The cryptocurrency was invented almost 12 years ago now — and it’s still having a massive impact across the financial and entertainment industries. This, of course, includes the gaming industry, which has had a massive boom over the past twenty years and continues to be one of the most exciting marketplaces in terms of growth and offering, which includes live casino games.
But what exactly is cryptocurrency? And how has it impacted the gaming industry over the past 12 years? Read on to find out more.
A background on cryptocurrency
Cryptocurrency is a virtual currency that’s part of a decentralized network. Based on blockchain technology, cryptocurrencies exist outside of the control of central authorities or governments, meaning they’re immune to manipulation from larger institutions.
The first blockchain-based cryptocurrency to ever exist was Bitcoin. Bitcoin remains one of the most popular and valuable forms of cryptocurrency; launched in 2009 by Satoshi Nakamoto (a pseudonym), as of August 2021 there are over 18.8 million bitcoins in circulation.
Other popular cryptocurrencies include Litecoin, Namecoin, Peercoin, Ethereum, Cardano, and EOS.
The aggregate value of all cryptocurrencies in the world is over an astonishing $1.8 trillion. Bitcoin represents almost half the total value at 46.5%.
How has it impacted the gaming industry?
The gaming industry is one of the most exciting and fast-growing industries out there, evolving over time with the incorporation of new technologies. Cryptocurrency fits neatly into the world of gaming as it’s a concept that makes sense to a lot of gamers. Virtual money has been involved in gaming for a long time; the idea definitely resonates with a lot of people, especially long-term gamers.
There’s a variety of ways that cryptocurrency has affected the gaming industry.
Back in the early days of blockchain and cryptocurrency, there was no way to reward gamers who helped in the co-creation of games. A proper model can now be established to reward gamers for all their hard work.
A Co-creator rewards platform can be used by developers and game publishers to develop an awareness of the third-party co-creators and give an economic benefit to their efforts. This will improve the overall quantity and quality of the work on offer.
International talent and usage
Cryptocurrency transactions will allow gaming companies to hire developers from all around the globe. With the help of cryptocurrencies, companies have access to a much wider talent pool, which will increase the growth of the gaming industry in general as publishers and developers will be able to hire the right people for the job at a rapid rate.
Developers can be difficult to come by as there are so many technology companies that require them. The use of cryptocurrencies as a method of payment means that there’s a much larger pool of talent that businesses and organizations can access.
A better work culture
Workplaces across the gaming industry, alongside other workplaces, will be impacted by the incorporation of cryptocurrency. By using Blockchain, the workplace processes can become more efficient, including contractual agreements, fair collaboration as well as more equal hiring practices. This is especially important for the gaming industry as it’s such a quickly growing marketplace.
Cryptocurrency and the casino industry
One of the subsectors of the gaming market that is already being impacted by the rise of cryptocurrencies is the casino industry. Bitcoin is definitely a trend in the online casino sector, with many casinos adapting to the shift and embracing crypto iGaming.
Crypto gaming is the use of cryptocurrency by casino sites online. There are a huge number of benefits to online casinos accepting cryptocurrency as a method of payment by users. Cryptocurrency can help address some big financial issues when it comes to casinos including high fees from banks as well as slow transactions. One of the main benefits of cryptocurrencies, in general, is the degree to which it gives users additional privacy. For these users, they can access online casinos with a large degree of anonymity.
There are both online casinos that accept cryptocurrencies like bitcoin exclusively, and others that accept all types of payment methods alongside it.
Cryptocurrencies have impacted the gaming industry in another way too — they’ve become the inspiration for games. Inspired by blockchain technology, game developers have put together some bitcoin titles.
One of these is Bitcoin Hero, which teaches you the basics of trading by assuming the role of a Bitcoin trader and using your budget to buy and sell bitcoin on a virtual market. In another game, Bitcoin Blast, you need to match various colors of the bitcoin symbol in order to accumulate points. You can actually win bitcoin in this game which makes it more exciting.
Altcoin Fantasy is a game not unlike Bitcoin Hero. A trading simulator app, it gives you practice for trading as well as competitions you can take part in with real cryptocurrency rewards.
The future of cryptocurrency and gaming
So far, the future of cryptocurrency in the gaming industry looks bright. The convenience of bitcoin when it comes to making transitions and the privacy it offers its users are some of the key reasons why people will keep using cryptocurrencies and many more online casinos will begin to integrate it into their businesses.