Blockchain is getting adopted in every sector of the market, and if we talk about cryptocurrency, then blockchain is the backbone for cryptocurrency including Bitcoin and Altcoin. Cryptocurrency is used by most industries for services and buying the products. Cryptocurrency helps instant online payment securely. Therefore, the gaming industries are taking advantage of such an advanced system. Gaming Industry calls cryptocurrency as "magic internet money" some time. Online casino is also online gaming platform where a transaction is required. Hence, most of the players try to use cryptocurrencies for their needs and it facilitates them with numerous perks.
Live Online Games
An online game is a kind of video game where one player can play with another player or computer with the help of internet connectivity around the world. According to the Statista web portal, online games industry extended to $11,978,000 in 2019 and is projected to hit $13,203,000 by the year 2023. It was also recorded in 2019 that revenue from online gaming was $16.9 Billion, whereas China and the USA were top revenue makers with 4.2 Billion and 3.5 Billion respectively. There are so many general games listed below:
- First-person shooter game (FPS)
- Real-time strategy game (RTS)
- Massively multiplayer online game (MMO)
- Multiplayer online battle arena game (MOBA)
- Battle Royale games
- Multi-user dungeon (MUD)
Payment Requirement in Game
Players need to pay to play the online casino or such similar type of video games and also they have to pay to get some coins or to have some designated level or feathers. Sometimes if players want to upgrade their level, then they have to pay some fees also. While paying, it has chances to be scammed, and therefore this gaming industry always needs a secured, safe and easy way for payment mode and cryptocurrency provide a solution for the need.
Cryptocurrency and Playing Game
As per the need of the gaming industry, Game developers integrate cryptocurrency with the game and its feathers so that, players can buy, spend, and earn virtual currency which is convertible to cryptocurrency or fiat some time. Players get blockchain-based accounting to avoid any transaction confusion. Few of the popular cryptocurrency and blockchain games in 2020 are Mythereum, Gods Unchained, Spells of Genesis, EOS Knight, Mega Cryptopolis, FunFair (FUN), Enjin (ENJ), Decentraland (MANA), RevolutionVR (RVR), Game Credits (GAME).
Payers require tokens or points to play the games, and tokens can be bought by a fiat currency or cryptocurrency. As the Gaming industry is growing, the demand for cryptocurrency is also increasing day by day. Any player from any part of the world may play the online live games and payout or pay in through cryptocurrency.
Benefits of Using Cryptocurrency
- Easy Payment: Users may pay in an easy way to play any kind of online game, and it is not complicated like other payment systems where so many compliances are mandatory.
- Easy Withdrawal: In the case of cryptocurrency, there is a very sophisticated way of withdrawal without any hurdles. Users may withdraw the earned coin or amount to their wallet which is again much protected. They don’t need to go any banks or payment portal to request for withdrawal.
- Secured Transaction: Cryptocurrency mode of payment provides well-secured transaction to another person as it is only acknowledged for peer to peer. As we know, the transaction is validated by miners, and so there are no chances of the discrepancy.
- Low Transaction fees: As compared to other ways of transaction cost, cryptocurrency is very cheaper and accessible. There is no third party like a bank or other government agency whom you need to pay for. The transaction is speedy also, which adds value for players.
- Lucrative offers: There are many voluminous bonuses and cashback offers for using cryptocurrency as payment method. So much as they play or use the cryptocurrency, they avail the attractive deal. Players save money in a bulk transaction as well as acquire extra coins for their gaming purposes. Therefore, such users of cryptocurrency always gain the free coins, referral token just by transacting cryptocurrency.
As we have seen the advantage of using cryptocurrency to play online live games, we can easily observe the increasing trend for using cryptocurrency. We should be thankful for blockchain technology which enables enormous opportunity in every industry. Because of cryptocurrency, the online gaming industry is also flourishing.