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Posted January 29, 2021 by Chris in Features
 
 

Crypto Gaming: The Future of the Gaming Industry

If you are passionate about gaming and you have been following the gaming industry closely, you must have noticed that several changes have taken place since its invention. 

Most of those changes were due to the power of technology. Naturally, change is inevitable. Some may come when no one is planning for them, but thanks to the gaming and casino industry for always being ready to accommodate such changes.

The best aspect of such changes is that they mostly aim at making gaming better for all the partisans. Through them, gaming becomes more convenient, affordable, and secure for everyone.

Our expert’s take

According to our expert, Dominic Andreason (you can check his profile here), some trends will continue to make gaming better in 2021 and beyond. One of the evident things that you won’t miss is the rise of crypto gaming.

Blockchain is already a global phenomenon, and most industries are now upgrading their systems to start accepting cryptocurrency and other versions of crypto-technology.

What is Cryptocurrency?

If you have been doing online transactions in recent years, you must have used either your credit/debit card. Additionally, you may be doing direct banks transfer, which is also known as Mobile banking. All those methods have been making transactions better. However, there is a new form of currency currently. It’s digital and is known as cryptocurrency.

Cryptocurrency is a digital medium of exchange that is secure and decentralized. It is also a virtual asset secured by cryptography. The significant difference between cryptocurrency and other forms of currency such as Euros and Dollars is that any organization or authority does not centrally control it. 

You can imagine how some banks in Sweden put many procedures when doing transactions. For instance, when you want to deposit money in a typical casino, it may take you a long time before it’s activated. Some of the Swedish transaction laws are also strict.

The only medium where crypto services are accessible is the internet making it convenient for all the parties. Sometimes the central bodies that control the currency are fond of putting many procedures when you require services hence complicating them.

How does cryptocurrency relate to gaming?

After knowing what cryptocurrency entails, you may wonder how it connects with gaming. But you don’t need to worry because the answer is right here.

In normal instances, you can buy/sell cryptocurrency through exchange wallets. It works just like a bank account. For example, if you have just bought crypto coins, the seller will transfer them from their wallet to yours. The wallet holds the digital currency as it awaits transactions.

However, in the crypto casino, the crypto coins are useful in varied ways. For instance, you can make an in-app purchase using them. Besides, they allow you to do affiliate marketing and in-app advertising. That means that you can buy characters in a game, watch ads and promote affiliate links, respectively.

So, how does cryptocurrency benefit gaming?

Promotes safe transactions

We live in a crazy world where hackers can get hold of your information when making online transactions. Very few platforms such as CasinoEuro have passed the test for safety for online transactions. Where do other platforms fall and how can one ensure that they are safe?

Cryptocurrency heavily utilizes blockchain technology to make all the transactions taking place safe for all the parties involved. The technology can also detect if there is any illegal trading behind the scenes and terminate it. If you are making any in-app purchases from a bitcoin casino, you can be sure to get the product you are buying.

Keeps identity confidential

As a passionate gamer, you may start gaming on-site and forget about your identity and privacy in general. But in cryptocurrency, that’s the opposite. You can play the bitcoin slot as much as you want, and your identity will remain confidential. Besides, if you are making transactions, your identity will remain private.

Quicker transactions

As mentioned, making transactions using the other payment methods that utilize your bank details may sometimes take several hours before they occur. If you were in urgent need of money, you might get disappointed considering the kind of bureaucracy involved. 

However, when you are using cryptocurrency, you can forget about delays. As long as you have a crypto wallet, you can do crypto enabled transactions without any doubt.

Above are some of the ways gaming benefits from the integration of cryptocurrency in the industry. Crypto gaming is the future of gaming in Sweden and other parts of the world.


Chris

 
I listen to and write about music!