Cryptocurrencies are changing the gaming world

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Cryptocurrencies have become the subject of great interest in the financial world in recent years. At the same time, they have started to affect online gaming as well, and crypto gaming is constantly becoming more common. This is because the benefits and features offered by cryptocurrencies fit well with online gaming, and this combination has begun to change the way players transact and spend money across gaming platforms.

GameFi: The craze of earning money by playing in metaverses and digital games

One of the main ways that cryptocurrencies have been associated with online gaming is through the revolution in payment methods. Traditional payment methods such as credit cards and bank transfers are often a slow process where players have to wait up to days for their payment to be approved and to start playing. Cryptocurrencies, on the other hand, can offer faster and more direct payments that take place immediately or in a short period of time. This means that players can deposit and withdraw their funds in near real time, greatly improving the gaming experience.

Another way cryptocurrencies have changed online gaming is through anonymity. Many players want to maintain their privacy and keep their personal information safe. Unlike traditional payment methods – payments made with cryptocurrencies offer this possibility because they do not require personal information or bank account credentials. This is especially attractive to players who want to avoid identity theft and data leaks.

Decentralization of mobile gaming with Blockchain technology

In addition to these, cryptocurrencies can also offer new opportunities for players. For example, cryptocurrencies can be used to buy unique, virtual game items or cryptocurrency that can be used inside games. Such acquisitions can give players an advantage or improve the gaming experience. For example, some time ago, Nike bought the NFT company that produces virtual shoes, with which Nike founded its own digital NFT shoe collection. A limited number of Nike virtual shoes are available. The available shoes can be bought for yourself at a relatively low price, and you can use the shoes if you want, for example, in playing Fortnite. In addition to the actual purchase, players can earn cryptocurrencies or NFT works as a reward for e.g. by winning, with which ownership rights are transferred to the player’s ownership. In addition, cryptocurrency technology, such as blockchain, makes it possible to ensure fair play and combat fraud, creating trust among players.

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The currently popular crypto game platform is e.g. Decentraland, which is a virtual social gaming platform built and managed by the users of the platform. Players can buy virtual possessions, such as clothes, accessories or even land with the platform’s own cryptocurrency MANA, which uses the Ethereum blockchain. In order to play, you must have your own crypto wallet, through which crypto holdings are managed.

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Today, many online casinos also accept the most common cryptocurrencies as a payment method, and in this case you must also have your own crypto wallet, through which cryptocurrencies are transferred to your game account and back. When choosing a cryptocurrency wallet, it is important to choose a wallet that is reliable and as safe as possible, i.e. you should do research before choosing – there are a lot of scams around crypto wallets. With the acquisition of a wallet, it is also extremely important to remember to keep the password of the wallet in the exact place, because if you lose your crypto wallet password, password recovery can be completely impossible in the worst case and thus your crypto assets are at great risk.

In European online casinos, the use of cryptocurrencies is still quite rare due to strict financial laws. Those online casinos in the EEA area, where the use of cryptocurrencies is possible, will face exact clarification requirements about the origin of cryptocurrencies. The investigations are used to prevent money laundering . Everyone who plays with cryptocurrencies should be prepared for the fact that he must be able to prove how he acquired the cryptocurrencies in the first place. This can be done, for example, by storing account information and cryptocurrency exchange purchase order information. Quick withdrawal from the casino may be a bit slow for the first withdrawals, as the origin of the funds can be ascertained. So, in such a situation, you should be prepared for investigation work and sending documents, and above all, you should ALWAYS keep accurate records of buying cryptocurrencies – even from the taxman’s point of view.

There are still challenges, but the potential is great

However, the introduction of cryptocurrencies in online gaming is not completely problem-free at the moment. One of the challenges is the volatility of cryptocurrencies, i.e. rapid and large fluctuations in prices (of course, stablecoins, whose value remains more stable, are often used). As the values ​​of cryptocurrencies can change quickly, players may face difficulties in keeping their money stable in their game balances. This can affect players’ ability to plan and manage their own finances.

Blockchain Games: Why Play-to-Earn is the Future of the Gaming Industry

In addition, the introduction of cryptocurrencies may require new skills and understanding from the players, which the use of cryptocurrencies in gaming requires. Some players may be unsure about how cryptocurrencies work or how safe they are. Therefore, it is important that online gaming sites provide sufficient information and support to players who wish to use cryptocurrencies while playing.

Although the combination of cryptocurrencies and online gaming brings with it challenges, their potential is considered to be significant in the future. Combining these two industries can bring many benefits to both players and gaming platforms. Cryptocurrencies can offer faster and safer payment methods, improve privacy protection and create new opportunities for players.

In the future, the relationship between cryptocurrencies and online gaming is likely to become even stronger. More and more game platforms are introducing the acceptance of cryptocurrencies as a payment method and offer players the opportunity to spend digital money in transactions related to games and in-game items. At the same time, cryptocurrency technology develops and offers new solutions for players’ needs.

Cryptocurrencies and online gaming form an interesting alliance that will change the way players spend money and participate in the virtual gaming world. In the future, this relationship could lead to innovative solutions and new opportunities for players around the world.

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