Unless you have been living under a rock, there is no way for you not to have heard about cryptocurrencies. Cryptocurrencies have become a global phenomenon ever since the first currency was introduced almost two decades ago. Industries across every vertical have started using these digital currencies owing to their multiple benefits. There is a lot of ease in transactions, low processing fees and transfer of funds take no more than a few hours. That is why most industries have been gradually making a switch to the cryptocurrencies or at least have brought in more flexibility in their payment options. One of the industries that has been leveraging the features of cryptocurrency is that of online gaming.
A report suggests that about 75 per cent of online gamers want to earn rewards in cryptocurrencies so that they can buy and sell these currencies on different platforms. Ever since their inception, cryptocurrencies have been enabling players to trade in virtual assets. They allow people to engage in safe exchanges via different platforms and also provide people with a medium to make easy and quick money. And this is one of the major reasons why investors and speculators have been showing interest in the domain of cryptocurrencies.
Therefore, now that we have spoken a bit about the perks of cryptocurrencies, let us try to understand what cryptocurrencies are and how the online gaming industry has been leveraging their features to propel itself towards more growth and success.
The Cryptocurrency- In a Nutshell:
A cryptocurrency is a digital currency and is secured by the principles of cryptography. It is a virtual asset that uses blockchain technology to ensure that there is complete transparency and immutability in the transactions. Transactions using cryptocurrencies are not just transparent but also fast. They are way faster than their traditional counterparts, and that is why most online gaming and gambling platforms like malaysia online casino and others, have started accepting cryptocurrencies and rewarding their players with the same. Transactions using cryptocurrencies are quick because there is no government interference that oversees the transactions. Some cryptocurrencies that enjoy a fair share of the market are Bitcoin, Ethereum, Litecoin etc.
Cryptocurrency and Online Gaming:
Now that we have spoken in brief about what cryptocurrencies are and how they work, let us move on to talking about the relationship between online gaming and cryptocurrencies. Cryptocurrencies and online gaming share an intricate relationship. In online gaming, there are different monetization strategies, and some of these can be best used with the help of cryptocurrencies. The in-app purchases, in-app advertising and affiliate marketing are all different forms of monetization strategies adopted by the online gaming industry. Online games that use and accept cryptocurrencies allow users to make these in-app purchases through their preferred choice of cryptocurrencies like Bitcoin or Litecoin. These days, we even have a hoard of crypto casinos that makes it possible for players to transact in cryptocurrencies.
How Do Cryptocurrencies Help the Online Gaming Platform?
There are several ways in which cryptocurrencies benefit the domain of online gambling, and we shall look into a few of those benefits in this section of the article.
Cryptocurrencies make transactions easy, quick and super-fast. As stated earlier, transactions using cryptocurrencies are not overseen by the government or any third-party. This is what reduces the time taken for a transaction to be deemed complete and accounts for such low transaction fees. Plus, game developers can also sell their games to their target audience and receive instant payments for the same, something which used to be a pipe dream a few years ago.
Cryptocurrencies make it possible for gamers to play from any corner of the world on their favorite gaming platforms because there are hardly any exchange rate issues. Plus, the security on these platforms is foolproof owing to blockchain technology. Therefore, gamers do not have to worry about their sensitive data and credentials being stolen.
Cryptocurrencies make the transactions transparent and immutable. This means that once the transaction is made, it is set in stone and, therefore, almost impossible for hackers to reverse the same and hack information. Plus, they also help gamers hide their personal information while playing online because these transactions are mostly anonymous.
Cryptocurrencies have made online gaming safe and secure. They have made transactions quick and something that the online gaming industry has been leveraging for a few years. Therefore, much as the domain of crypto gaming seems technical, the benefits are too many to be ignored. Therefore, if you have been wondering whether crypto gaming or gambling shall be the right choice for you, read through this article and try to understand how it could help you enhance your online gaming experience. The advantages of crypto gaming are apparent, and therefore, you might as well try it out.