The convenience, privacy, and security that cryptocurrency offers have made it a global phenomenon. Several industries have benefited from the growing popularity of crypto. One of these industries is the online gaming space. According to study by Wax, 75% of online gamers prefer to exchange their virtual assets for a currency that can be used for transactions on other platforms such as cryptocurrency. Online players can use crypto to trade and trade currencies for a growing number of digital platforms that accept cryptocurrency.
Cryptocurrency relies on blockchain technology to ensure a decentralized and transparent form of currency. One of the reasons crypto is becoming more and more common is that some users and businesses appreciate that cryptocurrency is safe from manipulation and interference from any government. Bitcoin remains one of the most popular types of cryptocurrency, but other cryptocurrencies such as Ehereum, Namecoin, and Litecoin are also gaining popularity. Additionally, Crypto users have an online wallet, which they can use to buy and sell from any online platform that accepts cryptocurrency.
In online games, monetization is done through different strategies, including in-app advertising, in-app purchases, affiliate marketing, referral marketing, and other mechanisms. In-app purchases are typically made through user accounts set up in in-app stores that store credit card or bank information. With the availability of cryptocurrency, online players can feel more secure in online transactions, as cryptocurrency reduces the risk of online fraud. Additionally, all crypto transactions are available in a public ledger, making them extremely difficult, if not impossible, to hack.
Another key benefit of using crypto for online gamblers is that the transaction is instantaneous by removing inefficient intermediaries common in banking from other digital payment channels. Most of the online games rely on these monetization methods as a source of income. Still, these monetization strategies can be frustrating for online gamers, as using traditional digital payment methods can be risky. Cryptocurrency solves these problems by providing a safe and efficient way to make digital payments.
One benefit of using cryptography for game developers is to sell their software or games outside of app stores. Online gamers can use the blockchain to directly process cryptocurrencies without needing to use app store payment channels. This means that users can pay without creating an account, using an email, or confirming their identity. This allows online players to protect their identity, including their personal information such as their phone number and home address.
It is fast, easy and secure for online players to use cryptocurrency to pay for games. Blockchain technology used by cryptocurrency reduces illegal trading of digital assets. It also provides better security for developers and gamers, as blockchain prevents hackers from infiltrating payment channels.
With no hidden fees like bank charges or administration fees, cryptocurrency offers a more profitable payment method. There are also no exchange fees because the cryptocurrency is universal. As a result, online gamers get more for their money, while game developers can increase their profits by eliminating hidden fees and middlemen.
As cryptocurrency continues to gain popularity, more and more online gaming platforms will accept it as the default transaction mode. Of course, there will be new challenges to overcome, such as government regulations on crypto transactions. Still, the plethora of benefits that cryptocurrency offers are going to be hard to remove.