The early days of the Bitcoin saw it being related to other in-game currencies like those used on Runescape or even Second Life’s Linden Dollars, but the Bitcoin has proved to already be far more influential than that. There are two main industries that always appear to adopt the latest technologies and online gaming is the biggest one, and generally the online gaming option is the one that sets the precedent for a huge range of other industries to begin adopting it.
Bitcoin In Online Gambling
The world of online gaming and its relationship with crypto currencies is one that is long standing and with online casinos beginning to adopt the digital currency too, it is no surprise to see the digital currency increasing in value. The number of Bitcoin casinos and online Bitcoin blackjack sites are on the rise, and the past few years has seen a number of new games, titles and even platforms going above and beyond to develop a range of block-chain based sites and games. Bitcoin is set to be the new era of online gambling and the global nature of the digital currency is only going to help keep this on the rise.
Bitcoin games can also be shown as provably fair, which is extremely important for a huge number of gamers and gamblers, as they can prove that the games they are playing are indeed trustworthy, simply by checking the server feeds which the sites are happy to provide. A major example of provably fair games is the mini gambling games on Counter Strike: Global Offensive (CS:GO).
The Benefits Of Bitcoin In Online Gaming
Online gaming is a hugely competitive market, whether that’s with people using Bitcoin to bet on e-Sports competitions or casino gaming. There are a number of reasons why Bitcoin has quickly been adopted in the online gaming community across a range of different types of games. With the Bitcoin being a cryptocurrency, the entire technology behind the Bitcoin is meant to be totally secure and anonymous. With people looking far more closely at their security measures to help protect themselves online, this kind of technology is an exceptionally interesting step towards total privacy. The idea behind the Bitcoin is that you cannot link a person’s identity to the transaction that they are making.
Anonymity Of The Bitcoin
While blockchain isn’t totally anonymous and the entire lifetime of the Bitcoin transaction can indeed be tracked, there is nothing to link a person to a particular wallet or transaction (although there are very tedious ways that this can be worked out through the process of elimination, but this can be avoided by changing wallets).
In addition to this, Bitcoin sites don’t need any type of verification or personal identification documents like passport scans or utility bills in order to ensure that they money is going to the right person and the right place. Bitcoin sites simply need a login in username and password, because all of the verification takes place at the point of the Bitcoin wallet. This helps to ensure that a person’s identity cannot be linked back to the transaction that is made at a certain point in time, without some extensive back tracing which is only discovered through the process of elimination.
This is one of the biggest benefits for those who are looking for an alternative online gaming option, because they can be sure that their identities are kept safe. Also, a lack of verification or personal identification aside from the Bitcoin wallet also means that personal details are safe from hackers and other people who are trying to gain access to their personal data. While Bitcasinos will have their own form of security options, this is an additional measure that is used to help ensure that the gaming environment is completely safe and secure.
Fast Transaction Times
A major benefit for the Bitcoin and the blockchain technology behind it is that it ensures fast transaction times which is highly important when it comes to online gambling and other types of online gaming. While internet speeds are beginning to increase with the introduction of 5G networks, the process times of transactions for online gaming isn’t getting any faster. This is because of all of the restrictions that are put in place with debit and credit cards and all of the verification checks. Bitcoin takes all of this away and people can get money into their account almost instantly! This is extremely important for people when it comes to online gambling in particular, but also for people who are looking to deposit funds to purchase games or points on their game console.
This way, there are little to no delays. With Bitcoin, there are also very minimal charges or fees that are related to the process of transactions, which is another benefit not just for the players, but also for the gaming providers too. This can lead to more gaming providers offering rewards and bonuses for their players, because they are saving money that would’ve originally been spent on transaction fees and processing charges.
Will Bitcoin Replace Fiat Currency Transactions?
While the cryptocurrency has the potential to blow up the gaming industry, it is highly unlikely that we are ever going to see Bitcoin replacing traditional fiat currency transactions. Nevertheless, because of the ease of transactions and lack of fees associated with them, alongside the fast withdrawal and deposit times, Bitcoin is very likely to take over and dominate the gaming market. The only downside to the growth in Bitcoin is that for people to purchase the cryptocurrency, they’re going to invest a lot into them. For example, the current rate of the Bitcoin to the USD means a person will need to spend over $2000 just to purchase 1 Bitcoin! Understanding the value of the Bitcoin can be difficult, and there will need some form of complete regulation before a global takeover of fiat currencies can even be possible. With countries like China already clamping down of the currency, and the US and Russia being exceptionally stubborn when it comes to the acceptance of the cryptocurrency, it could be a very long time before Bitcoin is replacing all types of fiat currency, even in the gaming industry.
Could Bitcoin Become A Gaming Accessory?
When it comes to gaming accessories and upgrading your technology, people tend to think of the best gaming PC monitors to choose from, or the newest headset that’s available on the market. There are a huge number of different accessories and technologies that you can think of when it comes to your gaming, but one thing that people may brush over is the opportunities that Bitcoin could provide. Soon, a Bitcoin wallet may be the next must-have gaming accessory, and merchants such as Microsoft are already beginning to accept the Bitcoin as a way to pay for purchases on the Microsoft store, and have been since December 2014. This shows that there is a growing acceptance of Bitcoin in the gaming industry, and with the market beginning to stabilise dramatically, it’s highly likely that the gaming industry is going to begin recognising the benefits and integrating the digital currency in a much more effective way.