-app purchases, advertising, affiliate, and referral marketing are monetization strategies that are adopted in online gaming through cryptocurrency.
These in-app purchases allow users to purchase directly in the game, such as money, extra lives, and custom characters. However, suppose the online game does not facilitate in-app purchases with cryptocurrency. In that case, you do not need to worry as things nowadays have certainly gotten relatively more accessible. Users can now purchase gift cards with the help of cryptocurrencies for games purchases or in-app purchases.
The question that erupts is, is it safe to purchase gift cards using cryptocurrency? In a world filled with scammers, it is essential for you to find credible websites for secure transactions, such as Coingate, to purchase gift cards.
Benefits of Cryptocurrency in Online Gaming
Users have been facing many problems related to transactions and frauds, so to address these challenges, online games have jumped into the play by adopting the use of cryptocurrency.
Now, since you have become quite aware of how cryptocurrency is becoming a huge cause of concern in the future of online gaming, let’s look at what benefits come through.
Cryptocurrency holds the authority of bureaucracy to remove inefficient intermediaries from the process; this helps speed up and simplify the process of transferring crypto units to allow the player to have a great time with their favorite games in a rapid manner.
Another difficulty faced by the gaming developers is selling their software’s outside app stores. However, this particular problem has been resolved with the help of Blockchain, which allows these developers to process nano-payments to receive instant payments.
Also Read: How Cryptocurrency is Influencing the Banking Industry
Having Leverage to Play Anywhere
With the aid of cryptocurrency, gamers can now play internationally without having any concerns regarding security and exchange rate issues.
Moreover, it allows the user to play without confirming their identity or email. So, without any restrictions, gamers can play and withdraw their funds in a blink of an eye, regardless of wherever they are.
Safe and Secure
When it comes to purchasing games online, the first thing that strikes up is the security concerns since many gaming websites have trust issues.
However, with blockchain technology, this problem has met its end. Since it prevents illegal trading of digital assets, it also eliminates the risk of hacking or stealing keys by creating an immutable ledger. Moreover, it also terminates the duplication of keys.
It helps gamers gain confidence by ensuring that they are making secure and safe payments.
To Sum Up
Well, there is no doubt that gaming industries have restructured themselves a lot by the passing time, but there were slight gaps in between that cryptocurrency might have possibly filled out. However, the world still needs more time to embrace all the aspects that would help see the full benefits from it.
However, the development is still in the early stages, but one thing can be said for sure: the future that cryptocurrency holds is undoubtedly very bright.