Many people thought that crypto would come and go like another harmless fad. Since 2009 when Bitcoin first launched, the concept of crypto has had many critics and now has more supporters. Bitcoin was the first, but it certainly hasn’t been the last, and there will undoubtedly be more to come. Since 2009, crypto has gone on to become a global phenomenon. It has caused worry to many in the financial sector due to the lack of regulations surrounding it, but its cheerleaders are fierce, and they are many.
Over the years, it has become an increasingly valid form of currency and has become accepted in more and more spheres and more and more stores or venues. The future of cryptocurrency is more secure than ever, and it is influencing more markets than ever before, including the gaming and gambling sectors. These mostly online pursuits are welcoming crypto more and more into their midst, and it is undeniable that crypto is affecting both industries. Some look at the currency as only a disruptor, while others are excited about its growing use and acceptance and welcome it with open arms. Let’s explore the effect that crypto is having on the gaming and gambling sectors.
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First, What Is Crypto?
Technically, it can be described as a “virtual asset” which is secured and kept out of the wrong hands by the use of cryptography. Really, what this means in lay terms is that it is an online, non-physical currency. Blockchain tech is used to great effect in the storing and transference of cryptocurrency. Since there’s no one overseeing authority that issues crypto, there’s a general lack of regulation which could be problematic in terms of ensuring that crypto is stored safely; this is where blockchain comes in to save the day. The tech makes use of a database mechanism that stores data in little blocks that come together to form a chain. One cannot access the currency inside the block without the appropriate codes.
How Do Crypto and Gaming/ Gambling Work Together?
Crypto is accessed by using a digital wallet; from this wallet, the user can buy or sell or spend their crypto. There is no other way. Since most gaming takes place online and all online casinos operate with currency exchanged online rather than physical money, crypto is ideally set up to take pride of place in these financial exchanges since it is used online only.
Loading money into your online casino account or making in-game or app purchases is simple and easy with crypto. In-game purchases like buying a new skin or armor or even an NFT that comes from the game world is a cinch with crypto: quick and simple. In-app or game advertising is easily monetized for the creators in the form of reward-based advertisements. Players must complete a task or watch a series of adverts to get a certain amount of cryptocurrency deposited into their accounts to use as they wish.
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Though some casinos, in particular, were initially concerned about the lack of regulation, even with the security of blockchain technology, those concerns have mostly been alleviated. These digital assets are taking a larger and larger piece of the financial market, and they certainly seem like they’re here to stay.
How Crypto Will Influence Gaming and Gambling
1. Facilitate Instant Transactions
The time that third-party intervention takes from deposit to clearance to the release of the NFT or in-game item causes a lot of frustration to people who live their lives online and like things to be done as fast as possible. Crypto transactions happen in full in seconds because there’s no middleman to pass through. Gamblers will have instant access to winnings, and gamers will have instant access to any new weapons, skins, or even NFTs they have purchased for enjoyment.
2. Better Security in Transactions
The fewer “fingers in the pie” there are, so to speak, the less chance there is that any sensitive information or even money can go missing. Since the blockchain tech used to store and transfer crypto is so secure, and there is no need for a third-party payment gate or app, there’s less chance that sneaky criminals can get their hands on your private information or your money.
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3. Better Value and Accessibility
Since there is no exchange rate applied to crypto ( its value is the same all over the world), you’ll get the exact same value for money as you would if you lived in America or Europe. Games and casinos that allow crypto transactions are thus far more accessible at what is, in some cases, a far more reasonable cost. The fewer hoops there are to jump through, the simpler and more accessible everything is for you.
4. More Anonymity
Crypto allows you to be almost completely anonymous when making transactions. Few people feel completely comfortable exposing their private details to the online world, and with crypto, they won’t have to. All you need is a number to access the money and a wallet to spend it. No one needs to know where you live or even what your name is; it’s all numbers based. Anonymity and safety are the future.
It’s easy to see how crypto and online industries will soon become even more inextricably linked, and we can’t wait!