Can You Use Crypto for Online Gaming?
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Throughout the past couple of decades, cryptocurrency has evolved from being a mere concept to a tangible piece of currency that is getting used around the world. There are a number of different types of currency and a number of different industries that are embracing its use. Some of these industries include the likes of travel and retail; however, one of the most popular and welcoming has been that of online gaming.
report that was published by Wax, it was found that about 75% of all online gamers would be willing to exchange their virtual assets for a currency that they would be able to use for gaming but then also to buy and sell on other platforms too. Cryptocurrency would be able to do that as online gamers would find themselves in a position to collect and trade such assets. These could then be used for the trade of assets across the world as well as the online gaming industry. This is a safe and easy way for gamers to make money and to buy items.
What Actually is Cryptocurrency?
With so much talk about cryptocurrency, it can be easy to get bogged down in what it is capable of without fully understanding what it actually is. The fact is that cryptocurrency is a virtual asset that using cryptography has been successfully secured. With the use of blockchain technology, cryptocurrency is entirely decentralized, immutable and transparent.
They are seen as beneficial by many due to the fact that cryptocurrency is completely immune to any kind of interference by the government and is not susceptive to manipulation in general given there is no central authority. There are a number of different types of cryptocurrency; however, one of the most popular is Bitcoin. Some others include but aren’t limited to:
- Litecoin
- Peercoin
- Namecoin
- Cardano
- EOS
- Ethereum
How Would It Work with Online Gaming?
A number of industries have been happy to accept the use of cryptocurrency. However, one that particularly stands out is that of online gaming. Players are able to use the currency in different wallets for a number of reasons.
When it comes to online gaming, monetization can occur in the form of in-app purchases, as well as advertising within games and affiliate/referral marketing. In-app purchases are good for gamers as they allow different players the chance to buy something that comes directly from the game. These include coins, extra lives and items that can help with a specific task.
What Types of Gaming Uses Crypto?
There are a number of different types of gaming companies that have started using cryptocurrency. Two of the most popular include:
- Microsoft
Microsoft as a company have begun allowing people to start using cryptocurrency when making purchases and this naturally trickles down into their gaming world. People with an Xbox are able to go on to the Microsoft store and purchase wallpapers, features, additional bonuses and new games all with cryptocurrency. Such a giant of the gaming industry embracing Crypto is a clear indication for the direction of cryptocurrency in online gaming.
- Online Casino Games
A lot of live casino games such as those at slots.lv/casino/live-dealer are now accepting Cryptocurrency as a means to play, place bets and as a reward. These have started to be used by online gamers everywhere who tend to be a lot more technologically inclined than other people. Again, the fact that such a massive industry as online gambling is embracing cryptocurrency, there is clearly an indication that more sites will begin using it as well.
The Benefits of Using Crypto for Online Gaming
With more gaming sites starting to allow for the use of crypto, it is worth discussing what the advantages of doing so are. They include but are not limited to:
- The Transaction is Instant
A lot of transactions that take place online (particularly large transactions) can take a great deal of time. When you use crypto, you eliminate the authority and bureaucracy of intermediaries that cause the process to take so long. It is also cheaper to do this as well.
- Available Everywhere
There are some countries where the use of crypto is banned but in general, one of the benefits with its common use is that it will be available for people all over the world.
- It’s Safe
When you are making purchases online, your security should be absolutely paramount. This is very important for people who use cryptocurrency thanks to Blockchain which makes it so that the illegal trading of digital assets impossible and the cryptocurrency of players is safe and secure.
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