If there’s a market that’s been heavily impacted by the rising popularity of Bitcoin, it’s online gaming. Since its debut in 2009, we’ve seen online games such as Spells of Genesis offering tradable goods all via Bitcoin’s blockchain technology, alongside online casinos accepting cryptocurrency payments in order to release innovative games such as Bitcoin dice. Online gamers feel very strongly about being in control of their online actions, and this is exactly what Bitcoin is able to offer in online games. How much has the cryptocurrency really influenced the industry, though?
Bitcoin’s Presence In The Gaming Industry
Games are always incorporating new technological innovations into the market, with the likes of VR really taking off last year, not only in the form of a headset, but boots as well! With this in mind, it wasn’t a surprise seeing Bitcoin integrate itself into the online gaming industry, developing brand new Bitcoin casinos as well as alternate payment methods that grant extra perks for gamers. By using Bitcoin in online casinos, all forms of online gaming have been much fairer, commonly known as provably fair games to ensure that nobody has a specific advantage. The likes of PlayStation and Steam have embraced the cryptocurrency movement, and will accept this alternative form of currency in their shops.
While Bitcoin is certainly a useful asset in itself, undeniably the biggest factor behind how it’s changing online games is through blockchain technology. Blockchain has proved to be very resourceful within the online gaming industry, as it brings a decentralised approach to transactions, meaning that governmental bodies and centralised organisations aren’t able to control the Bitcoin payments. With this technology, gamers are able to create their very own gaming platforms and will have more control over their gaming experiences and how they choose to participate in online gaming. Moreover, blockchain also allows players to trade digitalised gaming items by using Bitcoin, so it’s clear to see the potential here.
Chance To Remain Secure
When selecting Bitcoin as your choice of payment, you’re undeniably choosing one of the most secure payment methods on the market at the moment. Gamers spend huge amounts of money on their favourite games, whether that be in the online casino or on digital items that they’ve traded with other users. As a result, it’s essential that all personal information remains secure and impregnable, otherwise hackers have a better opportunity to retrieve private information.
This anonymity allows you to make purchases under a secure Bitcoin address, meaning that any purchases can be made without any traces being made back to your bank account specifically. Plus, with each Bitcoin wallet being backed up and encrypted for extra security, gamers can rest assured that their financial and personal information will remain private.
In a world full of technological innovation, the need for a middleman is extremely unnecessary. Therefore, Bitcoin within the online gaming industry is able to cut the middleman and third parties out completely, transitioning money with greater ease. When using fiat currencies within online casinos and games, you are often subject to paying an additional fee just to make a transaction or withdraw your winnings, however Bitcoin ensures that all transactions are made almost instantly, without the need of paying an extra fee.
The opportunities in the online gaming industry are endless with the use of Bitcoin becoming more and more familiar for gamers all across the world. Whether you’re using the cryptocurrency in the new, innovative online casino games, or you enjoy trading digitalised items with fellow gamers for in-game perks, Bitcoin is undoubtedly reshaping the entire industry – only time will tell how far it goes.