Cryptocurrency is all the rage these days. What does the future hold for cryptocurrency and gaming?
It’s hard to turn on the news nowadays without hearing something about cryptocurrency. Whether you’re hearing about someone getting scammed out of a lot of money via a crypto scam and trying to make sense of the digital currency world and wondering if you, too, should invest in cryptocurrency, it is safe to say that cryptocurrency is making a global impact.
But what about in the gaming world? We know that gamers of all ages like buy and sell digital assets online. Whether players are wanting to upgrade their digs in Roblox or invest in character customizations in Fortnite, gamers are into spending money within their chosen games. These in-app currencies, such as Robux within Roblox or V-Bucks within Fortnite, can be purchased with actual dollars (or the currency of the country you reside in). Even if online gaming platforms don’t currently let you exchange cryptocurrency for in-app currency, it is likely the wave of the future.
What is Cryptocurrency?
Cryptocurrency is a digital currency that is maintained by a decentralized system. It is monitored by a peer-to-peer network called a blockchain. Cryptocurrency exists digitally or virtually and uses encryption algorithms to secure transactions. Essentially, it is currency not owned nor backed by any one government or entity.
How can you get Cryptocurrency?
With the right equipment, cryptocurrency can be mined. This process uses advanced machines to solve extremely complicated math puzzles that generate coins. You can also buy cryptocurrency through an exchange, app or website and store the currency in a digital wallet.
How do you spend cryptocurrency?
Cryptocurrency can be sold on a crypto exchange, and the money that you are given in exchange for crypto can then be transferred to your bank account and spent as you wish. It can also be stored in a software-based wallet on your desktop that you can access from anywhere. These wallets enable you to transfer or spend your cryptocurrency however you wish.
Cryptocurrency and gaming
When it comes to gaming, cryptocurrency is a natural fit. Cryptocurrency can be quickly and securely traded for digital currency within a number of popular games.
What are the main advantages of using crypto to purchase in-app currency within your favorite games?
- Crypto exchanges are instant.
- Exchanging cryptocurrency for in-app money keeps you anonymous. If you don’t want your personal information tied to your transaction, crypto is the way to go.
- Cryptocurrency is more cost effective. Why? When you use a credit card, the person who processes your payment (such as the game’s developer) has to pay a fee. With crypto, this isn’t true. There are no fees associated with a crypto purchase or exchange.
- International fees and transactional worries disappear with crypto exchanges. Players can be anywhere in the world and buy digital assets anywhere in the world using cryptocurrency.
- Crypto transactions are safe and secure.
The future of cryptocurrency and gaming
It certainly seems that the future is looking good for both cryptocurrency and gaming. There are a number of benefits to using cryptocurrency to purchase digital assets within your favorite games, although it is unlikely that traditional forms of payment will go anywhere anytime soon. And gaming is good for cryptocurrency, too. According to PR Newswire, video game spending total $60.4 billion in 2021, a number that is only projected to increase over time.