Cryptocurrency is a secure digital currency. It uses cryptography encryption techniques that makes it impossible to replicate or counterfeit. Usually, it’s not minted by a central authority. It works through blockchain ledger technology to maintain the transactional data. Our Finnish expert in guest post topic, Auli Wälkky, explores its future in the Finnish online gaming industry.
Cryptocurrency and Online Gaming
The cryptocurrency gambling industry uses various types such as Bitcoin, Ripple, and Ethereum, among many others. Albeit a new tech, it’s pretty common in online casinos such as casino ilmaiskierroksia in Finland. Its ease of use in withdrawals and deposits makes it a popular choice for online betting and gaming.
The blockchain technology used in cryptocurrency gaming ensures that the transaction is safe. You can also make anonymous deposits. Blockchain is a secure method of carrying out transactions and doesn’t need third-party software.
Cryptocurrency works via wallet exchanges. For example, if you want to send some crypto units to another user, you can send them to their digital wallet. There’s no going to the Nordea Bank machine or sending an IBAN, a crypto wallet exchange is quick and simple.
Traditional Banking vs. Crypto
- Online cryptocurrency is also a quicker method of processing transactions as compared to online banking. It enables users to have a smooth gaming experience.
- Even though the traditional banking methods allow for significant liquidity, they’re prone to hacking attempts. Users are more at risk of losing their money to hackers. You’ll find cryptocurrencies safer and more reliable.
- The transaction fees using cryptocurrency is much lower compared to other payment methods. It’s because the systems don’t use third parties in the process.
- There’s more anonymity when you pay via crypto coins, as you don’t need to confirm your identity or email. It uses a blockchain pseudonym, which means your cryptocurrency address is not linked to your personal identity.
- Moreover, when you use cryptocurrency on international sites, you don’t have to worry about the exchange rates.
- When the intermediaries are eliminated, and there’s less time processing a payment, you get more value for money.
Advantages for Gamers
With cryptocurrency, you can separate your bank account from your gaming hobby. If you’re paying via cryptocurrency only, you’ll reduce the risk of affecting your finances. Your crypto wallet also notifies you when your balance is low.
One advantage of blockchain-based gaming is that you get to own the assets in the game. You can also inter-operate your profile from one game to another. Your digital assets are securely stored in crypto wallets. Games such as CryptoKitties are exemplary of how popular this field is.
A Treat for Developers
If you are a new game developer with little to no experience, you can develop a DApp (decentralised app) blockchain game. There are SDKs (software development kits) by various providers to build your blockchain-based game. However, if you want to develop your game from scratch, you will have to learn Ethereum development.
Many online casinos offer bonuses when you trade in cryptocurrency. When you register on their site, deposit a cryptocurrency they support, and collect your bonus. Make sure to do your research before signing up, as once you make the payment, you don’t get it back!
Crypto gaming has taken gaming to a whole new level. Those who love virtual reality can benefit from its many features. There’s more communication between the gamers and the developers. This means games are more customised as time goes by. It offers its users the gaming environment they enjoy with the various assets in store for them.
Cryptos are Here to Stay!
With its myriad benefits and increasing popularity, the crypto trend shows signs of a bright future in the gaming industry. It’s safe to say that it’s there to stay.