Cryptocurrency is a rapidly developing form of digital currency that uses encryption approach to control the creation of currency units and confirm money transfer, but it runs solely without a central bank. With reference to a recent report about a research done by the Worldwide Asset eXchange (WAX), the rate at which cryptocurrency is being used has increased ten times more than their non-gaming counterparts. In the USA, a research conducted among 1,000 gamers showed that around 5% of the Millennials have begun investing with Crypto Head.
It further argued that the adoption level stands at 55% in the meantime. All these prove why most gamers are behind Cryptocurrency.
1. Potential efficiency noted in cryptocurrency
Currently, virtual video gaming market is running short of standards, therefore, making it much muddled. The available in-game currencies have been much limited since they don’t support conversion to fiat. Other intermediary service providers are quite limited due to being too slow and inefficient. This has placed cryptocurrency in a better and competitive position, and hence being ranked the best intermediary by most gaming companies. Some of the most popular casinos that accept crypto currencies include FortuneJack, CryptoWild, BetChain, Bovada, CloudBet, and Bitstarz Casino, among others. In addition to Bitcoin, other cryptocurrencies such as Litecoin, Ethereum, Dogecoin, and Dash Coin are also increasing gaining acceptance and popularity in the online gaming casinos.
2. Anticipated flexibility of gaming industry using cryptocurrency
A representative from Wedbush Securities, Michael Patcher, speaking about the subject noted that there is the possibility of most gaming companies using a common blockchain. This would then bring up the need to have a common trading currency across all these platforms. He predicted that using cryptocurrency, numerous credit card transactions would be phased out, hence making the system quite flexible. This would make systems convenient since most free-to-play games are only involved in mini-transactions.
3. Enhanced safety and anonymity
With the acceptance of cryptocurrencies in online gaming more and more millennial gamers will enjoy the convenience of playing and placing their favorite bets without having to leave the comfort of their homes. And thanks to the blockchain technology that is used by cryptocurrency systems, gamers can rest easy knowing their investment is always safe. Additionally, those who feel a bit uncomfortable being seen in physically casinos no longer have to worry about their privacy. With other cryptocurrencies instituted, gamers will for sure have a highly dependable means of payment for many years to come.
4. Cryptocurrency has already been established in the market
One of the established social gaming platforms in the world is Enjin Coin, a branch of cryptocurrency. This platform hosts more than 20 million gamers alongside applications for content creators. Besides, it offers native coin and crypto wallet services which are then used in buying, selling or even minting virtual items on the site. Enjin Coin has a market cap exceeding $135M which makes placing it in a position of anticipated video greatness, provided the market continues to be favorable.
5. With cryptocurrency, there is hope for young gaming companies
An affiliate from the DFC intelligence named David Cole believes that integrating cryptocurrency into the gaming industry would promote young and endowed gaming firms to offer what they have reserved in store. Since cryptocurrency is becoming more and more popular with every tick of the clock, smaller gaming companies that embrace it will for sure attract more customers. It’s very simple, most gamers will be wooed by the quick cash outs, cost-effective transactions, safety, privacy, and dependability that the best virtual currencies offer. The higher the number of users that a gaming platform subscribes, the higher their chances of increasing their profits and achieving their business goals.
At this particular juncture, you can’t deny that crypto is gaining an upper hand over other deposit modes and payment systems in the world of gaming. Millennial gamers no-longer have to worry about being defrauded of their funds or waiting too long for their payments to be processed. They can gamble right from the comfort of their homes, which means saving on gas, time, and energy. They don’t have to worry about high currency conversion rates either. Why wouldn’t anyone rally around cryptocurrency with all these benefits?