Gaming is a world of its own, with players and viewers forming a community of their own. But, it didn’t always use to be this way. Video games used to be quite localized, meaning developers had to rely on one-time purchases of their game software to earn revenue. But today, this is not the only channel of revenue they have at their disposal. The gaming industry has evolved even further now, utilizing the internet as a means of marketing, selling, and providing access to video games. Surely this universal mode of access allows gamers to play games anywhere in the world. The only hindering factor then is currency.
Let’s see how Bitcoin can address the problems associated with fiat currencies and gaming, how it improves a gamer’s quality of life, and how it has the potential to become a universal currency in the gaming industry.
Why Are Fiat Currencies an Issue for Gamers and Game Developers?
Most games rely on in-game purchases for generating revenue. This can include purchases of skins, upgrades, and collectibles. Generally, these transactions are facilitated using in-game tokens or coins that gamers have to buy separately, acting like currency for the game. It may happen that gamers may not have the privilege to conduct in-game transactions because their currency is not accepted by the game developer or the gaming marketplace. This means that gamers will have to set up foreign currency accounts, convert their currency into an acceptable currency, and then gain access to in-game purchases. You can invest in bitcoins on;ine through bitcoin evolution
Many gamers don’t want to go through the trouble, so they end up leaving this option. For game developers, this means that a largely untapped market remains unexplored, which means that they miss out on potential sales.
The Advantages of Bitcoin as Gaming Currency
The advantage of Bitcoin is that it exists in digital form, and anyone can trade in it as long as they have a Bitcoin wallet. Additionally, transactions in Bitcoin are fast and secure because of their use of cryptographic functions, making it easier for gamers to conduct transactions and purchase items. Additionally, the same features allow gamers to stay clear of phishing attacks that target their financial details. As long as your private key is secure, you can rest assured that no one can steal your Bitcoin.
Bitcoin is much more accessible to the average gamer. Considering that most gamers are young and don’t have access to banking services, Bitcoin allows them to conduct transactions without the hassle of showing documentation to set up a bank account or requiring debit cards/credit cards. This increases the user base for developers, allowing more gamers with disposable income to spend on their gaming products.
Perhaps the most advantageous aspect of having Bitcoin as a universal gaming currency is that it allows developers to focus on other aspects of the game. Developers don’t have to come up with payment facilitation and security mechanics to be incorporated in the game, freeing up network activity, memory usage, and resources to improve the game experience, like faster loading times, smoother gameplay, and additional features that improve the quality of life for gamers. All they’ll have to do is display their public key and let the Blockchain do the rest.
Will this Become a Reality?
At this point in time, it’s too soon to say. But, we can already see its craze from the widespread adoption of crypto-gaming on the Ethereum Blockchain. Steam is already ahead of many gaming giants and accepts payments via Bitcoin since 2016. Like Tesla, it too must have assets in the cryptocurrency that it plans on “hodling.” But that’s the issue. Investors are more inclined to hold the currency and bank on its value reaching new heights owing to its past performance. Until the digital currency truly gains popularity as an actual currency, it may take some time for it to reach mass adoption as a universal currency in gaming.