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How Cryptocurrency Is Used in Gaming

 

Cryptocurrency is starting to take a wide number of industries — such as the retail, travel, and sports industries — by storm. But while these industries are more hesitant about cryptocurrency usage, the gaming industry, from eSports to casino gaming, has dived right in, unafraid to experiment with new currencies or offerings. 

This general attitude makes sense: Gamers are used to rapid changes in technology and aren’t afraid to try out the latest offerings. Since they also exist in virtual worlds, it makes more sense for them to use virtual currencies instead of traditional currencies.

Below are just a few of the ways that the gaming industry is using cryptocurrency.

Casino Gaming

Casino gaming sites never shy away from testing out the latest technologies and offerings, and they’re always looking for a variety of ways to enhance gaming for their customers. For example, sites like PokerStars.bet frequently host online poker tournaments to excite gamers in addition to offering a number of poker variations for them to play. 

Besides hosting special events and offering plenty of games, other gaming sites are amping up their payment options by accepting cryptocurrency. Although it hasn’t hit the major online gaming sites yet, there are many casino sites that offer gaming and wagering with specific currencies like Bitcoin.

eSports

Like with casino gaming, the future also seems to be highly tied to the cryptocurrency industry. At the moment, cryptocurrency is being offered as a form of payment for eSports games, subscription services, or in-game purchases. But in addition to that, many eSports game developers are starting to create their own cryptocurrencies for gamers to use in the games.

For some games, developers are offering gamers incentives to use their cryptocurrency, such as in-game rewards or even rewards with real-world value. Other developers are allowing gamers to use major cryptocurrencies for trading in-game assets or other digital assets with real-world value.

Land-Based Casinos

Like online casinos, land-based casinos have also been incorporating newer technologies into their infrastructure. Smart devices, facial recognition, and data-tracking technology have all helped to improve security and customer experiences. And one of the newer technologies that many casinos are adopting is cryptocurrency.

For instance, some casinos in Las Vegas, such as the D Hotel and the Golden Gate Hotel & Casino, have started to accept Bitcoin for certain types of payments. Although cryptocurrency can’t yet be used on the floor, it is able to be used as a form of payment for hotel rooms, restaurants, and gift shop items. These casinos also have Bitcoin ATMs for the purpose of easy Bitcoin trading.

Eventually, cryptocurrency will be used for gaming on the floor. But as for when that might happen, it’s unclear. It might happen with the new casino, Circa, opening up in Vegas in 2020. Or it might happen a few years down the line.

The Future of Cryptocurrency in Gaming

There are many benefits to using cryptocurrency over traditional payment methods, especially for gamers. It’s safer, faster, and more efficient. Trading and currency conversion is also simple, and it can be easily done from home or at crypto ATMs, which are becoming more common all over the world.

Both the casino gaming and video gaming industries are expected to move further into the virtual realm in the future. More likely than not, this move will come with a wider adoption of cryptocurrency. With fully-developed virtual casinos and virtual worlds, it makes more sense to use digital currency instead of traditional currency or payment methods. 

But instead of just in-game use, many of these cryptocurrencies might easily translate to the real world and be able to be used in the real world — no conversions needed. The gaming industry’s adoption of cryptocurrency might also lead to the adoption of a common global cryptocurrency that can be used unrestricted by borders in both virtual worlds and the real world. Bitcoin has already showed a lot of promise in this area, but perhaps there will soon be a new cryptocurrency to take over completely in this regard.

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