Cryptocurrency used in online gaming

Cryptocurrency

The digital currency revolution only started in 2009 when Bitcoin appeared, but now, a mere thirteen years later, there are over six thousand cryptocurrencies available and counting. No longer something that people have never heard of; digital currencies are being used in ever more industries.

From the hospitality sector to retail and social platforms, digital, decentralized cryptocurrencies, can be used to buy and sell goods and services around the world. Praised for its transparency and traceability, blockchain technology could improve many more industries, especially those aiming to reduce fraud and improve customer satisfaction.

Stock trading, Government spending, charitable non-profit organisations, election funding, property transactions, banking, and manufacturing, are just some of the many areas that crypto has the ability to revolutionise.

Crypto and Online Video Games

One industry that has seen a rise in the use of digital currency is in the world of online video games. Used as an in-game currency, players can use the game’s crypto for purchasing weapons, characters and other in game objects or add-ons.

The game, Axie Infinity, has become a leader in the crypto gaming world. Not only is it the biggest cryptocurrency game around, but it’s also one of the biggest cryptocurrencies in the world.

Taking inspiration from the hugely successful Pokémon game, Axie Infinity lets players buy, trade, and battle creatures called Axies. Getting started isn’t cheap, however, with a bigger investment required upfront than for a typical PlayStation or Xbox game.

Axie infinity’s popularity is because the monsters are NFTs (Non-Fungible Tokens) and players can resell them. The game also boasts a play-to-earn feature which rewards players with crypto tokens that can be exchanged for cash.

The Mystic Axie monster was recently sold for 300 Ethereum, an estimated $1.1 million. Other game utilising digital currencies are: The Sandbox, Enjin Coin, Decentraland, My Neighbor Alice and Illuvium.

Cryptocurrency

Online casinos

While online video games are seeing a huge growth in popularity, another sector that is benefiting from moving online are casinos. Gamers can now enjoy easy access to all their favourite casino games such as slots, blackjack, roulette, and poker, wherever and whenever they wish. There are a plethora of online gambling sites available in countries such as the UK where residents can access a variety of online casino games.

Land-based casinos are restricted by physical size, location, and opening hours. Their online counterparts, however, can offer a huge variety of games, are open 24 hours a day, seven days a week and are easily accessible on a smart phone, laptop, or tablet.

Advances in technology have seen online platforms use incredible graphics and sound effects to mimic the experience of visiting a land-based casino. This improved technology also allows games to be updated more often and offer an all-round more engrossing and immersive gaming experience.

Cryptocurrencies have also played their part in accelerating the growth in the online casino sector, with some platforms (but not all) accepting digital currencies as forms of payment.

The Benefits of paying with Digital Currencies

There can be many benefits of gambling online using cryptocurrencies such as Bitcoin and Ethereum. Cryptocurrencies improve the speed of transactions, making it faster for players to deposit and withdraw funds. Crypto payments are also very secure and private offering anonymity for the player.

There are now more online casinos entering the market that have been built to focus on transacting exclusively with bitcoin and other cryptocurrencies, and these are likely to increase in popularity in 2022. In the longer term, cryptocurrencies may help protect players from online fraud and data theft, and there is the opportunity we are likely to see more online casino sites accepting cryptocurrency payment methods.

Instant Transactions

Cryptocurrency payments are incredibly fast with most transactions confirmed within a matter of minutes. Compare that to a traditional bank transfer which can often take up to 5 business days to complete or international transfers, which can take a week or more to clear.

Gamers can deposit funds their accounts or withdraw their winnings instantly, meaning they can start celebrating their success straight away.

Cryptocurrency

Ability to Play Anywhere

Cryptocurrency allows gamers to play all around the world without worrying about any security and exchange rate issues. It not only gives gamers the option to play online without revealing their identity or email to anyone, it allows them to pay and withdraw funds faster.

Cost-Effective

In addition to being faster than more traditional online payments such as credit cards, bank transfers and PayPal, cryptocurrencies are much cheaper to use. Digital transaction fees are far better value than any of these other payment methods as crypto doesn’t take a cut of the transaction as a fee for using its service.

That means gamers get to keep more of their winnings. That’s what you call a win, win.

Security

It’s important that gamers trust the casino they use and therefore need to know that their money and personal details are safe when playing online. Too often hackers gain access to websites and steal customers important financial details.

Blockchain technology prevents illegal trading of digital assets and stops hackers accessing accounts and stealing gamers cash and personal details. It’s the most secure payment method in the world.

The Future of Crypto in Online Gaming

Cryptocurrencies were created and designed to specifically work online which makes them a perfect solution for online payments, especially for gamers. While not every online casino offers players the chance to use crypto payments, it’s worth checking out those that do in order to benefit from the benefits of digital currencies.

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