Cryptocurrencies that are gaining widespread acceptance in the gaming industry
Cryptocurrency is now undoubtedly the currency of the future. The decentralized system of the blockchain makes cryptocurrency free from being controlled by any one bank or government. This is why tech evangelists and innovators across the world have agreed that this is digital gold.
As you must be already aware, there are a variety of cryptocurrencies to choose from – Bitcoin, Ethereum, PotCoin, LiteCoin, Ripple…and so on. There are supposedly close to 2000 different kinds of crypto coins in circulation and each one of them is designed for a specific use or a specific industry. These days even online casinos accept cryptocurrency like BitCoin. In fact, if you choose to transact with Bitcoin, these platforms might offer you attractive bitcoin casino bonuses. Similarly, the gaming industry too has a few coins that are built specifically for it. Nowadays gamers are shifting to using virtual currency instead of the traditional kind. This is also because the blockchain wireframe makes any form of cheating or scamming virtually impossible. This makes it a win-win situation for both gamers and developers. For developers, there’s the added advantage of having an ecosystem where you can use the currency to trade. The players can earn and spend within this ecosystem. We have listed out a few crypto coins that are very popular in the gaming community today.
Bitcoin is the mother of all cryptocurrencies and the one that started it all. It’s the most widely used one of all so it’s vital to all industries and also worth investing in. BitCoin is known to be easy to transact with and it cuts the need for debit or credit cards and the payments are faster than bank transfers. It also allows for a certain anonymity that works for players who value their privacy.
Enjin is one of the biggest social gaming platforms in the world with a count of over 19 million players. The platform is known for their own currency known as the Enjin Coin which allows the players to use it to trade within the platform like buy virtual weapons and avatars. The Enjin Coin is known to use the Ethereum platform and is supposed to be the next big thing in the crypto world.
GTCoin is also, like Enjin, built on the Ethereum platform and much like the latter it is awarded to players for testing out games. The company Game Tester also uses this currency to pay players to get first access to new games and send out feedback to the developers. The developers can take the feedback and add the final touches before releasing the game to the general public. The only disadvantage of this currency is that the value is dynamic and changes according to market trends. For now, the crypto market is very well stabilized and it seems that regular sites like Redditt are also coming out with their own cryptocurrency.
Cryptocurrency is a wonderful payment medium for gamers and gives everyone a viable alternative to the fiat currencies. Some countries have legal issues with cryptocurrency and this might be a deterrent for some users. But this seems to be a matter of time before everyone whole-heartedly adopts this payment more. There’s no denying that it is indeed the technology of the future.