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The Rising Popularity of Bitcoin in Online Games

If there is any one market that Bitcoin has made the most impact in, gaming is probably that market. With its history of taking on the newest technologies, the adoption of this cryptocurrency and its technology into the recreation and entertainment sector was a given. However, no one could’ve quite predicted just how much of an influence this technology would have on the industry and what it could provide. In particular, online gambling sites are growing and expanding at a rapid pace, using the security and privacy of Bitcoin to lure in all kinds of players from all over the world. Gaming and cryptocurrency have had a long-standing relationship, but the recent adoptions of digital currencies by online gambling and casino sites has helped cement that relationship more. But just how far has the rising popularity of Bitcoin shown its face in online gaming?

The Rise of Bitcoin

Despite its introduction back in 2009, Bitcoin didn’t truly taken off until recent years, at which point the increase in use, popularity and worth excelled beyond most predictions. Bitcoin and its unique technologies have proven to be some of the most exciting and game-changing technologies to grace the market, with many people believing that Bitcoin has the capability to transform even the biggest institutions and governments. Bitcoin really took off during a year of global turmoil in the way of finances, with people all over the world investing in the cryptocurrency, ultimately catching the media and businesses attention by surging around 9% in 2016 alone.

With this surge, however, comes the demand for more merchants and markets to start accepting and using Bitcoins – and the gaming industry in particular was happy to take on this challenge. This way of using Bitcoins not only gave existing users another way to spend, but pulled gamers into using them due to the increased security that Bitcoin provides when gambling and making transactions online.

Anonymity and Privacy

The anonymity and privacy that Bitcoin provides are the biggest lures for gamers and newbies across the gaming industry. The decentralised cryptocurrency means that their cash isn’t tied to a central banking authority, and transactions that occur are virtually anonymous, which can help offer a level of freedom and privacy that a lot of gamers find important, particularly in the way of online casino games.

Many Bitcoin gaming sites won’t even ask for personal information, so there is no way of tracking who is spending the coins or the transactions that they are undertaking. There is no need for ID or any utility bill scans like you may find with alternate fiat-based gaming sites. This kind of information online can create a more vulnerable situation, and so Bitcoin gaming sites become attractive simply for their accessibility without the need for extensive details or personal information. Gamers can simply do what they do best and gamble their money securely and safely without putting themselves in any position of vulnerability.

Ease and Accessibility of Transactions

The ease of use and accessibility of transactions made using Bitcoin is just as attractive a reason as anonymity to gamers. Using Bitcoin rather than fiat currencies will help you avoid the need to pay any fees. With common fiat currencies, there are often extensive fees that a gambling or sports betting site will need to pay to be able to accept and pay out their transactions which will ultimately be charged to the players, but with Bitcoin these fees don’t exist. The process is completely free, and more often than not, instant. Whether you’re depositing or withdrawing, the transactions will be securely and safely done in a very short of period of time, if not instantly, which is one of the main reasons why people are turning to Bitcoin gambling and sports betting sites as the future of betting.

In addition, there is no legal jurisdiction that applies when it comes to Bitcoin and online gaming. This is particularly useful in countries where gambling may be illegal, because governments and banks will not have any control over Bitcoins or how they are spent. This cryptocurrency is completely decentralised from any country or institution, and so there is no single authority who can control Bitcoins or their use. Because of this, there are plenty of gambling sites and RPGs that have appeared, increasing the range available, the span to which Bitcoin can reach, and how many people are playing them.

Blockchain Technology in Gaming

Blockchain technology and its use within gaming has, and will continue to, disrupt gaming and the traditional companies that create the games that we play. Blockchain is known for its ability to bring decentralization to large industries, ultimately moving the power away from governments and centralised organisations and back to the consumers themselves – this can also be done within gaming. If gamers were to move from corporations like Activision, Blizzard and more, they could create their own platforms that are owned by the users themselves. In short, the effect of this would be that gamers will have more control and more flexibility when it comes to gaming and their experiences.

Gamers could gain control over the rules, the transactions that take place, accessibility and even in-game currencies and ultimately take away any limits that they have to take more control over their experience. FirstBlood allows players to challenge the field using oracles and smart contracts in the blockchain it works on, and Blockchainga is constantly developing games that allow players to digitally trade their items on a blockchain outside of the game.

Bitcoin use in gaming has a long way to go, and it’s impossible to predict just where it might lead us in the future. One thing is for certain, however, is that cryptocurrencies and Bitcoin technology had had a huge effect on gaming already, and with every passing day is making more and more of a difference to the gaming experience, and how much freedom players have.