The word Bitcoin is cropping up more and more in every day life. But what is this new form of currency, how does it work and what does it mean for online gamers?
Bitcoin is a booming form of financial transaction that is causing a revolution in the world’s financial markets. It is a digital cryptocurrency that is attracting more and more users.
This means it is a form of currency that exists virtually. There is no central regulating and issuing authority but every exchange is conducted by highly secure cryptography.
For online gamers the advent of Bitcoin heralds a whole new way of conducting financial transactions with the online casino operators. And the digital gaming world has, as usual, been quick to embrace the new system.
Players will find plenty of casino operators are now offering to accept bitcoin as a verified payment system for everything from trading simulators to playing online slots. Bitcoin offers great advantages for both sides in any transaction and could well be a major part of the financial future for gaming.
Of course, the online gaming industry has always been among the pioneers in adopting new ideas and technology. That’s how it has enjoyed such a huge boom in popularity in recent years.
It’s the same with the arrival of bitcoin and cryptocurrency. The gaming industry was quick to recognise that these new systems offer a secure, flexible and global way of paying and receiving money.
Recent surveys have found that around 75% of online game players would prefer to be able to use their virtual gaming assets to buy and sell on other platforms and sites. That means there is a huge demand for using a universal and versatile cryptocurrency like Bitcoin.
Some still worry about the safety of using Bitcoin. It sounds fragile. In fact cryptocurrencies like Bitcoin are an extremely safe way of trading – as they are actually built on extremely secure cryptography.
With its blockchain technology these financial systems are completely safe from any government interference. Although there are plenty of rival virtual currency systems like Litecoin, Peercoin, Namecoin, Ethereum, Cardano and EOS, Bitcoin is easily the most popular of the world’s cryptocurrencies.
In the gaming world switching to the use of Bitcoin is easy. Players can buy or sell Bitcoin by making exchanges from their wallets at any time.
Gamers are able to then use Bitcoin to pay for extras within any game, like extra lives or spins. There is no waiting for approval or transfers.
Players can find increasing numbers of casinos are happy to accept Bitcoin transactions. They are finding that it actually makes the players’ payment system simpler.
That’s because the payments are more streamlined with Bitcoin and the assets are transferrable across games and platforms. The main benefits of using Bitcoin in gaming can be summarised as:
- Payments can be made instantly, allowing access to games very quickly.
- Gamers can play anywhere – the Bitcoin currency is completely international. There are no worries about security or exchange rates.
- Players can completely trust the system. Blockchain technology means illegal trading and hacking is impossible.
- There are no hidden fees or interest, so players get better value for money than credit cards. There are no handling fees at any stage and there is no wait for money to be moved.
- Your personal data is completely protected via the Bitcoin security system. Your transactions are secret. Cryptocurrency transactions use a different secret address for every single transaction.
Some game developers have been quick to use Bitcoin as part of their new offerings to online players. The new sector called crypto gaming was inspired by the sophisticated blockchain technology that lies behind the rise of Bitcoin.
So today’s online players can find popular bitcoin titles across various gaming genres. Here are some of the best Bitcoin games:
- Bitcoin Hero
This game was designed to give players a great chance to learn and practice in the world of Bitcoin trading. It’s like being a real life Bitcoin trader.
Players use their budget to buy and sell assets on a virtual market and can even use clever analysis tools to make investment decisions.
- Bitcoin Blast
If Bitcoin Hero can be a serious lesson in trading, Bitcoin Blast is all about having fun. It’s a lively game involving matching Bitcoin symbols and colours to win points. Online gamers can even win Bitcoin prizes.
- Altcoin Fantasy
Want to have fun and learn about Bitcoin at the same time? Altcoin Fantasy is a trading simulator to let you enjoy discovering how to trade with crypocurrency.
Play in a virtual world of real-time assets and analytical tools. Top players can win Bitcoin prizes too.
The online gaming industry is usually at the forefront of progress and Bitcoin is no exception. Industry experts are already predicting a big future for Bitcoin within the the gaming world.
Cryptocurrencies and the blockchain technologies behind them are still being developed – but it is clear among industry experts that they have a huge potential.
Billions of gamers are now enjoying playing online. The total global turnover of online gaming is approaching US$200 billion.
This huge market is likely to help the growth of Bitcoin as it offers a perfect environment for the use of cryptocurrency. More players will discover the benefits of using Bitcoin – so it is expected this will help the casino industry grow even faster.
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