Bitcoin Video Games
Bitcoin is the most popular cryptocurrency in the world. Many businesses now accept bitcoins and as a result, bitcoin prices are rising. Bitcoin can impact traditional payment systems and the video games industry. Bitcoin is based on Blockchain technology it can help to solve the problems of the gaming industry. We already see the gaming industry using cryptocurrencies and many crypto games are in development.
The use of Bitcoin in gaming is a new trend. Many games have introduced the Bitcoin payment system in in-game purchases as well as Esports. So we expect more development of Bitcoin in the gaming market in near future. In this article, we discuss Bitcoins and its impact on the gaming industry.
What is cryptocurrency
Cryptocurrency is a digital currency, unlike traditional currencies like dollars, euro it is based on a decentralized system, and the value is decided by its demand and supply. Unlike dollars and euros, cryptocurrencies have no physical presence some of the popular cryptocurrencies are:
- Litecoin etc.
Bitcoin is a type of cryptocurrency that still remains the most popular and valuable cryptocurrency. Bitcoin was launched in 2009. Many people invest their capital in Bitcoins and if the market is in favor then they can earn huge profits.
Why is Bitcoin popular?
There are a lot of cryptocurrencies available but noother crypto currency comes close to the Bitcoin.. The question everybody asks: Why is Bitcoin so popular?
Cryptocurrencies’ price is based on their demand and supply. Many people prefer Bitcoin because of the security that Blockchain technology offers. Many businesses are accepting Bitcoin as a trading currency, which is the main reason for its popularity (not enough research here). Many formidable companies like Tesla and Samsung are showing interest in Crypto currencies which leads to more and more people flocking towards crypto currencies with their investments.
As it is based on Blockchain technology, there is a very low chance of fraud. The main problem with Bitcoin is the severe fluctuation of prices. A lot of people avoid investing in Bitcoin because its prices are not stable.
Asian video game publisher Nexon buys 100 million worth of Bitcoin
Nexon, a video game publisher, bought 1717 Bitcoin for about $100 million. The average price of a Bitcoin was $58226 including fees and other expenses. This is a huge step by Nexon, total purchase represents less than 2% of companies’ total cash and cash equivalent on hand.
Other big companies like Tesla and MicroStrategy are exploring the potential of cryptocurrencies, (no coherence)Nexon’s CEO said that, “In the current economic environment, we believe Bitcoin offers long term stability and liquidity while maintaining the value of cash for future investments.” After seeing such big names showing interest in Bitcoin, we assume that Bitcoin’s price will increase in the near future and we expect more people to show interest in Bitcoins.
Bitcoins and gaming
The gaming industry is booming nowadays, however, we see gaming servers being attacked, and with virtual reality and 5G, this problem may arise. Blockchain technology helps to solve this issue; Blockchain isbased on decentralized system and end-to-end encryption, so the gaming servers are safe. Security is one of the main reasons for Blockchain technology’s popularity.
Using Bitcoin enhances transparency because everyone can see Bitcoins’ transactions. Nowadays, games require you to purchase in-game assets like guns, skins, cars, etc. now; you can use Bitcoins to purchase your in-game assets. (no need, tautology). For transfer, their assets take days for processing payments, but with Bitcoin, you can easily and instantly send payments with no restriction.
How does Bitcoin work in gaming?
You can buy or sell Bitcoin via exchange wallets, which means once those who want to send payment can use bitcoin wallets to send payment (not clear). (repetition, already discussed above).
You can buy games through crypto wallets; Bitcoins can also be used in online fantasy games. Through Blockchain, the overall experience of fantasy games increased(not clear). The platform eliminates the complex verification system and makes the system transparent.
Benefits of Bitcoin Video Games
Cryptocurrency can solve problems related to transactions and fraud in the gaming industry. Here are some benefits of Bitcoin/cryptocurrency in gaming:
Bitcoin works on decentralized systems and removes bureaucracy and intimidators and allows players to enjoy their favorite games and pay quickly. With Bitcoin, you can instantly and easily send payments anywhere in the world.
Bitcoin allows gamers to play games without worrying about security and exchange rates. You can pay anyone without exposing your identity.
The main benefit of bitcoin is its security system; many online games have trust issues. But Bitcoin prevents this fraud transaction because it keeps records of every transaction. Bitcoin also eliminates the risk of hacking and ensures secure and safe payment.
Normal payment systems like credit cards, PayPal require transaction charges but Bitcoin has no hidden charges. In gaming, if you use Bitcoin, there are no hidden charges and fees and because of peer-to-peer transactions, you need not to worry about payment security.
Sometimes, in-game purchases requires you to share your personal information. If you are not comfortable sharing your personal information you can use Bitcoin for these payments.
Final words BitCoin Video Games
As we see there is considerable development in the Bitcoin and gaming industry. Bitcoin is popular but expensive; many prominent players promoting Bitcoins expect it to be more popular in the future. New technologies are coming in the field of gaming like VR, with these new changes we need a secure system where Bitcoin and Blockchain can help. Bitcoins are helpful in online fantasy games, sports fantasy, and many people now use Bitcoin in fantasy games because of its security system.
In the gaming industry Bitcoin can solve many problems related to Esports and gaming. The main problem with Bitcoin is its fluctuating prices. But there are many other benefits of Bitcoins like end-to-end encryption, secure payment, etc. But all in all, we can expect some major developments in the near future.
If you wish more details about how gaming can work with crypto’s, contact gaming consultants.
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