How cryptocurrency market is revolutionising the gaming industry
Money Changes Forms, Not Just Hands
Money has changed its forms ever since man has evolved in life. From barter systems in ancient eras to the current day cryptocurrency, the changing form of money has forced the man to change the way he has bought about the transactions.
Talking about Cryptocurrency in the most basic terms, it is the form of money, that is protected by strong cryptography and is a completely digital form of currency launched to secure transactions carried out by the users.
But if we trace the history of any currency, then we will find that the success of any form of money that has been used by mankind till now lies in the aspect of acceptance.
Challenges for Cryptocurrency
For cryptocurrency, the biggest challenge today is to promote its acceptance among the general public. Out of the many sectors that are present in the economy today, the gaming industry is a potential sector that can help in increasing the acceptance of cryptocurrency by serving as an alternative to an industry that requires trustworthy business because of the frequent transactions that need to be done as part of the operations in the gaming industry.
A Business Called Gaming
The gaming industry is a multi-million-dollar industry, and this is the reason why the service providers of cryptocurrencies of various forms have a keen interest in establishing their presence in this industry.
As far as gamers are concerned, they are involved in making micro-transactions while playing online games now and then while on the other hand, the game developers have huge transactions to be made that have to be recorded and registered in secure ledgers.
In most cases, they have been successful in doing so by promoting this newer form of currency over the relatively older card-based transactions. The whole premise of introducing a new form of currency is that the developers can themselves earn an additional amount of money when they convince the users to use a new currency that has been designed by the developers themselves thereby, selling another product along with the game itself.
Need for Transactions in Gaming
Online games have always been a source of money for gamers. Games in online casinos like Rummy, Poker, etc. have helped people in earning money while playing these games. In the current day, the trend of playing games on online casinos like Bspin, which is spreading like wildfire, a bitcoin casino that supports cryptocurrency.
The game developers and players of this game have invested in Bitcoin Casino due to two reasons. The first reason is that the amount of money that is involved in this online casino game is huge.
So, if they can convince the gamers to use the cryptocurrency best suited for them, then it will add to their profits. Secondly, for the gamers, it is a great boon because they can withdraw the earnings quicker as compared to the old forms of online casino games.
Other Needs Fulfilled by Cryptocurrency
This is just one example of how Bitcoins and other forms of cryptocurrency are taking center stage in the gaming industry. Many of the developers who are strong believers in the potential of cryptocurrency are also aiming to create a scene in the gaming industry where the games that are played by the gamers will even reward them with cryptocurrency such that it pays them like a job.
Using cryptocurrencies will help in enhancing the money control for the game developers and will exclude any disparity in the pricing that various regions of the world are experiencing in the present date.
Facilitating Trade Between Gamers
If you are a gamer, then you must be knowing that most of the games have their gear, which is required to improve the experience of the game. Many times, the gears in these games are just paid services which the gamers have to buy.
It is currently being believed that if the blockchain technology, which is the basic premise of cryptocurrency, is implemented completely in the gaming industry then a public ledger will be created for these transactions that will not only make them more transparent but will also allow setting up a secure trading platform between gamers as well.
Some Apprehensions About Blockchain Technology
But just like any other technology, even the blockchain technology has its shortcomings, which need to be rectified before widespread acceptance can be achieved for cryptocurrency among the gamers.
One such glitch in the blockchain technology is that once a transaction is made through cryptocurrency, the time, which is required for the transaction to get registered on the public ledger is approximately 10 minutes.
Ten minutes is a lot of time for any gamer, and thus, all of them would want that this duration is reduced through active measures by the creators. But apart from this, the cryptocurrency and Blockchain Technology duo seems to have a secure future in the gaming industry.
A Look at The Big Picture
Cryptocurrency promises to change the scene of operations in most of the industries in the world today by leaps and bounds. Among these industries, even the gaming industry is not lagging.
It has to be accepted that despite the innumerable advantages that the blockchain technology and cryptocurrency are going to provide to the gamers as well as to the developers, it is still under consideration by most of the game developers, gaming marketers & advertisers and only minimalistic implementation of the same has been seen till now.
But with growing awareness about the use and benefits of cryptocurrency, it will be no surprise that the use of cryptocurrency in the gaming industry will bloom shortly such that all gamers and developers will switch to cryptocurrency and the blockchain technology for any transactions.