With numerous new technological breakthroughs, cryptocurrency became a thing. And while definitely not a new concept anymore, there’s been a lot of talk about this subject. Many believe that cryptocurrency became so huge thanks to the gaming industry. And, to no one’s surprise, this theory actually makes sense.
The gaming world heavily depends on technology. Security is a very important aspect when online transactions are concerned. And so far, using cryptocurrency has been proven to be one of the most secure means of online payment. That said, let’s see how and why gaming affected the mass adoption of cryptocurrency.
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Cryptocurrency offers ease of use
The first thing that made using cryptocurrency so popular is the ease of use it applies. Unlike traditional payment methods, cryptocurrencies are not related to any bank. What this means is that you can easily use them to pay for things at any time of day or night. Additionally, since they’re so decentralized, making worldwide payments is easier than ever. Not only is using cryptocurrencies more convenient but there’s actually no money lost on exchange fees. Undoubtedly, this is the main reason anyone in the gaming industry prefers to use crypto over traditional methods of payment.
And better speed
Along the same lines, crypto transactions are very fast. Again, since they’re not related to any bank or institution, there’s really no latency. Crypto transactions happen instantly. What this means is that as soon as you make or receive a payment, the money is instantly transferred to the receiving account. Understandably, this is something that brought a new layer of convenience to all users, especially in the gaming world. Not only does this make things immeasurably easier but it also eliminates the possibility of any foul play. Simply put, if the assets are not on your account, that means that the other party didn’t send the payment.
Cryptocurrency offers transactions that are more confident
When using traditional means of payment, you leave a paper trail of all of your transactions. This is true even if you purchase things online. Later on, banks and credit agencies can have insight into your entire transaction history. This is something many people don’t quite feel comfortable with. However, by using cryptocurrency, you can easily find a way around this. Cryptocurrencies don’t leave a trail of any kind, which means that your use of them won’t be cataloged anywhere. This is particularly good news for any gamers that frequently make or receive payments.
As well as greater security
As mentioned earlier, security plays a huge role in the online world. That’s why many people opt to use cryptocurrency for any type of online transaction. For instance, the majority of online casinos implemented cryptocurrency in their offer. What this means is that any players nowadays have plenty of options to choose from when it comes to playing some of their favorite games. This not only brought greater convenience but greater peace of mind as well. Since the blockchain technology cryptocurrencies use can’t be hacked, it makes the perfect choice for any type of online transaction. Finally, once the payment has been made using cryptocurrency it can’t be reversed. This is just another line of security features.
Cryptocurrency offers more favorable transaction fees
Moreover, using traditional means of payment will usually require you to pay for transaction fees. That’s just one of the multiple ways banks make money. Although necessary, transaction fees can really pile up and take a serious chunk out of your assets. This is particularly true for people that have lots of monthly transactions. Of course, gamers fall right into that category. That’s why it’s no wonder they’ve decided to turn to alternative means of payment. Cryptocurrency, unlike the traditional means of payment, doesn’t have any transaction fees. The only time you can expect to be charged a fee when using cryptocurrency is if you opt for any type of third-party management service.
As well as adaptability
Finally, there are currently well over 1200 unique cryptocurrencies in the world. What this means is that you have plenty of choices when deciding which ones to use. What’s more, some of them are created with a specific intention. This only brings the additional dose of flexibility as ease of use. Soon, we can even expect to see some of the leading gaming industry giants come up with their own cryptos. This is excellent news for any gamers out there as it will only make gaming transactions that much easier.
Ever since the gaming industry made its way online things started to change. And with the technology continuing to evolve, it’s safe to say that they will only proceed to change further. This brought numerous advancements in not just the way games look, but in the way, they work as well. The cryptocurrency was introduced as a secure, fast, and reliable means of online payment. But what they probably didn’t expect is such a positive response they received. The potential and convenience cryptocurrency brought to the gaming world is really stunning. And we can only expect to see this trend continue to evolve.
Sudarsan Chakraborty is a professional Blogger and blog writer. He lives and breathes in the blogging industry. He regularly writes on Widetopics to keep all the readers updated with the latest facts on wide range of topics.