Cryptocurrency is a virtual decentralized currency that uses blockchain technology, and It’s powered by cryptography which makes it virtually impossible to counterfeit or double spend. Popular examples of cryptocurrencies include Bitcoin, Altcoin, Ethereum, and Dogecoin.
Over the years, cryptocurrencies have sky-rocketed in popularity, Their popularity has a strong linkage to the gaming and gambling industries. It allows for quick and secure transactions. Furthermore, many countries are now widely adopting crypto payments as they are much more secure than traditional payment methods.
They Become More Popular Thanks to the Gaming Industry
There are over 3 billion active gamers around the globe, which is a significantly big number. Given the fact that many of them prefer playing crypto games, shows how blockchain technology empowers online experiences, otherwise the number of crypto gamers wouldn’t grow continuously. On top of this, in the aforementioned segment, nearly 55% of millennial gamers own crypto. Here are some of the main reasons why digital currencies are popular in the gaming industry.
In-Game Economies Enhanced by Cryptocurrency
Many games now accept Bitcoin and other cryptocurrencies as payment for virtual objects and services. Some games, for example, offer players to exchange virtual currency or weaponry for cryptocurrency tokens or coins that may then be exchanged for real-world money.
Prioritizes Privacy
Cryptocurrencies mean that gamers can save on the fees associated with payment processors and stay updated with the latest crypto news to make the most of their gaming experience. This means gamers can purchase digital goods directly from developers without having to worry about their personal information being shared.
Seamless Cross-Game Compatibility
Cryptocurrency also paves the way for a universal gaming currency. Gamers can send virtual items across different games. People playing different games can then be given a unique way to play with each other across various games.
Anonymity
Cryptocurrency allows you to gamble online anonymously. This is a great benefit for those who want to focus on gambling instead of worrying about being recognized on platforms.
Each action within the Online Game, including those involving free spins with no deposit, is recorded and assigned a unique code. This allows you to quickly and securely make withdrawals with crypto.
More Countries are Welcoming Cryptocurrencies
According to research, blockchain platforms will account for 10% of global GDP by 2025. This is a clear indicator that cryptocurrency will continue to make developments. Countries around the world are putting together policies to legalize cryptocurrencies as assets instead of trying to fight the inevitable.
El Salvador
El Salvador was the first country that legalized the use of Bitcoin. In 2021, the government passed a law to establish Bitcoin as an acceptable payment method in the country. The government also approved a $150 million fund within the state development bank, Banco de Desarrollo de El Salvador. This allowed for the seamless exchange of Bitcoin to the U.S. dollar.
Malta
In July 2018, the Maltese government passed three cryptocurrency and blockchain bills. This enables investors to work using a legal framework that helps to legitimize crypto businesses.
Malta is one of the world’s hubs for several crypto exchanges including OKEx and Binance.
Binance’s CEO, Changpeng Zhao, himself acknowledges Malta’s success in becoming a thriving “blockchain island.”
Singapore
Many well-known crypto companies like Litecoin, CoinBene, and TenX operate in this rich Southeast Asian country.
The Singaporean government has adopted a cautious approach to legalizing cryptocurrency. One notable initiative by the Monetary Authority of Singapore (MAS) was collaborating with companies like NASDAQ, Deloitte, and Anquan.
And Yet Developments Continue In This Field
As the crypto sector evolves, new coins are always coming into play. Despite the crypto crash, a total of 5000 new currencies appeared in 2022. Let’s briefly overview the recently launched digital currencies that have surged in popularity.
Decentralization
DeFi provides you with reduced fees that are charged by banks. Individuals keep their money in a secure digital wallet, can transfer funds in minutes, and can use DeFi from anywhere with an internet connection.
Non-Fungible Tokens
NFTs are digital assets owned by people. They can include drawings, music, and special collectible items. You can trade NFTs for money in your local currency, cryptocurrencies, or other for other NFTs. Their value depends on the market and what price owners have set.
Central Bank Digital Currencies
Many central banks have launched their digital cash, known as a central bank digital currency (CBDC), to assert their sovereignty. CBDCs promise the speed and benefits of cryptocurrencies without any risks.
Final Thoughts
Crypto markets are expected to reach $4.94 billion by 2030. However, there’s no certainty about the market’s stability. Various macroeconomic factors like demand and supply can affect the overall value of these digital currencies. Hence, investors must research the latest trends and developments before investing in any digital asset.
