Cryptocurrency is a global phenomenon. It has taken the world by storm. Individuals use it, businesses use it, AND there are countless other avenues in which you can use crypto. One such is in gaming. What’s even wilder is that you can play online poker and use crypto as your currency. Oh, how times have changed! Many have pegged crypto as the currency of the future, and for the most part, it is heading in this direction, but we still have a long way to go. Businesses are now looking into crypto and how they can incorporate it into their organizations. However, gaming businesses are more responsive in their approach since gaming is largely digital. And for this reason, we’ve looked at some of the benefits available to gaming businesses if they use crypto.
Nearly every single game now comes with in-game or in-app purchases. This allows you to buy extra items for your game avatar or just to help you progress further and level up far quicker than those who are free-to-play. And this is where cryptocurrencies come in. Gaming businesses can benefit here since crypto removes so much unnecessary bureaucracy, as well as other inefficiencies that would otherwise put a damper on the gaming experience. In other words, crypto makes gaming efficient by exchanging crypto units instantly.
Furthermore, game developers are constantly battling to sell their games outside of app stores. APK files are available, but this opens a whole new complex issue. How crypto helps is if those developers are then able to use blockchain to process nano-payments that allow them to receive payment instantly.
Anywhere, at anytime
Another major benefit of crypto in gaming is how it cuts security and exchange rate issues. You can play a game anywhere in the world at any time, and you’ll experience no problems with your in-game purchases. But it doesn’t stop there. It also adds an extra layer to protect your personal information. Because, unlike traditional payment methods, you do not have to share your email or even your identity to make a purchase. Thus, it speeds up the entire process allowing gamers to withdraw funds from anywhere without restrictions.
As things become more digitized, the need for secure payment systems is on the rise. And while some companies have extensive authentication methods, other organizations simply do not have the means to set up such intense security measures. Again, this is where crypto is a redeeming quality. Whenever you are making an online payment, a secure gateway is needed to capture your card details, as well as your identity. Blockchain technology in online gaming prevents illegal transactions of your digital assets; this is a massive win. Furthermore, blockchain can also cut the hacking and stealing of keys that prevent duplication of ledgers.
It saves you money
Consumers and organizations alike are after solutions that allow you to save some money, and this is possible with crypto. Cryptocurrencies are much cheaper than traditional credit cards, bank transfers, and even PayPal. There are no hidden fees with crypto and there is no wait when transferring your money. Since crypto is essentially a peer-to-peer transaction, there are no admin fees or even exchange fees. You are cutting out the go-between. So, both the consumer and the business wins. Firstly, the consumer wins because they are getting way more value for their money, while secondly, companies are making more money and spending less in the process.
No need to share your identity
This is a big one for many. Identity theft is real, and gamers, as well as the world at large, are generally not okay with their personal information sitting in some database. And we understand why. Your personal information can become compromised if not stored correctly and under heavy security, even though it's the digital world. In gaming, for the most part, your money is secure since the technology used for payment systems is generally relatively secure. However, your identity is not as protected as your bank details. If you are uncomfortable with sharing your identity (a completely natural response), then playing online bitcoin games might be the solution here. And another reason for gaming businesses to invest in crypto; crypto purchases are, for the most part, anonymous. However, in instances where hacking has taken place, experts can trace illicit transactions when needed. You can also choose to share your transactions. The reason for this is that each time a new crypto transaction takes place, it generates a new address for each user's purchase with each transaction.