Cryptocurrency first entered the scene in 2009, but it wasn’t until 2020 that it started to gain real traction globally. In 2021, there was an estimated 106 million people with shares in bitcoin, which is expected to grow exponentially by 2025. According to Coin Market Cap, gamers are more likely to own cryptocurrency than anyone else. This is likely due to the increase in payment method availability and the rise of GameFi, decentralized apps on blockchain platforms. As cryptocurrency becomes more widely adopted, it will impact the gaming industry in many ways. We will discuss this below.
Instant Transactions
Many online gamers make and receive payments through their chosen gaming platforms. Currently, these transactions are processed by third parties and can incur undesirable wait times, which causes friction to the gamer. With the rising adoption of cryptocurrency, the need for third parties can be eliminated, meaning the transaction speed will be almost instant. For example, there are already plenty of quality online gambling sites that accept Bitcoin as a payment method.
Increased Security and Safety
Whenever gamers are online, their security is always a concern. After all, no one wants to have their details or gaming efforts stolen. Fortunately, through cryptocurrency, gamers can secure their assets in a crypto wallet, and rest assured that hackers can’t steal their data in transit. When choosing a crypto wallet, there is a learning curve, and you need to make sure your private keys are kept safe at all times; you won’t be able to access your money without them. Most games that accept and use cryptocurrency operate on smart contracts, which eliminates the ability for keys to be duplicated.
More Accessible and Flexible
When people make payments through gaming platforms, there can be a lot of friction because of unnecessary personal details. Thanks to the adoption of bitcoin in gaming, players can now bypass exchange rates and security pages and get straight to making payments. Playing games without the need to offer names, addresses, phone numbers, and other information means that more people will likely play. As well as being a more flexible payment method, GameFi and cryptocurrencies eliminate geographical barriers, which means players can access games from anywhere in the world without worrying about country blocks.
Save Players Money
Sometimes gaming platforms can be full of hidden fees, including processing fees. With the adoption of bitcoin, a considerable amount of money has been saved by eliminating handling fees and processing fees. The idea of bitcoin is that no one entity or company is set to profit from the currency, which means there are no surprise fees, and transactions happen near instantly. Thanks to cryptocurrency, players can pay and withdraw greater figures than they were before, which is appealing to veterans and newcomers.
Cryptocurrency is relatively new in terms of tech, but it’s already having a significant impact on the industry. Over the next ten years, the chances are that crypto will become commonplace in gaming; only time will tell.
