Cryptocurrencies: Are They The Future of Online Gaming?

Cryptocurrency has become a global phenomenon in recent years. Various industries benefit from the convenience of cryptocurrency; one of these industries is online betting.

In fact, around 75% of online gamblers want to exchange their virtual assets for a currency they could use to buy and sell on other platforms.

Cryptocurrencies allow players to collect and trade virtual assets, which they can exchange and trade anywhere in the world. Therefore, it offers the gambling industry and sites like a safe and easy way to make money.

How does cryptocurrency work in online gaming?

You can buy or sell cryptocurrencies through wallet exchanges. For example, when a user wants to send cryptocurrency units to another user, he sends it to that user’s digital wallet.

In online games, the monetization strategies adopted take the form of in-app purchases, in-app advertising, and affiliate or referral marketing.

In-app purchases allow players to buy something directly into the game, such as coins, extra lives, and custom characters. In online bitcoin games, players buy items with Crypto or by buying Crypto itself.

Advertising within online games is present in the form of rewarding ads, where players must complete specific tasks, watch video ads, and complete surveys to earn cryptocurrency.

Affiliate marketing is new to the market, in which players must click on affiliate links and banners to refer a friend, earn rewards, and sign up for a free offer.

Today, there are online bitcoin casinos that have adopted cryptocurrency payments, where players can play or trade digital assets.

Advantages of cryptocurrency in online gaming

1- Instant transaction

Cryptocurrency eliminates bureaucratic authority and removes inefficient intermediaries from the process, allowing players to quickly enjoy their favorite games.

This makes the process of exchanging cryptographic units instant and efficient.

Another problem that game developers often have is selling their software outside of app stores. Blockchain allows these developers to process nanopayments to receive instant payment.

2- Possibility to play anywhere

The use of cryptocurrency allows players to play internationally without any security and exchange rate issues.

It offers players the chance to play without confirming their identity or email. It allows players to pay and withdraw funds faster from anywhere in the world without any restrictions.

3- Security

Security is crucial when making multiple purchases in online games, as many online betting websites have trust issues.

Blocking technology from online gaming prevents the illegal trading of digital assets. It also ends piracy and key theft by creating an immutable ledger and eliminating key duplication.

It helps players trust smart contracts that guarantee safe and secure payments.

4- More value for money

Cryptocurrencies are more profitable than credit cards, bank transfers, and PayPal. There are no hidden fees associated with using Bitcoins and there is no waiting for your money to move.

The use of cryptocurrencies in online gaming eliminates management fees and exchange fees, as it is a peer-to-peer transaction between users, eliminating the middleman.

It makes the model more viable for gamers and game developers. Players get more for their money and developers increase their profits.

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