Online gaming can fall into many streams, including casino games, video games, and many more. With more and more people joining cryptocurrency, the online gaming industry finds itself needing to play catch up to keep players coming back for more.
Today we take a look at how Bitcoin is changing the online gaming industry while also offering you a little look into what cryptocurrency is.
What is cryptocurrency?
For many years people have been looking for an alternative to fiat currencies, and in 1990 a man by the name of Dr. David Chaum birthed the idea of a digital currency called eCash. eCash was launched during the prime of internet businesses and was meant to help consumers make payments anonymously while protecting their banking information. Many banks, such as the Deutsche Bank, Credit Suisse, and many more, showed interest in digital currency; however, things took a turn, and in 1998, eCash had to file for bankruptcy.
In 2008, the idea of digital currency was revisited, and in 2009 the world saw the launch of Bitcoin and cryptocurrency in general. Cryptocurrency is a digital means of exchange meant to operate similarly to fiat currencies.
In recent years, there has been an increase in interest surrounding cryptocurrency, meaning that more and more people are using crypto as a primary source of monetary exchange. This increase leaves companies and industries, such as the online gaming industry, rethinking their concept of cash.
Bitcoin and the online gaming industry
When we think of Bitcoin, we’re usually thinking of an investment package; however, a large chunk of its users use Bitcoin to make things such as payments. Below we look at how Bitcoin affects the online gaming industry.
Online casinos and Bitcoin: How Bitcoin is changing the way you play your games
Online casinos have seen an increase in the number of people looking for Bitcoin as a payment alternative. This is for various reasons, including anonymous banking transactions, quicker processing times, lower transaction fees, and many more. Additionally, people can also make transactions from anywhere in the world without having to worry about things such as exchange rates.
Some online casinos have also added various cryptocurrencies to their list of offerings to offer users as much variety as possible. Others have opened cryptocurrency casinos, also known as Bitcoin casinos, to help create a balance between cryptocurrency users and online casinos.
Cryptocurrency offers benefits that traditional banking methods cannot and leaves users with more value for their money as their transaction fees aren’t as high. Users can also place bets on sports using sports books and cryptocurrency.
Online games and cryptocurrency
Did you know that you can play certain video games and make a sweet cryptocurrency profit? Cryptogames can now earn things, such as NFTs and even cryptocurrency, by winning at certain games.
The digital assets that a gamer obtains are theirs meaning that they become the property of the gamer. These digital assets can then be exchanged for stablecoins on cryptocurrency exchange platforms. The more crypto games you play, the more you stand a chance of making more money.
The video gaming industry has been affected by crypto in so many positive ways, including when they have tournaments. We’ve all heard of gaming tournaments; cryptocurrency takes gaming a step further by allowing users to win their prizes in crypto.
Gaming tournaments have always had issues with fiat currencies and the red tape surrounding prize money. Cryptocurrency offers them an easy solution to this problem as they can pay users from a decentralized point, meaning that they are not accountable to banks and the government. All winners or contestants have to do is create a crypto wallet, verify it and use it to earn their winnings.
The only major issue with crypto is that some countries have either restricted or banned its use, making it hard for some winners to collect their winnings; however, a solution is available for those.