What the Blockchain and Cryptocurrency Industries are Giving the Gaming Industry » The Merkle Hash
The integration of cryptocurrency and blockchain technologies in gaming has made a significant change in terms of its growth. Online and mobile gaming is now the biggest sector of the gaming industry. This simply points to how accessibility is just really important to keep the business going.
The rise of the use of cryptocurrencies only seems to positively affect the gaming industry. In particular, online casino gaming is what seems to be benefitting from this a lot. Cryptocurrency gambling has been on the rise in the past few years and it appears that it will continue to do so in the next few years.
Currently, many online casinos like King Billy Casino already offer cryptocurrencies like Bitcoin and other altcoins like Ethereum and Ripple as a mode of payment or payment option. You can check Clovr’s review of King Billy Casino to know which cryptos they accept. There are also online casinos that are purely dedicated to Bitcoin gaming.
Many online casino operators are focusing on luring in more crypto users to play their games and they do this by ensuring that crypto users get great deals and bonuses. Surely, this is something that beginners and expert online casino players are looking for.
Now, the use of cryptocurrency as a mode of payment is beneficial to both players and online gaming operators. For players, it’s mainly privacy and security that appeal to them as to why they prefer using cryptos.
When using Bitcoin or other altcoins, there is no need for its users to disclose their banking information whenever they need to make a transaction. Sure, this is somehow similar to how digital wallets like PayPal works. The difference, however, is that cryptos are powered by the blockchain technology.
Because of the blockchain technology, transactions made with cryptocurrencies remain decentralized. This means that transactions are possible quicker and less of a hassle. This is especially how things are with online players who would need to make a deposit on gaming accounts that will be based offshore.
Many if not most of the banks are very strict when it comes to such transactions and sometimes, it would take a few days for the deposit and withdrawal to reflect on their accounts. Through the use of Bitcoin or other cryptos, however, these problems can be avoided.
The integration of the blockchain technology is what reassures the gamers when it comes to safely make transactions. Through this technology, transactions are less likely to be hacked or malicious. Fraudulent activities can easily be tracked and avoided.
Blockchain is just really a distributed ledger that works on the principle of nodes. It is temper-proof. Each transaction, no matter how small or big, can be traced because of this. This is why it’s just really impossible to manipulate the data. Tracing any malicious activity can be easily traced.
When it comes to how this is beneficial for operators, it’s also mainly convenience and saving up fees that would have gone to third-party service providers. It’s much quicker for a Bitcoin casino to go live if the only mode of payment offered is cryptocurrencies.
Traditional online casinos would sometimes need to wait up to over a month or even 3 months before they can operate with all the payment options they choose to have. Meanwhile, it could only take as early as two weeks for a crypto-gaming site to go live.
Know that online sites that process payments hire third-party providers or services to be able to process the payments. This means that these sites will have to pay for the services that they get. Meanwhile, running a site that only processes payment through cryptos no longer needs the help of third-party services.
Overall, the integration of both cryptocurrencies and blockchain in gaming is a win-win situation for all parties involved. Crypto-gaming is currently seen as the future of the gaming industry as more people are expected to own cryptos in the coming years.
This is despite the fact that it has been a while since the value of cryptocurrencies have soared the way it had in 2017. Experts still see that the value of Bitcoin still has the chance to go as much as 20,000 US dollars once again in the future.
Surely, once this happens again, more people and businesses will once again show their interest in the use of cryptos. This would mean that there will be a bigger market for the online gaming industry. What will follow is that more gaming sites, apps, and the software will be accepting cryptos as a payment option.
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