July 11

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Cryptocurrency and online gaming


The world has changed in every aspect, and the financial landscape has benefited from this global transformation. People have shifted from traditional fiat-based currency to digital cryptocurrencies. The advantages of cryptocurrencies are many. One is transaction ease; another is transaction speed; a decentralized transaction; secure and private spending; and protection from arbitrary inflation and deflation.

The importance of payment in the online gaming world cannot be overstated. Among other sectors, online gaming adapts to this new digital payment reality. Online casino have also not been left behind in the modern scheme of payments. For instance, players are meant to make deposits, cash out bonuses, keep their gaming wallet balance, and buy perks and promotions.

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All the activities noted above require a secure, fast, and easy payment system, and one that comes in handy in this situation is crypto payments. Many casino games now accept native currencies such as bitcoin, which already has an excellent reputation in cryptocurrencies. To be candid, many other cryptocurrencies peg the value of their currency to that of bitcoin. This means players’ confidence in adopting a currency like this will be very high. Let us look at ways in which online gaming can integrate cryptocurrency into their activities:

Secure payment 

As noted earlier, people no longer play just for fun; today’s added value is the chance to earn real money. And there are several stages in which players make financial transactions on gaming platforms. The first is making deposits to their gaming wallets; the second is getting and securing won cash in their wallets, and the third is the easy withdrawal of won cash.

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Crypto trader portfolio provides answers to all these three stages. As a currency, most crypto coins are already secured because they are built on blockchains. A blockchain can be compared to a ledger, but a somewhat digital one. It is a digital ledger that stores data about the value and usage of a digital currency. It means no manipulation or tweaking of the data will be accepted.

To keep it short, cryptocurrencies are secure and using them on gaming platforms only enhances the payment security of such platforms. This is so because the data is stored across a network of chains. Whenever the data on a block is attacked, probably through a cyber hack or intentional manipulation by the block holder, the data on other chains within the network will reject the content of the manipulated block.

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Low gas fees and better privacy

The gas fee is a technical term in digital currency, and it is the same as a transaction fee in your general banking. Most cryptocurrency providers charge lower than traditional payment providers on your transactions. Therefore, you pay a lower fee when you make your deposit to your gaming wallet and when you withdraw back to your crypto wallet. This means you wouldn’t have to spend a significant part of your winning on bank charges.

Another important fact is that transactions are usually decentralized and secure. What we mean by decentralization is that no single authority can vet, observe, control, or monitor your spending or money habits.

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This is very untrue of traditional banking payment providers. They have access to your spending, financial history, what you spend, and what you spend it on. Unfortunately, this is a gross breach of privacy, which you cannot sue them for. But using the crypto solution, players can play as little or as much as they love without the fear of prejudice or some unknown eyes browsing through your spending history.

Opportunity for more considerable cash-out

Yes, you read it right. Game providers who adopt cryptocurrency grant you the chance to access bigger payouts. This is very true, especially when it comes to living play events. Live play brings players from all across the world. Now let’s imagine some places in the world where other digital payment methods are restricted; players from these locations can finally find access through cryptocurrency.

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Cryptocurrency has barely any territorial limitations, and although it could face legal restrictions from certain governments, it is far better than an express territorial limitation. For instance, payment providers such as PayPal do not accept payments from certain countries, which means players from those countries are automatically unable to join their counterparts from all across the world. It is safe to assume that there would be many more participants in an online gaming platform where cryptocurrency is allowed than their counterparts who remain close to this digital innovation.

Conclusion

The online gaming industry is growing at a breakneck pace, and it is projected to grow further with the acceptance of cryptocurrency into the gaming world. As we’ve seen, using cryptocurrency to play live online casino games is a great idea. We should also note that the number of platforms accepting cryptocurrency is growing.

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