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In recent years, we’ve seen numerous new trends emerge in the world of gaming. These changes have largely been fueled by the rise of cryptocurrencies, particularly Bitcoin.
Its integration into the industry has already opened up exciting new opportunities and it doesn’t look like it’s going to stop there.
With that said, let’s look at how Bitcoin made its way into the gaming world and explore the way it has transformed the industry.
Faster and Easier Transactions
One of the best things about Bitcoin and other cryptocurrencies is that they make online transactions easier than ever. Unlike traditional payment methods, they don’t require intermediaries like banks and payment processors. Instead, all transactions occur directly between users through a decentralized network.
This decentralized approach has had a significant impact on the gaming industry, making transactions smoother.
One of the sectors affected the most is online gambling. Going from rather inefficient or simply slower traditional payment methods, players can now gamble with Bitcoin easily and get money on and off of their accounts in no time. Being processed directly on the blockchain, the technology behind Bitcoin, these transactions don’t require any bank approvals, security checks, and manual verifications.
However, this isn’t the only advantage Bitcoin transactions offer. The token is available worldwide, allowing players to make payments online regardless of any regional banking restrictions. This global availability has opened the doors to online gaming to millions of players from across the world.
Without any third parties involved, BTC transactions also involve lower fees, leaving players more money to spend on slots, poker, or whichever casino game they prefer.
In addition, players don’t have to input any personal information when making deposits to their accounts if they’re using BTC. This gives them the opportunity to play their favorite online casino games while staying anonymous.
Lastly, Bitcoin transactions are generally considered safer to use than traditional payment methods. Just the fact that you don’t have to input your credit card number when making a payment makes a huge difference in protecting your financial information. Additionally, once a transaction has been recorded on the blockchain, it becomes permanent and cannot be altered or reversed.
Offering so many advantages to players, it’s no wonder Bitcoin became one of the biggest trends in online gambling. We can only expect more and more players to ditch traditional payment methods in the future and shift their focus to Bitcoin and other popular tokens.
Impact on Esports
Bitcoin and Esports have a lot in common. Both are relatively new additions to the gaming world and they target the same audiences – tech-savvy young adults. These similarities have created endless opportunities for innovation between the two industries.
Many gamers still remember the 2011 StarCraft tournament in which players ranked between 5th and 8th place received a consolation prize of 25 Bitcoins each. At today’s price levels, this would be $2.5 million per player making this one of the biggest Bitcoin horror stories out there.
While the popular token was present in the Esports world in its early days, it’s still very much involved in the industry today. Bitcoin has become one of the most common payment methods among Esports fans who bet on popular gaming competitions, for the same reasons mentioned earlier in this article.
It has also led to various other cryptocurrency companies sponsoring popular Esports teams and competitions. These deals are worth millions of dollars, which isn’t surprising considering how big gaming competitions have become in recent years.
This doesn’t only go for Esports but other popular forms of entertainment as well. Big crypto companies are now sponsoring sports teams across the planet. Some of them are also working with popular content creators who live stream on gaming-focused streaming services, such as Twitch.
Cryptocurrencies also continue to be a popular prize option in Esports tournaments. Just like in the infamous 2011 StarCraft tournament, many Esports competitions choose to reward the best-performing players or teams with cryptocurrency prizes. The only difference is that they’re no longer viewed as just some random digital coins like BTC was back then, but as legit money prizes.
Blockchain and Digital Assets
Ever since the early days of gaming, players have dreamed of being able to turn their passion into a source of income. Not so long ago, the only way to do this was to become a professional player or streamer.
However, the integration of Bitcoin into the gaming world has opened up new opportunities for players to make money. This was achieved through its backbone – blockchain technology.
This tech offers transparency, security, and true ownership of digital assets. It ensures that all transactions in these games are permanently recorded on a decentralized ledger, making it impossible for any unauthorized alterations to occur even within digital worlds.
With these advancements, an entirely new game type has emerged – play-to-earn (P2E) games.
These games allow players to earn cryptocurrencies by completing in-game tasks, winning battles, or trading their items. Unlike traditional games, where in-game currencies don’t have real-world value, P2E games make converting your earnings in the game into real money a breeze.
With the rise of P2E games, gaming is no longer just about entertainment – it has also become a way of generating income. These games will only continue to evolve, offering richer gameplay experiences and mechanics that resemble those in traditional video games.
What’s Next for Bitcoin and Gaming?
There’s no doubt Bitcoin is here to stay and its role in the gaming world is only going to increase.
Just like online casinos, more traditional games may start accepting BTC payments for their in-game transactions.
More games will be built on the blockchain and more players will look to profit from the technology, as P2E games start attracting even more attention. These games will also resemble traditional games even more, drawing more players and blurring the line between gaming for fun and gaming for profit.
