The world is digitalization over technology and the safety concerns are also increasing side-by-side. Gaming industry which has changed and evolved vastly in the past decades is now adopting cryptocurrency, thus earning the trust back amongst its participants. The Black Friday event of 2011 by Isai Scheinberg, Founder Poker Star is one big example of why security is still the main assurance the gaming community looks for. And with the pandemic in trend, it has forced the whole community to be shifted over the internet.
One new adaptation that can be seen in the gaming industry is the introduction of cryptocurrency in the payment module. Crypto-based transactions are based on the blockchain and not limited to the borders of the country.
Why the introduction of crypto in online gaming is a good choice?
Firstly this is not the first or new concept for the gaming world, the same was introduced in 2018 when smart contracts and blockchain was used in casinos to give anonymity and security to the players. With the introduction of the crypto ledger, it also provided undisputed fairness against House Edge making the whole experience better for players as well as the casinos.
Earlier this month, Rivalry, an esports based sportsbook company adopted bitcoin in their payment structure. The above was done with the integration with UK based Bitcoin Exchange CoinCorner as said by Steven Salz, Rivalry CEO.
Cryptocurrency made it safer
Cryptocurrency allows gamers to expand in the markets beyond the domain of his physical location. And with some countries being stricter than others on how and whether one can indulge in online gaming. The restrictions put on standard options of payments, regulatory laws are a workaround by cryptocurrency.
Cryptocurrency may be a workaround concept for security and safety but that no way makes it wrong. This also gives a sense of trust to consumers that the platform is not being unfair or deceiving them as the whole system is decentralized and public. And the details of every transactional action is registered in the highly secured data blocks which are impossible to manipulate.
Anonymity is another aspect that online gamers prefer and with blockchain that has never been the issue. The long waiting time and the constant fear being frauded is also eliminated. Crypto-based payments are much faster and protracted by several security levels of the ledger.
