Latest news about Bitcoin and all cryptocurrencies. Your daily crypto news habit.
By Emmanuel Sunday
Despite its volatile nature, crypto could be the future of many things. The idea of its existence is to bear a new way of living - of business, of work, and social intercourse - it is the heir to traditional money's throne.
With crypto being immune to government control, it has done a good job of redefining social relationships. With the introduction of crypto in gaming, the interest initially found in playing regular games is multiplied, the limitations are far less, and players can use assets they earn from the games they enjoy on other gaming platforms. In other words, socializing is more than just passable, it's a delight and of great rewards. Of course, it'll be accepted by gamers.
If it escaped your mind earlier, a cryptocurrency is a digital asset free from centralized control and uses a decentralized system - blockchain technology - to keep records of transactions.
In 2018, the Worldwide Asset Exchange (WAX) surveyed up to 1000 gamers who are experienced in buying and selling gaming items online. The results pointed indirectly to the need for a universal digital currency that could ease the use and transaction of virtual items. Up to 75â„… of gaming millennials demanded a game design that would allow them to exchange virtual earnings with the exact currency which could be used across different gaming projects. Also, a whooping 80â„… directly asked for the induction of cryptocurrencies into gaming.Â
How does crypto work in online gaming?
It works to all intents and purposes how items gained and experienced in traditional gaming are designed to function. But as mentioned, it is remarkably different because it gifts the idea of decentralization and allows players to use their winnings to play and win in other games.
Cryptocurrencies can be bought and sold through exchanges from wallets.
How cryptocurrency benefits gamers differently
Here are the top three ways a player benefits from crypto-based gaming.
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Hides a Player's identity
All cryptocurrency purchases are hidden unless you choose to share your transaction history. So nobody knows you are gaming if you don't want to go public. This is possible because the unique crypto address generated for user purchases changes after every transaction.
• Play anywhere, anytime
The issue of payment rates in different regions, the restrictions to withdrawing and payment forms, and the stress of confirming email and identity will be a thing of the past with crypto in the picture.
• Transactions are instant
Eliminate irrelevant intermediary protocols from the gaming process and you get easy access to gaming.Â
Author Bio
My name is Emmanuel Sunday. I am an independent journalist and content strategist who takes full advantage of crux journalistic and marketing theories to tell unique stories. While I've covered stories across Finance, Marketing, Tech, and Gaming, I like to think I speak fluent Crypto. Here's my Twitter handle: @jamesabuchi2000
Disclaimer
The views and opinions expressed in this article are solely those of the authors and do not reflect the views of Bitcoin Insider. Every investment and trading move involves risk - this is especially true for cryptocurrencies given their volatility. We strongly advise our readers to conduct their own research when making a decision.