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How Crypto is Becoming More Accepted in Gaming

GameFi

cryptonews.net 29 September 2022 13:07, UTC
  
Reading time: ~5 m

There are very few industries that haven’t felt the pressing impact of cryptocurrency. It used to feel like something complicated, something you would more closely associate with hackers - and certainly not something everyone would have access to.

Except that cryptocurrency has quickly positioned itself as one of the most vital payment methods in today’s high-speed technology-based world.

Although cryptocurrency, and more specifically Bitcoin, has been around for many years, it is only in the last couple of years that it has really made a big splash.

We know that the gaming industry, and in specific the casino gaming industry, and sites like Virgin Games like to stay ahead of the curve. Implementing new tech like VR, AI, and more as swiftly as possible. So it makes sense that cryptocurrency has become part of the norm for gamers.

But what does that look like?

Transactions

Is there anything worse than buying some in-game currency, chips, or a new skin only to find the transaction is pending for three days? These transactions are slowed because they go through so many providers and security before they are approved and sent from one bank to another.

Using cryptocurrency for payments makes it much faster - in fact, it is instantaneous. Sure, there are many payment options that don’t take long, but cryptocurrency means that there is a huge reduction in the number of validations that gamers need to withdraw, pay or deposit cash.

Cost-effective

Have you ever made a purchase in-game, only to see a stack of transaction fees, hidden charges, and more piled up? Payment processing companies like PayPal charge transaction fees, and so do many other third parties. Not to mention if there are currency fees added on.

Using crypto-currency will eliminate the need for all those hidden extra fees, which is one of the key reasons gamers are leaning towards it as a preferred payment method.

Since there is no need for third-party verifications, there are no extra fees slapped on top.

Anonymity

We live almost all of our lives online. Facebook, blogs, Instagram, TikTok, and even LinkedIn. That means it is easier than ever to identify people and trace them back to their gaming. Or, for people in the game to share a little bit too much information wise and be found elsewhere.

One of the biggest and perhaps the most important things about using cryptocurrency is that transactions are anonymous. Since there are no names and banking details included in a cryptocurrency payment, it makes it the safest method of paying for goods and services online.

What this means is that if you decide that you don’t want your in-game life and your real life to collide, or you are worried about possible hacking and identity theft, using cryptocurrency to pay for things online is ultimately the best choice.

Security

Aside from anonymity, using cryptocurrency to pay for things comes with a higher level of security than any other payment method online today.

Like with every industry, hackers and cyber-criminals are waiting for the right moment to steal information and money. You can compare all of the different wallet types and decide which one offers you the security and protection that you want.

There are many wallet options, including a cold wallet, if you want to be extra vigilant. All of the technology that is used to power cryptocurrency means that it cannot be tampered with in any way.

Decentralized systems

The future of gaming is open to change and will modify as more technologies are introduced. But one of the most interesting things is that cryptocurrency lends itself to a decentralized gaming system.

Using a hybrid approach, developers can ensure that the economy of the game exists on the blockchain while game components themselves can be stored on a centralized server.

This means that the economy is more secure within the game - not only that, though, but all of the games that are within that ecosystem could also allow players to move their assets between characters and games more easily.

Assets

Many games have items within them that are ultra-rare and, in some cases, find their way onto auction houses and marketplaces (in-game). For example, the planet Calypso on Entropia Universe was sold for $6 million - with that in mind; cryptocurrency could’ve made the transaction safer.

Using cryptocurrency, the items that people buy in-game could become actual owners of the assets - rather than buying and hoping that the item does not get removed or deleted from the game.

It also means that gamers who love nothing better than grinding for hours in the hopes of finding rare goods can benefit in real terms from their efforts. Rather than just getting lots of in-game cash (which is useless in the real world), they could sell the goods for cryptocurrency and turn that into real cash.

Gaming has always had its own in-game currency, and those who have stacks of gold or coins could see a way to benefit in real life from their in-game efforts. The gaming industry implements technology designed to improve game-play and players' enjoyment.

The introduction of cryptocurrency leans into satisfying those needs of players. We could see that streaming and Esports won’t be the only way people become millionaires from gaming in the next few years - it could be from people earning cryptocurrency.


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