As bitcoin popularity continues to grow, so do the ways in which we can use it – especially in the online gaming world. If you’re into online gaming and you don’t have a bitcoin wallet, what are you waiting for?
What is Bitcoin?
Bitcoin is a cryptocurrency that was launched in 2009 by a developer called Satoshi Nakamoto; it is an internet-wide currency that negates the need to consider ever-fluctuating exchange rates. In the last seven years, bitcoin has become a widely used currency, with the likes of Subway, Microsoft, and WordPress now giving customers the option to pay with it. In fact, the European Central Bank referred to it as ‘probably the most successful virtual currency to date’. Even some universities, such as the University of Cumbria, offer their services in bitcoin now.
What Does This Mean for Gaming?
Bitcoin’s growing popularity has led to the rise of bitcasinos (online casinos that accept bitcoin). As well as being able to deposit and withdraw bitcoins, some bitcasinos like Vegas Casino have launched online btc slots: Specialised slot games that can only be played in bitcoins.
The popularity of bitcoin in online gaming is based on a number of things. First of all, bitcoin offers fees 5.5 times lower than standard credit cards; these savings can be directly passed on to customers as promotions and bonuses – it’s a win-win.
There’s nothing worse than winning the jackpot, then having to wait to collect your winnings (okay, that may be a slight exaggeration, but you get my point). With bitcoin, your winnings can be transferred straight back into your wallet; another selling point for this cryptocurrency.
Not only can bitcoins be used as gaming currency and be collected as winnings, but developers are now releasing video games that can be bought using bitcoin. Steam, Kinguin, and G2A already allow customers to buy their games using bitcoin. And the science-fiction game No Man’s Sky has been accepting bitcoin for the pre-order of the game since August this year.
The Future of Gaming and Bitcoin
The future is looking pretty exciting. The bitcoin debit provider, Xapo, has joined forces with CEVO and Leet to develop a large-scale bitcoin gaming platform that will allow players to challenge their friends for bitcoins on some of the world’s leading video games (Counter Strike, League of Legends, and Team Fortress 2, to name a few). Takara, a geocaching game (think Pokemon Go! meets Tourality), even allows players to hide and discover bitcoins in the real world.
Virtual reality will likely play a part in the future of gaming and bitcoin. Virtual casinos will allow players to ‘travel’ through the casino with their bitcoin wallet with them at all times, creating an online casino experience like nothing we’ve ever seen before. It really is unsurprising that so many people are attracted to this new type of gaming.
The online gaming community spans the whole world, so why shouldn’t an online currency do that too? Bitcoin makes that possible. Advances in gaming technology and the growing popularity of bitcoin make it the next logical step for the online gaming world (it’s already happening). Bitcoin offers benefits to both game providers and the players, so no wonder it’s where the future is heading.