How Cryptocurrencies Can Benefit Our Online Play
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Are you curious about crypto? Cryptocurrency has become increasingly popular in the gaming industry. Players want to exchange their winnings for a currency they can use to buy and sell on other platforms. Products like Bitcoin have not only made this trading possible but also brought incredible benefits to online play.
What Is Cryptocurrency?
Cryptocurrency, or crypto, is digital money that isn’t attached to any government. Companies issue their own currency, which people can trade for goods or services. The most popular form is Bitcoin, but others include Litecoin, Peercoin, Namecoin, Ethereum, Cardano, and EOS.
How is it Used in Gaming?
Cryptocurrency can be bought and sold through wallet exchanges. Online gaming sites often use these same companies to provide payouts. For example, sites like Social Tournament, which has no deposit slots with real cash prizes, utilize Neteller and Skrill.
This factor makes receiving prizes in cryptocurrency possible. Plus, some gaming companies have adopted digital payment methods, allowing people to play and trade straight from their site.
You can often make in-app purchases with digital money. Games may offer coins, lives, or characters for purchase with crypto. They may even let players earn it by watching ads or taking surveys.
What Are the Benefits?
Cryptocurrency benefits online gaming in many ways:
- Faster Transactions
Payment methods like credit and debit cards have been the go-to in recent years because of their speed. However, transactions with crypto are even faster. With no ties to governments or intermediaries like banks, the processing is instant.
- Increased Security
Safety should always be a concern when making online purchases. Cryptocurrency uses blockchain technology to prevent illegal trading and eliminate hacking.
Transactions require a two-step verification process. Plus, you can find digital wallets to buy and sell digital money that are well-known and trusted.
- More Cost-Effective
Crypto is more cost-effective than other options. There are no hidden fees or processing times. Transactions stay strictly between players with no middleman, removing handling and exchange fees.
Many gamers worry about keeping their personal information safe. People can make this type of transaction anonymously. A new address generates for every purchase, which doesn’t link to your identity.
- Actually Owning In-Game Items
Cryptocurrency opened the possibility to own digital items physically. For example, instead of using coins that only exist within a specific game to buy a sword, you could buy it with Bitcoin and own it forever.
Maybe you’re thinking you could also own that item indefinitely with physical currency too, and that’s true. The new aspect crypto brings to the table however, is that the item can more easily exist within the game and outside of the game in your virtual wallet at the same time.
Let’s use Fortnite as an example. The game has been incredibly popular for a while now. Say people are starting to get tired of it, and less and less people are playing. The game developer decides to create a new game, but incorporates some of the most popular weapons from Fortnite.
You purchased these items with cryptocurrency, and you still have them in your Neteller wallet, despite not playing the game anymore. You decide to try out this new game everyone is talking about, and you realize that you can use the weapons without having to purchase them a second time.
Now let’s consider developers making multiple games that exist in the same virtual universe. The Borderlands series consists of titles with their own storylines that all happen in the same places as each other. Thus, these games have some of the same items.
Crypto could allow you to buy a weapon once and have it in every Borderland game. This reality opens the door for items to be incorporated throughout multiple titles. So, the sword you bought in one will also be available to use in others.
This cross-availability would help immerse players in the reality created by the games. You may even see two companies collaborating to have one item in both of their games.
Crypto has a lot of benefits in online gaming. Its independence from governments and banks means instant transactions with no hidden fees. It has fantastic security and anonymity to protect your personal and financial information.
In addition to these exciting features, it brings unique possibilities to the gameplay itself. Using this currency, cross-availability can reach new, incredible heights. Plus, as per the example mentioned above, items can exist outside of a game, even if it loses popularity.
People Also Ask
Find the answer to frequently asked questions below:
How Does Cryptocurrency Work?
Crypto uses cryptography, which converts information into essentially uncrackable code. They run on a blockchain, a distributed public ledger.
Blockchain records transactions and is updated and held by currency holders. People buy a cryptocurrency and then store and spend it with digital wallets.
Is Cryptocurrency Legal?
Crypto is legal in the U.S., Japan, the U.K., and most developed countries. Some places, like China, have heavily restricted its use.
When planning to buy it, research the specific laws and regulations where you live. When it comes to taxes, governments often regard them as property rather than currency.
How Do You Invest in Cryptocurrency?
You won’t be able to buy this digital money at a bank or brokerage firm. To invest, you’ll have to buy, hold, and sell it from a crypto exchange platform. You’ll also need a digital wallet to store it in.
What Are Crypto Games?
Crypto games that require cryptocurrency play. To play these games, use a crypto exchange platform to buy Ether. Right now, most of these games are in the alpha or beta stage.
The most popular is CryptoKitties, where you buy and raise digital cats. Other titles include Crypto Countries, CryptoBots, Ethermons, and Chain Monsters.