In the current wave of innovative transformation, cryptocurrency and online gaming are two markets that seem poised to evolve together. Online gaming is a multimillion-dollar industry, with millions of dollars invested in different technologies every year. As such, online gaming companies are striving to stand out from the cloud by investing in technologies that offer the best user experience and satisfaction.
The blockchain's impact on the online gaming industry has contributed to tremendous growth by allowing operators to reach areas that might have never been possible. As a result, Bitcoin gambling through games like casino dice is widely adopted globally, with startup companies simplifying the blockchain for more benefits. Here's how the crypto industry will impact the future of online gaming. But first, let's check out the basics of cryptocurrency to help you understand how it works in the online gaming market.
Understanding Cryptocurrency And Blockchain Technology
To understand how cryptocurrencies work, you must be familiar with blockchain technology. The blockchain is basically the digital information stored in a public ledger. This information is stored in immutable blocks containing transaction information like time, date, and amount. These blocks also store information on the parties involved in a transaction, with each containing a unique code that allows the users to differentiate them.
For cryptocurrencies like bitcoin to work, both the sender and the recipient must sign off on the payments using a digital signature. The transaction information is available on a public ledger, helping to guarantee transparency and accountability. That means there's no central authority like the government or banks regulating the transactions, just a network of computers. That's why cryptocurrencies are said to be decentralized.
Regulated Gaming Economies
Not every jurisdiction welcomes online gaming with open arms. Unfortunately, the banning of online betting platforms doesn't do the market any good, as most punters still find a way to bet. However, banning gaming platforms in a country creates black, unregulated markets that increase players' risk of being scammed online.
Using blockchain technology, developers can easily trade digital items worldwide with little to no restrictions. The players can also use cryptos to place their wagers without risking being scammed.
Millions Of Dollars Saved
Besides facilitating cross-border payment within minutes, cryptos facilitate payments at a fraction of the price compared to third-party processors like banks. These decentralized payment processes allow developers to save lots of money on payment gateways and merchant subscription charges. Even better, the continued adoption of cryptos by online gaming platforms will save the players the transaction fees, as payments and deposits are processed at very minimal charges. In some cases, the transactional fees are almost unnoticeable.
Proof Of Asset Scarcity
Cryptocurrency and the blockchain technology in the online gaming market will offer proof for asset scarcity, invoking the users' interest in a game. That's because the blockchain ledgers will allow developers to create rare digital assets for 3D virtual reality games. Additionally, game developers can develop web pages to track the most desired digital items and assets in a gaming platform.
On the blockchain, in-app assets are available as non-fungible tokens, which are traceable on the blockchain. These assets can be anything from digital artwork bought online to weapons in games. That's different from fungible tokens like the US dollar, and different startups are focusing on improving the underlying infrastructure.
Enhanced Gaming Experience
Cryptocurrency has significantly impacted the gaming industry in both online and offline activities. For instance, popular consumer electronics brand Sony is planning to unveil a video game using blockchain and cryptocurrency on their popular gaming platform, the PlayStation. Epic games – the studio that brought you Fortnite – has also found a new way to incorporate blockchain technology on the gaming platform to give the players an excellent gaming experience. That shows the blockchain and cryptocurrency are the future of online gaming.
Why Online Casinos Should Embrace Crypto Gambling
In online casinos, real cash regularly changes hands as the players deposit their stake and withdraw winnings. Cryptocurrency can facilitate fast transactions with minimal processing fees, making them ideal for banking when playing online games. There are also other added incentives for gamers who play using cryptocurrency, as most of them have a high-security threshold and aren't easy to hack.
Today, many players and developers already hold cryptocurrencies in their wallets, whether they use them for gaming or not. As such, cryptocurrency gaming on the internet will continue rising as more players embrace the industry. Additionally, more games are expected to incorporate blockchain technology and increase its popularity.
Bottom Line
As more gamers adopt cryptocurrencies such as bitcoin, the blockchain industry will continue rising alongside the online gaming market. Even better, online gaming's future seems promising more than ever, especially with the development of new digital economies. As such, it's fair to say the future of the gaming industry is tied to the cryptocurrency market.
