If you have ever ventured into the world of cryptocurrencies, you will have noticed that there are many different kinds. To name a few, there’s Bitcoin, Bitcoin Cash, PotCoin, Ethereum, Mondero, LiteCoin. It is estimated that there are over 1600 kinds of virtual currency in the world. These coins are all created for various uses and industries and certain blockchains. There are even coins meant only for gaming which is a huge boon for gamers.
The use of cryptocurrency in the world of gaming has more implications than just ease of payment. It offers a ton of benefits to consumers: it decreases the chances of cheating, as Blockchain technology makes tracking easier, and makes games ‘provably fair’, reduces transaction fees, and guarantees anonymity for players.
The poker industry in particular has been quick to leverage the benefits of Bitcoin poker as it also reduces overheads with payment processing, and fees for customers. Poker.com has a useful guide which explains how bitcoin poker works. Cryptocurrency also works for developers as they can create ecosystems where players can earn and spend currency within the game. Some of the more popular coins in gamine are as follows.
Bitcoin is the mother of all cryptocurrency and the most widely used one as well. BTC as it is known popularly avoids the complications of making bank transactions and you don’t need to pay any extra money or taxes to your bank or government. The transactions are safe and almost instantaneous and the best part of that Bitcoin is also a great investment. It also offers a lot of anonymity so you don’t have to worry about anyone knowing about your gaming habits.
Enjin is the biggest social gaming platform on earth with over 19 million people gaming on it. The Enjin Coin was made to reward these gamers for playing on the platform as well as give them a virtual currency to buy and sell virtual things on the game. Players can even make money by renting out their characters. Enjin Coin employs the ER-20 Ethereum platform. It’s still in its early stages and many of the players are still catching up to it.
GTCoin is a popular cryptocurrency developed by Game Tester and is built on the Ethereum platform. This coin is used to pay gamers who test games. These gamers also get first access to new games. Meanwhile, the developers get first hand feedback for their new games and have the opportunity to work on any weak points before finally launching it to the public. The cons of using this virtual currency like any other is that the value is dynamic and can rely a lot on the market trend. But it is generally understood that the overall value will keep going up considering even regular networking sites like Redditt are planning to release their own cryptocurrency.
Cryptocurrency can be very useful in the world of gaming apart from being a different mode of payment than the usual credit or debit cards. It can be difficult for some users depending on the country they live in as cryptocurrency is still considered illegal in some countries. But if you look at the overall benefits of cryptocurrency and blockchain technology, you will notice that the future is certainly bright.