Players have long been making purchases or bets using in-game currencies. But, the problem in these virtual purchases is that there are risks, as hackers and data thieves can exploit vulnerabilities within the game. Many gaming pioneers find the solution to this issue in incorporating blockchain into gaming, especially in the online casino gaming industry. The delicate business concept of this market demands the utmost safety and reliability of the online platforms, making them competitive and in line with the latest tech improvements. If you like to play casino games online, check the best online slots for 2020 at SlotsWise, where you can compare games, platforms, gaming conditions and offers while reviewing providers’ approach when it comes to players’ online safe gaming.
Why Do We Need Blockchain?
The advantage of the early big gaming providers is that they’re familiar with the gaming economy and know how blockchain could benefit the niche. They’ve been playing with in-game currencies for a very long time and they are used to creating and managing currencies since this is the basic function of any free-to-play game. Cryptocurrencies can be used as in-game currencies, or Game Assets can be turned into tokenised assets.
The demand for blockchain system in games will be managed by gamers, as they’ll seek ways to protect their game assets or make in-game transactions more securely. Companies should use blockchain more and more in order to buy services from other people. Blockchain should not be looked only from a gaming perspective, but also from a professional point of view. Paying for services or protecting the company’s properties using blockchain in order to trace assets and compensate people for that is an integral part of this feature.
One way that blockchain could be used in gaming is handling licencing. For example, you could take your licence and do a blockchain transfer to someone and they would own it. It’s like lending your game to someone else, but online.
Paypal Enters the Crypto Gaming World
Reportedly, PayPal is planning a big entry into the cryptocurrency business. People close to the source reveal that this California-based online payment behemoth plans to roll out direct sales of cryptos to its users. Having PayPal as a payment option inside blockchain gaming apps would make user acquisition much easier. This fintech system is already being used by millions of gamers worldwide that are connected to their credit card or bank account. As a result of this, buying cryptos, tokens or in-game assets would become a much smoother experience.
PayPal plans to work together with cryptocurrency exchanges in order to provide liquidity. Coinbase and Bitstamp have been mentioned on a few occasions by CoinDesk. For information, PayPal and Coinbase already work together, because the American crypto exchange allows users in the US, Canada and Europe to withdraw money to their PayPal accounts.
Currently, there are approximately 345 million active PayPal accounts worldwide. Many users use PayPal as a payment option for their subscription, including for example Spotify or some online newspaper. Having the option to offer PayPal as a payment option inside a blockchain-powered video game would be ground-breaking. Users would be able to add Ethereum to their wallets for general trading. Perhaps they can buy in-game currencies directly through PayPal.
No doubt that PayPal will open the doors for many newcomers into the blockchain space. Compared with traditional games, blockchain-powered games are often accompanied by difficulties. The UX involving the creation of crypto wallets, private keys or transactions can be troublesome.
The report did not reveal which type of cryptos would be available for trading on PayPal. However, the source added that the company would work with multiple exchanges to provide liquidity and multiple options. This suggests that if the plan pushes through, PayPal might offer multiple digital currencies to its users. Experts agree that these large Fintech payment companies saw and plan to grab this opportunity for significant growth in the crypto market, especially because they’d be given the ability to share transactions socially on their platforms.