Bitcoin and other virtual currencies are a global phenomenon with growing popularity. Today, many industries, including the play-to-earn gaming industry, are reaping the benefits of adopting Bitcoin. Such benefits include paying with this virtual currency anytime, anywhere.
Today, many people exchange fiat money for virtual currency to purchase goods online. Platforms like Bitcoin Mastery enable individuals to buy this digital currency using fiat money. After buying Bitcoins, you can use them to load your casino account and then enjoy playing your favorite play-to-earn game with the confidence of getting their in-game into their pockets in real-life cash.
Essentially, Bitcoin and other electronic currencies enable individuals to conveniently pay for services and products. It provides an easy and safe payment medium for the online play-to-earn gaming sector. Beyond controversies, the play to earn the gaming industry is maximizing the advantage of Bitcoin’s credibility and acceptability.
What is Bitcoin?
Bitcoin is a decentralized digital currency that you can buy, sell and exchange directly, without an intermediary like a bank. Bitcoin’s creator, Satoshi Nakamoto, originally described the need for “an electronic payment system based on cryptographic proof instead of trust.”
Each Bitcoin transaction ever been made exists on a public ledger accessible to everyone, making transactions hard to reverse and difficult to fake. That’s by design: Core to their decentralized nature, Bitcoins aren’t backed by the government or any issuing institution. There’s nothing to guarantee their value besides the proof baked in the system’s heart.
How does it work?
Bitcoin is built on a distributed digital record called a blockchain. As the name implies, a blockchain is a linked body of data made up of units called blocks containing information about each transaction, including date and time, total value, buyer and seller, and a unique identifying code for each exchange. Entries are strung together in chronological order, creating a digital chain of blocks.
“Once a block is added to the blockchain, it becomes accessible to anyone who wishes to view it, acting as a public ledger of cryptocurrency transactions,” says Stacey Harris, consultant for Pelicoin, a network of cryptocurrency ATMs.
Blockchain is decentralized, which means it’s not controlled by any organization. “It’s like a Google Doc that anyone can work on,” says Buchi Okoro, CEO, and co-founder of African cryptocurrency exchange Quidax. “Nobody owns it, but anyone who has a link can contribute to it. And as different people update it, your copy also gets updated.”
While the idea that anyone can edit the blockchain might sound risky, it’s actually what makes Bitcoin trustworthy and secure. For a transaction block to be added to the Bitcoin blockchain, it must be verified by the majority of all Bitcoin holders. The unique codes used to recognize users’ wallets and transactions must conform to the right encryption pattern.
No doubt, the introduction of Bitcoin into the play-to-earn gaming world has a lot of benefits to offer. Both the players and developers have the opportunity to mine the leading cryptocurrency and sell for profits when the value rises.
Obviously, the play-to-earn gaming industry is driving the growth of cryptocurrencies, but how beneficial are ‘cryptos’ to the NFT gaming community? Here you go!
The Top 5 Benefits of Bitcoin for the Play-To-Earn Gaming Industry
Some casinos offer bonuses or promotions with time limits. Luckily, Bitcoin eliminates the bureaucracies of loading an online play to earn games with traditional payment methods. Ideally, this electronic currency eliminates the inefficient intermediaries that online game players have relied on for years. Consequently, online players can load their favorite play to earn games instantly when paying with Bitcoin.
Also, online gaming software developers face difficulties when selling their products outside most app stores. Luckily, blockchain, the technology behind Bitcoin, enables them to process nano-payments, thereby receiving their payments almost instantly. Ideally, Bitcoin and blockchain simplify transactions for most players in the online play-to-earn gaming industry. You can read about Things to do to enjoy play-to-earn games by clicking here.
Using Bitcoin enables players to play their favorite play to earn games anywhere without exchange rate or security issues. This virtual currency provides gamers with the option to play even without confirming their email or identity. You can play an online game and withdraw your winnings faster without restrictions as a gamer.
Safety and Security
Security is a vital element when paying for a service or a product online. And this is also the case for play-to-earn games because some people have trust issues with these platforms. Blockchain technology and Bitcoin in online games can prevent illegal digital asset trading.
What’s more, these innovations can prevent the stealing and hacking of private and public keys. It can also create an immutable digital ledger, thereby eliminating keys duplication. A player can remain confident about smart contracts for ensuring the safety of their payments.
More Value for Your Funds
Bitcoin is more cost-effective than bank transfers, PayPal, and credit cards. Using Bitcoin eliminates hidden fees and waiting time. That’s because Bitcoin transactions are almost instant. You can use Bitcoin to get the most from your online gaming activity by taking advantage of offers with time limits.
Additionally, using Bitcoin eliminates challenges like fluctuating exchange and handling fees. This virtual currency facilitates peer-to-peer transactions between users, thereby eliminating intermediary fees.
What’s more, Bitcoin makes the payment model viable for play to earn game developers and players. You get the most from the money you load onto your account as a player while game developers increase their profits.
Some people don’t want to disclose personal information when gaming online. For this reason, they need a payment system that enables them to hide their identity. And Bitcoin games allow individuals to play without sharing personal information.
Additionally, Bitcoin purchases are mostly discreet unless a person voluntarily shares their transactions. That’s because cryptocurrency addresses change with every transaction.
Like most industries, today, play to earn gaming industry is a sector that stands to benefit from cryptocurrency adoption. This virtual currency is advantageous to online gamers, software developers, and operators. And this explains why many play-to-earn games accept Bitcoin today. You can also read about Global drivers of cryptocurrency infrastructure adoption by visiting https://link.springer.com/article/10.1007/s11187-019-00309-8