The Potential and Reality of Cryptocurrency in Gaming

Many trends keep coming up to redefine the gaming industry. Most of them are due to the continuous advancement in technology and the need to meet new demands of an ever-evolving market. Various sectors are always cautious not to accept those changes fast because they don’t know their future impact. 

Others also wait to see how they will impact the industries that are quick to adopt them. In short, they fear taking risks because they know that risk is mostly associated with losses. However, that’s a different case in the casino industry. 

We were lucky to have a session with our expert, Amy Martinsson, who shares her insights on gaming cryptocurrency and how blockchain will impact the entire gaming sector.

If we introduce the cryptocurrency to the gaming world it will e beneficial for both of the industry and it will provide great boom to both industries because gaming industry is worth of $152.1 billion and its a huge amount. Banking system is not much successful in gaming industry because banks are centralized and this make transaction slow but if cryptocurrency take place of banking system it will be beneficial because transaction will be easier because crypto is based on blockchain.

Eliminates delayed transactions

Can you imagine how long it can take you to make transactions from your Swedish bank account to a typical casino site? It can take hours before it’s activated. Sometimes your bank can notify you that the transactions cannot occur due to the bank’s network’s downtime. That may, in turn, inconvenience you, especially if you needed the money urgently.

However, since the invention of cryptocurrency, delayed transactions have become a thing of the past. As long as you have a crypto wallet, you can make your transactions without a doubt that it will delay.

Enhanced safety 

Technology has been helping in coming up with safety mechanisms. However, most hackers use technology to tap into private data as they take advantage of the loopholes in payment systems. With cryptocurrency, you can do transactions and even share data without fearing that they will leak because blockchain technology provides a secure way of doing transactions.

Therefore, cryptocurrency is a reality in gaming, and much more will happen. We expect more games with cryptocurrency and more industries embracing blockchain technology.

Further integrating cryptocurrencies and blockchain with video games

In our example above, inserting cryptocurrencies into the microtransaction process is the most obvious integration method. However, moving forward, there can be more hands-on and innovative approaches in integrating the two.

For example, by creating their own cryptocurrencies, game developers can cut their ties with external payment mechanisms. Let’s say there was a new massively multiplayer online role-playing game (MMORPG) called Paxfulfilled and it had its own in-game currency called Paxcoins, a gaming cryptocurrency. Players could convert their current crypto into Paxcoins using a dedicated payment portal and then use it to buy in-game gear and cosmetics. For the developer, it could give them more control and put an end to the hassle of regional pricing. For the players, it could be a more streamlined payment system with prices being measured according to the value of Paxcoins—in short, it’s likely to be cheaper.

Additionally, with the blockchain powerhouse backing the entire currency system, players’ items would be recorded on a secure ledger—protecting them from accidental erasures, technical problems, or bad servers. Suppose the developers of Paxfulfilled were to create more games. In that case, the blockchain could also be a new way of item and currency sharing between entirely different games, creating a new kind of gaming ecosystem. This means that in-game items could potentially take on the form and value outside the games they were originally made for, kind of like physical goods.

Besides adding a bigger bang for the gamer’s buck, cryptocurrencies are also incredibly secure and private. There have already been many instances in the gaming industry where large networks are hacked with users’ credit card information being leaked online and sold in underground markets. Cryptocurrencies provide a secure, private, and even transparent mode of payment that is unparalleled.

Bright futures ahead

It’s easy to see that cryptocurrency has a lot to offer, especially in gaming. The tech could change the industry entirely if the more prominent gaming companies adopted it.

Right now, it’s at the point of experimentation and it’s already extremely exciting. As time goes on, it wouldn’t be a surprise to see more game developers exploring crypto options in this booming industry. It’s also no surprise that some of the biggest streaming services have already dabbled in it, like users being able to use Bitcoin for Streamlabs tips and donations, Twitch bits, and many more.