Online gaming

Can you use crypto for online games? – CryptoMode

Over the past two decades, cryptocurrency has grown from a mere concept to a tangible coin that is used around the world. There are a number of different types of currency and a number of different industries that embrace its use. Some of these industries include travel and retail; however, one of the most popular and welcoming has been online gaming.

Following a recent report published by Wax, it was found that around 75% of all online gamers would be willing to exchange their virtual assets for a currency that they could use to play, but also to buy and sell on other platforms. Cryptocurrency would be able to do this because online gamers would find themselves able to collect and trade such assets. These could then be used for trading assets across the world as well as the online gaming industry. It’s a safe and easy way for players to earn money and buy items.

What is Cryptocurrency?

With so much talk about cryptocurrency, it can be easy to get bogged down in what it is capable of without fully understanding what it really is. The thing is, cryptocurrency is a virtual asset that has been successfully secured using crypto. With the use of blockchain technology, cryptocurrency is fully decentralized, immutable, and transparent.

They are considered beneficial by many due to the fact that cryptocurrency is completely immune to any form of government interference and not susceptible to manipulation in general given that there is no no central authority. There are a number of different types of cryptocurrency; however, one of the most popular is Bitcoin. Some others include, but are not limited to:

  • Litecoin
  • Peercoin
  • Namecoin
  • gimbal
  • EOS
  • Ethereum
  • Binance Coin

How would this work with online games?

A number of industries have happily accepted the use of cryptocurrency. However, one that particularly stands out is online gaming. Players may use the currency in different wallets for a number of reasons.

When it comes to online games, monetization can occur in the form of in-app purchases, as well as in-game advertising and affiliate/referral marketing. In-app purchases are good for gamers because they allow different players to buy something straight from the game. These include coins, extra lives, and items that can help with a specific task.

What types of games use crypto?

There are a number of different types of gaming companies that have started using cryptocurrency. Two of the most popular include:

Microsoft as a company has started allowing people to start using cryptocurrency when shopping and this naturally trickles down to their gaming world. screen, features, additional bonuses and new games, all with cryptocurrency. Such a behemoth of the gaming industry adopting Crypto is a clear indication of the direction of cryptocurrency in online gaming.

Many live casino games such as those at now accept cryptocurrency as a way to gamble, place bets, and as a reward. These have started to be used by online gamers around the world who tend to be much more tech-savvy than others. Again, the fact that an industry as massive as online gambling is embracing cryptocurrency is a clear indication that more sites will also start using it.

The benefits of using crypto for online gaming

With more and more gambling sites starting to allow the use of crypto, it is worth discussing the benefits of doing so. They include, but are not limited to:

  • The transaction is instantaneous

Many online transactions (especially large transactions) can take a long time. When you use crypto, you eliminate the authority and bureaucracy of middlemen that makes the process take so long. It is also cheaper to do so too.

There are some countries where the use of cryptography is prohibited but in general, one of the advantages of its common use is that it will be available to people all over the world.

When shopping online, your security should be absolutely paramount. This is very important for people who use cryptocurrency thanks to Blockchain which makes illegal trading of digital assets impossible and players’ cryptocurrency is safe and secure.

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None of the information on this website is investment or financial advice. CryptoMode is not responsible for any financial losses incurred while acting on the information provided on this website by its authors or customers. No advice should be taken at face value, always do your research before making financial commitments.