The concept of digital currency has been in the gaming sector for a while now. If you are used to playing games online or on a mobile phone then you will be familiar with the game coins or special XP points. Whenever you reach a milestone these XP points gets credited, which can be used to buy upgrades. In order to accumulate enough points, you will have to put in a lot of gaming hours. Alternatively, one can buy these achievement points in the form of in-app (or in-game) purchases. In order to make these purchases, one has to pay with fiat currency.
There are many online gambling platforms where people have been wagering with fiat currency. This might be more relevant to destinations outside of the US and there are those who play with the “cryptocurrency” bitcoin – this is for both standard gaming and online gambling.
Let’s take a closer look at bitcoin developments in both the online gaming and gambling industries:
Recent Bitcoin developments in the online gaming landscape
The next steps and actions that may be anticipated in the gaming space vary between allowing for “in game payments”, “competing for bitcoin” and “bitcoin rewards”, the “purchase of games with bitcoin” as well as “console integration”. This was the report by Venture Beat, and it’s clear to see the value in these options. As a currency which is only available in a limited supply, it is certainly sought after. Even though the value has dropped, at a rate of 237 US dollars per coin – it’s still quite valuable.
It seems that gaming service providers have caught onto this, as they explore the different avenues in which they can include the acceptance of the currency as a mode of payment.
Gizmag reported late last year that bitcoins could now be exchanged for Microsoft App’s and games and so there definitely appears to be progress with the integration of its usage or at least the acceptance of this mode of payment in the online gaming space. It’s not to say that it will be integrated in all online gaming, but if a multinational like Microsoft is making strides towards integrating the usage thereof, we’re sure that more will jump ship.
Recent Bitcoin developments in the online gambling space
Much debate exists around the use of Bitcoin in online gambling, especially with the controversy around the legalities in the US and the continuous developments and changes in legislation. There are some that might think it the perfect solution to online gambling, due to its privacy and anonymity – but we hardly think that illegal pursuits are worth following and it’s definitely not worth the risk. However, in the meanwhile you could instead opt for which although not entirely modelled around traditional gambling – could still give you a taste of casino themed games without breaking the law!
Recently Betkurus, the online bitcoin gaming platform collaborated with CoinMatrix to raise $670,000 investment. Betkurus is one of the leading online gambling platforms that allow’s players to deposit bitcoin into their gaming accounts and convert it into any fiat currency of their choice to place bets.
Given the size of gaming industry, the ease of transactions using Bitcoin are in store for the Bitcoin gaming industry.
Although it seems that some of the hype around Bitcoin has died down, from the actions taken by businesses to allow for the “cryptocurrency” to be used as a payment method, it’s clear to see that it’s not going anywhere. We’ll keep our eyes open and ears on the ground to keep you posted on the next developments in the months to come.