Considering that governments around the world are now adopting crypto, it’s no surprise that the gaming industry is pushing for a wider adoption of digital currencies. Recently, a growing number of gaming platforms have begun accepting crypto following the financial disruptor’s growth and popularity. In line with this, up to 75% of gamers are similarly pushing for more crypto availability on online gaming platforms. Within the next few years, crypto gaming may become another widely accepted medium for digital tokens.
What is crypto gaming?
As its name implies, crypto gaming marries traditional gaming programs with cryptocurrency. The two most popular iterations of crypto gaming include betting with crypto and play-to-earn setups. The former version includes using cryptocurrency to finance gaming wallets, which will then be used for wagers. This can then be held for future use or be withdrawn for personal use. Such is the case on sites like Americas Cardroom. Meanwhile, the latter version includes dedicated gaming programs that are built on blockchain. The most well known example of this is Axie Infinity. In these games, players use in-game tokens throughout the gaming process. These tokens can later be sold or exchanged for real-life cash. All-in-all, crypto gaming is designed to be a more relevant way to process payments and in-game finances.
The benefits of crypto gaming
There are many pros to crypto gaming, but the most notable are privacy and accessibility. Although cryptocurrencies are unregulated themselves, the mainstream interest they’ve drummed up may be key to similarly aiding other gaming platforms. One of the most exciting applications of this involves online poker which remains illegal in all but five states in the United States. However, it is believed that crypto may help to legalize online poker in every state. Because crypto-backed wallets on online poker sites don’t infringe on the Interstate Wire Act of 1961, this eliminates the need for banks that are prohibited from processing betting-related transactions.
Aside from this, because cryptocurrency cuts out the middleman, it’s relatively easier and more private than traditional alternatives. Unlike using fiat money to game, using crypto has fewer fees and faster transaction rates. Since crypto exchanges are also highly secure, your personal information is not going to be required. In many cases, you can be nearly anonymous while trading crypto. This further helps you safeguard your privacy and online security since this reduces the number of times your sensitive information is going to be online.
Should You Bet On Crypto Gaming?
Ultimately, whether you should use your crypto for gaming depends on your comfort and familiarity with crypto. Remember, one of the biggest crypto trading mistakes is not understanding that cryptocurrencies are unstable. Compared to conventional currencies, crypto is incredibly volatile. Add this to the world of gaming where the odds aren’t always in your favor, and this could result in significant losses. Even if you are talented at a crypto-friendly game, this extension of crypto use may also increase cybersecurity vulnerabilities. As a matter of fact, just this month, more than $600 million worth of cryptocurrency was hacked from Ronin Network. A gaming-focused blockchain platform, Ronin is still currently trying to trace how the breach began. Consequently, this has highlighted the existing unpredictability of crypto gaming’s longevity.
Alternatively, if you are more confident in your crypto strategy and you know how to minimize your risk, then crypto gaming may be a fun new way to increase your exposure. Using gaming platforms are your primary trading method for crypto, though, is not an approach worth betting on.