In recent years, Cryptocurrency has been a worldwide phenomenon. Many industries have benefited from Cryptocurrency’s convenience, including online gaming.
According to the Wax report, 75% of online gamers want to trade their virtual assets for the currency they can use to buy or sell on other platforms.
Cryptocurrencies allow players to trade and collect virtual assets. They can then exchange these assets for trades anywhere in the world. It offers a secure and simple way for the gaming industry to make money.
What is Cryptocurrency?
A cryptocurrency is a digital asset that has been secured with cryptography. It uses blockchain technology to provide decentralization, transparency, and immutability.
Because a central authority does not issue Cryptocurrency, it is immune to manipulation and government interference. Bitcoin is the most widely used blockchain-based Cryptocurrency. Peercoin and Namecoin are also competing for cryptocurrencies, Ethereum, Cardano, and EOS.
What does Cryptocurrency do in Online Gaming?
You can trade cryptocurrencies using exchanges that are accessible from wallets. If a user wishes to send cryptocurrency units (e.g., to another user), they will send it to their digital wallet.
Online gaming monetization strategies include in-app payments, advertising, and affiliate marketing.
In-app purchases enable players to purchase items such as coins and extra lives directly within the game. Online bitcoin games allow players to buy crypto and items.
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Online games have rewarded ads that allow players to watch videos, complete tasks, and answer surveys to earn Cryptocurrency.
Affiliate marketing is a new concept in the market. Players must click banners and affiliate links to refer friends, earn rewards, or sign up for a free offer.
Online Bitcoin casinos offer players the opportunity to trade and play in digital assets.
Cryptocurrency’s benefits in Online Gaming
Online games use Cryptocurrency to resolve problems such as frauds and transactions that can occur while playing online.
There are many benefits, including streamlined payments, players’ real ownership, and decentralization of payments.
Let’s look at the many benefits of Cryptocurrency in online gaming.
1- Instant Transaction
Cryptocurrency removes bureaucracy from the equation and eliminates inefficient intermediaries. This allows players to enjoy their favorite games quickly.
It makes exchanging crypto units quick and easy.
Gaming developers often face difficulties selling their software outside of app stores. Blockchain allows developers to receive payment via nano-payments instantly.
2- The ability to play anywhere
Cryptocurrency allows gamers to play worldwide without worrying about security or exchange rates.
It allows gamers to play online without verifying their email or identity. It allows gamers to withdraw and pay funds quicker from any location in the world.
3- Secure and Safe
Online gaming sites have trust issues, so security is essential when making multiple purchases.
The use of blockchain technology in online gaming prevents illegal trading and stealing of digital assets. It prevents hacking and theft of keys and also eliminates duplicate keys.
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It allows players to feel confident about smart contracts that ensure they receive safe and secure payments.
4- Get More for Your Money
The cost of cryptocurrencies is lower than bank transfers, credit cards, or PayPal. There are no hidden fees, and you don’t have to wait for your bitcoins to move.
Because it is peer-to-peer, cryptocurrencies are free from exchange fees and handling fees.
This makes it more feasible for both game developers and players. Developers make more money, and players get more.
5- Protect Your Identity
Online games can sometimes secure your money, but your personal information might not.
Online bitcoin games are for you if you don’t feel comfortable sharing your data.
Additionally, transactions made with Cryptocurrency are kept private unless the user shares them. The anonymous cryptocurrency address used to purchase cryptocurrency changes with each transaction.
Conclusion
According to Newzoo Analytics Platforms, around 2.7 billion gamers will spend approximately US$159.3 trillion on online gaming in 2020. According to estimates, the market will reach US$200 billion in 2023. This is a great opportunity for bitcoin or crypto online gaming to expand.
Although crypto games and blockchain technology might seem complicated, the benefits to developers and gamers are obvious. Crypto games can improve gamers’ gaming experience, while developers see an increase in their profits. The popularity of bitcoin is growing, but it’s not without its problems. Although blockchain technology is still in its infancy, the future looks bright.
