New technologies continue to emerge all the time. While cryptocurrencies have been around for some time, we’re still trying to figure out all about them. One of the things about digital currencies people are curious about is why they become so huge. Many believe that the rise in popularity of crypto can be attributed to the gaming industry. When you think about it, it makes a lot of sense. Gaming and technology go hand in hand, and online transactions are one of its prominent features. With this in mind, let’s dive deeper into whether gaming is the reason why we massively adopted crypto.
One of the best things about cryptocurrencies is that they make transactions occur in a timely fashion. This is because, unlike some traditional payment options, there are no third-parties involved in the process. In other words, you can make a crypto payment at any time of day and night, and your payment will go through instantly. Not only this but since crypto is not centralized, it doesn’t matter where the other party is located. Your payment will always go through in a matter of seconds. This is exactly what gamers wanted when microtransactions such as buying skins and in-game emojis became popular. They started making more payments with crypto and others followed along.
There’s no need to say that when you shop online using traditional payment methods, you leave a trail of all transactions you make. This is the case with all transactions you make online, including in-game purchases and purchases you make on platforms such as Steam and Origin. Not everyone is happy about this, and people have been looking a way around this for quite some time. Paying with crypto is the best way to deal with this issue as it leaves no trail at all and you nobody can take a look at the purchases you’ve made. Gamers who make transactions every day and spend a lot on video games have been particularly happy about this.
No transaction fees
People who often purchase stuff on the internet hate transaction fees. And for a good reason. These things can be so annoying, especially when your job or hobby requires you to buy things online regularly. This is the category gamers fall under and they’ve been waiting for a payment option with no transaction fees for a while. Now, with cryptocurrencies available for use, they can make as many transactions as they want, without worrying about transaction fees. The only time you’ll ever be charged a transaction fee when paying with crypto is when you decide to use a third-party management service.
Obviously, when paying for stuff online, you want your personal information to be as safe as possible. The problem is that, when shopping on the internet, you can never be sure who got access to your info. Plus, we’re talking about sensitive information such as name, address, and credit card number. Gamers who make many monthly transactions weren’t happy about this and they saw an opportunity to eliminate this aspect of online transactions by paying with crypto. Companies in the gaming and iGaming world followed quickly. As a result, there are many cryptocurrency casinos and game developers that now accept payments in digital currencies.
As soon as digital currencies emerged, they took the world by storm. By now, there’s hardly a person out there who doesn’t know what Bitcoin is. However, there’s much more behind these currencies than just Bitcoin. With the popularity of digital currencies increasing, new cryptocurrencies have started to emerge. At the time of writing, there are over 1600 unique cryptocurrencies around and that number is likely to increase in the next few years. With so many digital currencies available, gamers were able to find the ones that fit all their needs and preferences. It didn’t take long for everyone else to realize how many cryptocurrencies there are and how easy it is to use them.
If you take a second to think about banking and credit card systems, you’ll realize that there’s no individual ownership involved. In other words, once you sign an agreement, you turn stewardship over your fund to someone else. In theory, they can do whatever they want with your assets. For a long time, people uncomfortable with this had to use credit cards, simply because it was the only way to pay for things online. For instance, many gamers started using credit cards just because they wanted to buy games and in-game items online. With crypto, they got to be the sole owner of their assets, which is one of the key reasons why they started using it.
The bottom line
The nature of gaming is such that it involves plenty of online purchases and microtransactions. After all, that’s how game developers make money. This is why gamers are among the first people who identified the benefits of digital currencies and started paying with them. With more and more people following their example, expect cryptocurrencies to rise even more in the next few years.