Online Gaming and Bitcoin (BTC): The Crypto-play – CoinsCapture
“No one invests in the lottery; they play it. Rather than investing in bitcoin, let’s play it.” — As stated by Breakermag.
Cryptocurrencies were introduced in the year 2009 and ever since it has been majorly used with the perception of investment. Bitcoin is the foremost coin in cryptocurrency. It is as good as being a Sheldon Cooper (a character from a television sitcom named, Big Bang Theory).
Also, a study from GeekWire states that over 1.2 billion people play video games across the world and approximately 700 million of the gamers play online. Bitcoin and Online Gaming together could do wonders in the market.
Initially, when bitcoin was used in online gaming it was considered as same as the other game currencies such as Second Life’s Linden Dollars. However, in a period, cryptocurrency’s exposure proved that it was different and varied than the other currencies, also it could place a value in the real world along with the virtual world.
Playing an online game is its unique virtual world altogether. Many of the players are tech-savvy, they are basically the literates of the internet environment. And so, the game players or people related would be much more comfortable and familiar with the adaptability of cryptocurrencies.
Security and privacy for transactions or currencies as a whole in any stream is a fundamental core. On a note, various online games such as online gambling emphasize on security features. Users mainly in online gaming are concern about the security-related threats, and the online gaming firms make sure that they timely and consistently update their users enhancing the reassurance.
In terms of fiat, time, operations, expenditure and so forth, the utilization of bitcoin is much more beneficial. Bitcoin has a feature of being transparent as it is blockchain-based platform it consists of a public distributed ledger. No work on the blockchain can be easily hacked. Transactions on bitcoin would have no chargebacks or taxes or almost negligible which comparatively is cost-effective. The chances of money laundering as compared to the traditional method are minimized too.
In online gambling, people betting poker chips have often devalued the currency with its appearance of being all-fancy, in the same manner, even cryptocurrency could be treated and accepted as merely based on entertainment. It also needs less manpower as compared to the traditional casinos. Also, the exposure of bitcoin in the market could help attract more players in online gaming.
Online gaming websites has also laid down reviews of the players and related on the site to platform itself trustworthy amongst the avid gamers and cryptocurrency enthusiasts. Few online gaming platforms have also indulged itself in the industry and developed blockchain-based online games with the help of smart contracts creating a whole new era of gaming.
The online gaming, unlike any other industry, embraced the bitcoin pretty much early. Various gaming industry accepts bitcoin and other cryptocurrencies as valid currency for its use and many others are joining the process. People have even said that even if bitcoin doesn’t work in the mainstream market it will yet have a secured place in online gaming.
Many online gaming sites let users earn bitcoin, such as Donnerlab, a platform for online gaming builds applications and lightning games and allows gamers to pick-up Satoshi cubes and hunt Bitcoin. Also when, Satoshi games built-in the lightning network microtransactions named Lightnite said, “In simple words, players earn Bitcoin by shooting other players and loose Bitcoin when they get shot.”
Tim Draper, an American venture capital investor, stated that innovations like these would be one of the primary reasons to propel the value of Bitcoin higher, he believed that it could reach $250,000 by the year 2022 or 2023. He said, “It’s because of Lightning Network and OpenNode and maybe others that are allowing us to spend Bitcoin very freely and quickly, so that it’s not just a store of value but it can be used for micropayments; it can be used for retail, it can be used all over.”
Gaming developers are also considering cryptocurrency to finance their game’s development, such as Reality Gaming Group. The other gaming industry that is accepting Bitcoin is Valve Corporation’s Steam, it is said to be the largest digital distribution platform that has been accepting Bitcoin through a processing service named BitPay for PC gaming since 2016.
The usage of bitcoin keeps climbing the stairs in the online gaming industry.
Bitcoin and Online Gaming could be perfect match players if the users and investors play well.
Published at Thu, 05 Dec 2019 06:06:44 +0000
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