Is Cryptocurrency the Future of Online Gaming?
At present, it’s hard to imagine our planet without various computers, game consoles, and similar equipment. The main advantage of the computer entertainment industry is that the products have high mobility. The gaming industry is weakly sensitive to economic crises. It continues its development even during crises and is rapidly integrating into all spheres of our life, including the economy.
Game developers are actively introducing new technologies into the creation of games. The same applies to various payment systems, and cryptocurrency is no exception. Experts from BuidlBee say that October has been the best month for Bitcoin (BTC) since 2014. That is why game developers simply can’t ignore such a convenient payment method as cryptocurrency and technology such as blockchain.
So, let’s consider whether crypto is really the future of online gaming.
Cryptocurrency & Online Gaming
Cryptocurrency is a type of electronic payment instrument that uses blockchain technology. In other words, it’s an encrypted electronic code containing the entire chronological sequence of actions distributed in exact copies to all system users.
The popularity of cryptocurrency is determined by the possibility of conducting electronic payment transactions without being tied to any country or organization. All transactions are anonymous.
Moreover, in addition to using cryptocurrency as a means of payment, developers offer users new ways to receive digital coins. Gamers can earn additional cryptocurrency to their accounts by playing online games.
The global gaming industry was the first to discover new opportunities for using cryptocurrencies. Blockchain technology has made it possible to integrate virtual money into the online gaming economy. For example, the Play to Earn strategy allows users to make money by playing video games. Crypto games usually include local cryptocurrency and game items. Cryptocurrency can be traded on a crypto exchange (e.g. Binance), and game items can be sold on special marketplaces.
In addition, for users, this is the ability to exchange in-game assets without the involvement of mediators. With the help of the blockchain, developers can receive additional income from the sale of game items and tokens, as well as attract new users.
Cryptocurrency In Online Gaming: Disadvantages
Before we get into all the advantages of cryptocurrencies in online gaming, let’s look at some drawbacks. After all, we can’t do without them.
- The impossibility of recovering the password from your electronic wallet is the loss of all money in the wallet. Keep this in mind.
- Unstable price with sharp changes. Cryptocurrency rates are volatile, so this carries a certain risk.
- Attempts to introduce various restrictions by national regulators such as the inability to withdraw funds, high commissions, or even a block.
Cryptocurrency In Online Gaming: Advantages
Let’s talk about the main benefits of cryptocurrencies in online gaming.
- The main advantage is the ability to create open and controlled markets that allow players to trade among themselves (inside and outside the game with players from other games), invest money in the game, withdraw money back and even increase it.
- One of the biggest benefits of using cryptocurrency is the anonymity that comes with it. It’s pretty hard to keep track of transactions as long as you don’t share your passwords or keys.
- Fast transactions and lower transaction fees are also some benefits to keep in mind. If you are an online gamer or make a transaction (send/ receive money from a person/user abroad), you will receive the amount transferred using cryptocurrency very quickly. The fees will be much less than a bank transfer or other payment system, and the money will be yours almost instantly.
- Transaction security is also an advantage. The high level of privacy allows you to use this payment method without any fear.
Cryptocurrency Is The Future Of Online Gaming: Final Words
Token creators, processor and video card manufacturers, exchange founders, and game developers are gradually shifting their focus to cryptocurrencies and blockchain games. In the article, we have briefly talked about the place of cryptocurrencies in online gaming, as well as their advantages and disadvantages.
Of course, numerous things can’t be included in a short article. Moreover, the NFT and its impact on the gaming industry (as a whole) requires a separate long read.
To put it briefly and sum it up, cryptocurrency is definitely the future of online gaming.
Play games, learn new information, and keep up with the times! Good luck and stay safe!
Check out: Top 10 New Play To Earn Crypto Games 2022