Cryptocurrency has been around for a while; however, there have been doubts about the virtual currency for as long as it has been available. Nonetheless, it continues to make waves in specific markets.
The world of gaming is certainly one area where cryptocurrencies such as Bitcoin have created a buzz. Users have looked at using this form of currency as a way of enjoying a better experience whilst making purchases within games and have looked at the virtual currency as a way of remaining safer as well.
But, can Bitcoin and other virtual currencies become viable methods of payment in the gaming industry? There is some suggestion that it could.
In-game purchases for free-to-play applications
There are a number of free-to-play applications available through a number of different download portals; however, many of them will provide players with the chance of improving their experience and enjoyment levels of a particular game by providing the option to make an in-app purchase. So many people do not want to spend the time trying to get things for free, that they will often spend a little bit of money here and there, which in turn has made the mobile gaming sector a billion-dollar industry.
By using cryptocurrencies, app developers are able to attract players from all around the world without any restrictions, whilst players will also not have to worry about any potential exchange rates or processing charges that they might face if playing a game from an international developer.
Admittedly, using cryptocurrency is still a relatively new thing and is yet to have hit the mainstream market, but when it does, it would not be a surprise to see a number of users looking to use this method of payment when it eventually does.
Eliminating payment intermediaries
As cryptocurrency has the capability to allow players to make transactions with each other to buy and sell assets, intermediaries such as app stores could suffer. Using currencies such as Bitcoin could make the process smoother, cheaper, and easier to manage and complete for developers.
However, it would be rather unlikely to see the demise of an app store, as so many players will still likely use traditional forms of payment and will want a place to find all the latest titles. Indeed, it would be a surprise if these app markets were not to offer cryptocurrencies in the future, as it would almost be impossible to ignore them if they reach the mainstream market.
Enhanced player experience and digital ownership
By using cryptocurrencies, players will be able to enjoy smoother gaming experiences, and owners will be able to actually own the asset of the game instead of the publisher.
Cryptocurrency is decentralized, therefore making it more trustworthy and more secure to those that use it as it is outside government control.
Cryptocurrency within the gaming sphere is still relatively niche, although it would not be a surprise if it became a viable currency in the future. There are still plenty of different avenues to be explored with currencies such as Bitcoin; however, the benefits of using one certainly make for positive reading.
The fact that it is another payment option that provides players with secure and safe methods, without the need to use an intermediary will likely prove favorable, whereas gamers will also start to get more control over their gaming activities, therefore perhaps building a confidence to spend more on in-game purchases.