The Potential and Reality of Cryptocurrency in Gaming
When Bitcoin launched in 2009 by the mysterious “Satoshi Nakamoto,” the whole world reacted. You were on one of two sides: you were a part of the crypto-mania, or you were on the side of the nay-sayers. Whichever side you’re on, it’s proven to have changed how we perceive money and banking irrevocably.
Lucas Goldberg, the author here, was one of the pro-crypto specialists from the start. He regularly consults high-profile clients in the cryptocurrency gambling industry about its potential. According to his team, his articles have helped them understand what an integral part of the development phase crypto can become for casinos like Casumo Casino.
What Is Cryptocurrency?
According to the experts at Investopedia, it’s a virtual or digital currency, safeguarded through cryptography. It makes it impossible to counterfeit, and as such, one of the safest ways to transact. Cryptocurrencies are mostly entirely decentralized and based on blockchain tech. Blockchain is a circulated ledger sustained through a divergent web of computers.
Bitcoin was the first cryptocurrency to hit the global market. During its first few years, one BTC was worth CA$0.0008. At the end of 2010, it increased to CA$0.08. By the end of 2019, a mere ten years later, roughly 18,000,000 BTC were circulating globally, worth an astounding CA$146 billion.
How Is Cryptocurrency Used in Gaming?
The most common use for gaming cryptocurrency is the direct payment for playing games online or making a deposit at an online casino. Players can enjoy complete anonymity online as you don’t have to supply personal or banking info. In a world where there’s a hacker around every virtual corner, it’s one of the most significant advantages of crypto payments.
In-app purchases are another daily use of cryptocurrencies, and developers are starting to realize the potential it holds. Payments between wallets are instant and fee-free. Users can pay the developer or transfer cryptocurrency to another user while playing. It opens up a world of possibilities for developer-owned currencies.
The way we game is changing rapidly. With mobile compatibility and reach, every person with a smartphone is a potential user. Game developers are changing the way they capitalize. You might download a game for free, but you have to use its in-app purchases to buy coins or tools to use in the game to progress in-play.
How Can Cryptocurrency Gaming and Affiliate Marketing Join Hands in the Future?
How many times have you exited a game you enjoyed because it was just too much hassle to make a mobile payment for the item you needed? Now imagine if you have a video game cryptocurrency, created by the developer, that you can access and use as you play. Its potential reaches much further when that currency when a wide variety of affiliates accept it as payment.
Affiliate marketing is the new buzzword and creates an entire plethora of potential use for cryptocurrencies. In layman’s terms, it merely means referral marketing partners. Online operators depend heavily on each other to boost Google rankings and increase their digital footprints, market reach, and sales.
An entire network of affiliate partners can create a single cryptocurrency that users can buy, sell, and receive rewards across all platforms. Let’s say you’re playing online games with cryptocurrency in place and have to buy sunscreen; one of the online gaming company’s affiliate partners could be an actual cosmetics distributor.
You could be buying a virtual sunscreen through an in-app purchase in a game and have the actual product delivered to your door two days later. All because the affiliates share the same virtual currency and payment system, fully integrated into both systems. The potential is electrifying, and gaming could become one way we shop for certain goods.
Science and technology have the potential to blow our minds, and the prospect of developer-owned cryptocurrencies are on the verge of doing it once again. Hold on to your seat, gamers; a new world is about to open up, and you’re smack bam at the centre of the action.
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