Cryptocurrency has become increasingly more mainstream over the past few years. With a huge variety of Cryptocurrencies available on the market and new platforms being launched all the time, it’s no surprise that digital currencies have started to be adopted for use in everyday life.
The Online Casino Industry Embracing Cryptocurrency
One of the first industries to adopt payment by digital currencies was that of gaming, and it’s no surprise with the industry always trying to stay on top of the latest technology. Cryptocurrency can be largely anonymous, it has the potential to grow in value while you’re holding it and it’s an almost instant way to make purchases or withdraw.
One of the first adopters of Cryptocurrencies was the online casino industry. The gambling industry has faced a lot of changes over the past few months in response to growing pressure on the government to reduce the number of people getting addicted to gambling. With additional ID checks and the reluctance for some people to have gambling showing on their bank statements (particularly when applying for loans like mortgages), cryptocurrency offers a much more attractive way to deposit money. Cryptocurrency is also much quicker to use than a traditional bank where you get a pending charge showing for several days. All of this has led to a huge rise in the number of “crypto casinos”, and even some of the more well-known bookmakers offering the ability to pay with cryptocurrency.
The Use of Cryptocurrency in Online Gaming
Another place that crypto has become a popular payment method is in mobile and online gaming. Mobile gaming has always been a huge platform for microtransactions. While the game itself might be free or a very small amount of money, there is usually an opportunity to buy items that will help you advance faster in the game. While these payments were traditionally made with a bank card, cryptocurrency allows for a much faster payment where the money is withdrawn from your account and placed in the companies almost instantly. One big part of mobile gaming using cryptocurrency is the development of crypto-gaming. These games provide a space for people to earn cryptocurrency by creating games that are free to play and have the ability for players to buy and sell items using crypto.
Cryptocurrency Becoming More Mainstream
As cryptocurrency becomes more mainstream, larger companies are finally beginning to adopt it as a payment method after initially shunning the new technology. Only recently PC gaming giant Steam banned any games that involved cryptocurrency or NFTs from its platform. Others, like Epic, stepped in to say that they would allow blockchain activity on their platform and they’re not alone in welcoming digital currencies to their platform.
AAA games are games created by big-name developers with a large budget – typically you would think of AAA games as being those developed by brands like Rockstar, Electronic Arts and Activision.
The Use of Cryptocurrency in Microtransactions
In recent years their model has shifted from simply selling the game to encouraging microtransactions within the game that you’ve paid for, in order to develop two income streams. While these microtransactions were always paid for by PayPal or your usual bank card, more companies are starting to integrate cryptocurrency as a payment method.
The speed at which you can pay for things with cryptocurrency is a huge factor in its success. Payments with digital currencies take seconds vs. minutes or even days for more traditional methods to clear. This is better for the seller because they’re able to access the money instantly rather than waiting for a pending transaction, but speed is also a very important part of Cryptocurrencies as a whole.
Will Cryptocurrency Remain Popular?
If you know the accurate answer to this you could make yourself very rich. The truth is that there are varying opinions when it comes to the longevity of Cryptocurrency and so it really is anyone’s guess. However, if the popularity of Cryptocurrency over recent months is anything to go by then it certainly won’t be disappearing anytime soon!
The value of digital currencies is known to fluctuate fairly frequently which means that if the payment took several days to clear the money you’ve sent could be worth less (or more) than what you had agreed on. The instantaneous nature of digital currency transfer means that the seller can choose to hold or sell the currency straight away, and it means that you haven’t paid more for an item than agreed.
Why Do People Favour Cryptocurrency?
One thing that people love about Cryptocurrency is the instant nature of the transactions. Many people remember the days when online financial transactions took 3-5 business days to complete; something that will seem completely ludicrous to anyone who is too young to remember. For example, Best Online Casinos Canada highlights casinos offering fast withdrawals, many offering cryptocurrency, PayPal and mobile apps as a way of withdrawing funds. People will favour these casinos over others that take longer to process transactions, because if they are lucky enough to be a winner then they want the peace of mind that they can have instant access to their winnings.
Cryptocurrency needs to be instant in order for it to work, but there are so many applications for blockchain. Instant transfers and withdrawals allow the world of gaming to move faster and creates an internal economy between the players that wouldn’t otherwise exist.
The fact that it means transactions aren’t recorded on bank statements in the same way that using your debit card would be also helps. Credit cards can no longer be used to top up casino accounts in many countries, so by offering Cryptocurrency as an option casinos are helping to ensure that they offer as many options as possible in order to keep their customers happy.
Whether this trend continues in the future remains to be seen, but what we can be sure of is the gaming industry keeping on top of customer needs to ensure that they keep everyone as happy as possible.