January 17, 2022

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Cryptocurrency the Way forward for On-line Gaming

Cryptocurrency is one of the most exciting trends on the internet at present. Since the first cryptocurrency, Bitcoin, was established in 2009, this technology has taken the world by storm. Millions of people all over the globe now use crypto, either to invest or as a means of making fast online payments. Aside from being used as a currency, crypto actually has a wide range of applications in anything from supply chain management to gaming.

In today’s world, top Bitcoin casino sites are growing in popularity and offer a more secure way for people to play casino games online. In addition, crypto gaming has the potential to allow gamers to earn money while they play. Blockchain technology could also revolutionise the game market, allowing players to sell in-game items and games they’ve bought or created to other gamers.

What is Cryptocurrency?

Cryptocurrency is a type of virtual asset that is built using the blockchain. A blockchain is a way of storing data, allowing a peer-to-peer network that is tracked and recorded with no way to tamper with it. Decentralisation, transparency, and immutability are all ensured thanks to blockchain technology. Because there is no central authority issuing cryptocurrency, it is resistant to government influence and manipulation, meaning that the network is secure against threats and inflation. Bitcoin is the most widely used blockchain-based cryptocurrency, having also been the first, and its price has risen by more than 500% since 2020.

How Cryptocurrency Can be Used in Gaming

Cryptocurrencies were originally created to be used as a form of currency, but they have the potential to change the gaming industry forever. Cryptocurrencies and blockchain are already being used by the most innovative developers, but in the future, they could become more widespread. Here are just some of the ways they can be used by gamers and game developers to make video games more accessible and exciting.

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Bitcoin Casinos

Bitcoin casinos are online casinos that accept payments made using Bitcoin and other cryptos such as Ethereum, Doge and Litecoin. This means that players can easily make fast and secure deposits and withdrawals without any security risk. Another advantage of Bitcoin casinos is that they’re usually anonymous, which means they’re suitable for people who live in countries where gambling is restricted. Finally, they offer games that run on the blockchain and are provably fair, increasing the trust that players have in the site.

Play-To-Earn

Play-to-earn (P2E) games might seem like they’re too good to be true, but they’re actually a reality. These games are built on the blockchain and allow players to earn cryptocurrencies simply by playing. Games like coin hunt offer players a real map of their local area through which they can navigate by walking around with their device location tracking on. As they travel through the area, they can collect drops of crypto, and it’s possible to make a bit of extra money. There are also NFT games, where players can buy, earn and win collectable monsters and trading cards to sell or trade.

Second-Hand Games

Currently, physical sales of games are at an all-time low, with most people preferring to buy digital copies. However, one advantage of physical games is that they can later be sold or traded in for credit or cash. As it stands, digital copies can’t be traded in or sold, but cryptocurrency and blockchain could change that. Game platforms could start releasing games as NFTs, allowing users to trade them in or sell them to other players when they’re finished. This could mean more revenue for game developers as well as offering players an incentive to buy more games than before. 

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