Considering that cryptocurrencies entered a bull cycle and have surged in popularity after 2020, there was an appropriate response in the online gaming community as well. Not only are there huge brands that accept crypto payments and, by doing so, support the adoption of the crypto market, but at the same time, there is demand for crypto payment solutions integrated into the gaming sector. So, if you’re wondering whether cryptocurrency is a special innovation which will revolutionize the gaming industry, we have the answers.
As cryptocurrencies are based on blockchain-based technology, users can expect enhanced security when it comes to crypto payments. Namely, the blockchain network is a distributed peer-to-peer-based database that isn’t controlled by any entity, and it makes it impossible for anyone to alter the data or hack the network. Consequently, there are many cryptocurrencies on the market, and a great demand for crypto users to make crypto payments in brick-and-mortar stores as well as online brands.
The enhanced security is one of the main reasons why both the conventional and iGaming markets, such as real money casinos also accept crypto transactions on their platforms. As casino members are required to verify their identity prior to playing online casino sites, they further need to share their financial details, for example, typing their financial information on the casino site if they deposit with MasterCard or VISA, but when using crypto payments, they can rely on impeccable security in this area. So, there is definitely a rise in online crypto games on casino sites.
Moreover, due to the appealing attributes of cryptocurrencies, many game studios nowadays design games with the in-app purchases available with cryptocurrencies. So, it’s safe to say that there will be a rise of crypto games from the market, not just as mobile but also as game console titles.
Convenience has become a huge factor when you’re playing online games. It doesn’t matter if you’re playing games from your smartphone or computer. You want the purchases to be facilitated quickly and safely.
Fortunately, cryptocurrencies are built for instant and short processing times, which means you don’t have to wait for days for the payment to reach your account and to be able to make an in-app purchase or buy a specific game.
Because the blockchain network is based on a peer-to-peer system, it means that the transactions are generally processed instantly or quickly especially compared to no transactions with fiat currencies, but it also means that the transaction fees are lower for crypto payments. So, cryptocurrencies are associated with lower processing fees which are important, for example, when you’re purchasing a premium feature on a mobile game.
In conclusion, cryptocurrencies are making waves not just in the gaming community but in many other sectors as well. We are finally aware of the benefits of crypto transactions, and we will expect a greater number of both land based as well as online businesses, including game studios and gaming communities, to support the mainstream adoption of crypto payments.
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