In recent years, one global phenomenon that caught everybody’s attention is a cryptocurrency, specifically Bitcoin. The potential of this blockchain-based digital money has reached avenues beyond the financial sector.
The online gambling industry has embraced this new technology with open arms, accounting for over $100 billion globally. At the same time, around 75% of gamers are eager to sell, buy, and exchange virtual assets on various platforms.
One of the compelling aspects of Bitcoin that convinces users to adopt it is the immutable, transparent, and decentralised system. Your digital currency, secured by cryptography, has no government interference, is immune to manipulation, and most of all, there is no single authority that controls, regulates, or issues Bitcoin.
There are several other popular cryptocurrencies floating around the internet, such as Ethereum, Litecoin, EOS, Peercoin, etc., but none can match or compete with Bitcoin. And with the likes of Bill Gates and Bob Greifeld endorsing the crypto offering as one of the most significant technological opportunities you can ever think of, achieving immediate and overwhelmingly positive results with Bitcoin is a given.
Experts also believe that the online gaming sector will be one of the first industries to find the real use of Bitcoin. Within the gambling realm, Bitcoin not only offers scope for financial transactions but can revamp how back-end infrastructure and games are developed. Anything from website navigation to player experience and immersive game design will become the norm and preferred options for gamblers.
For this reason, Suganthi, Project Manager at Lucky Raja says that the mass Bitcoin adoption for the Indian gambling scenario is a strong signal that can be a beacon to other industries.
Since gamers are familiar with tokenization, fiat currency (real money) is used to buy in-game gold and other assets. Bitcoin applications for gaming improve liquidity and fairness by establishing transparent norms for asset trading, particularly in the free-to-play models. Buying and selling from your digital and decentralised wallet for in-app purchases, advertising, and affiliate marketing can boost security.
Players can purchase coins, codes, custom characters, extra lives, or even the crypto itself. Players can finish specific tasks to receive more digital money with rewarded ads and form filling the surveys. Referral or affiliate marketing allows punters to click certain links or banners to invite their friends to a particular gambling website and earn more rewards or offers.
Another major use of Bitcoin can be seen in the structure of blockchain games: decentralised and hybridised models. As the names suggest, the former is entirely based on blockchain technology, where the developer cannot alter the game progression. Hence, the offerings are devoid of chances of rigging and manipulation.
Even in the hybridised model, even though the game runs on a centralised server, asset trading happens via Bitcoin, making items ownable by players, creating permanent value and legitimacy, and changes in the game design can occur only with the say-so of the user community. Online gambling, which provides the players with a “Second Life” experience, allowing them to:
- Create custom avatars
- Interact with other players
- Trade proprietary virtual currency for real-world money, and
- Exchange digital coins for physical, tangible items that they can use in their lives outside the gaming world.
Ideally, Bitcoin allows for the creation of an online multiverse, with interoperable assets transferable between various games.
Bitcoin adoption is still in the nascent stages, but the best Indian online casinos that accept crypto payments for in-game transactions have the last laugh. Blockchain start-ups are practically giving free money to gaming studios and sites to develop titles and focus on eliminating fraud. Since players’ accounts are already on the blockchain, websites can also verify how they obtained items and restrict certain purchases or their use.
Benefits of Bitcoin Usage in Online Gaming
Bitcoin adoption can alleviate transactional and fraud problems that players can encounter during online gambling. It offers cross-game compatibility, enhanced digital economies, streamlined and decentralised payments, valued and absolute ownership.
Bitcoin games and the adoption of blockchain technology may be technical, but they offer several advantages to both punters and developers.
Enhanced User Experiences: While game developers see increased profits, primarily because of Bitcoin’s capability of storing and transferring data, the complex data encryption and decentralised blockchain technology ensure consistent user data verification, making nefarious activities almost zero. For players, monetising in-game actions means an abundance of opportunities. They could rent the necessary tools, add an assistant to finish objectives, and create a higher digital economy for themselves.
Anonymity: Money is not the only personal asset at risk when playing games online; your sensitive information must also be secure. With Bitcoin casinos, your doubts about data theft and other such cyber threats will be void. Players who don’t wish their identities to be known can be at ease as online Bitcoin games are highly discreet as every time you make a transaction, the generated address is different.
Secure and Fast Transactions: The lack of bureaucracy and singular authority removes authority and expedites the transaction process while ensuring it is secure and safe. Players get to enjoy their favourite games and make multiple purchases swiftly and confidently, without any time lag.
Whether you are making nano-payments or developers are selling their software, Bitcoin creates a secure way to trade the cryptocurrency. The creation of immutable ledgers eliminates the duplication and hacking of keys and illegal trading.
Empowerment: Developers are more empowered, with smart contracts allowing for gaming regulations with specific predefined conditions that negate all trading vulnerabilities. It means more control over trading, setting foundations for a secure ecosystem, fair trade, responsible gambling, and more. Online gambling sites can also generate revenues through free economies and peer-to-peer transaction taxes, essentially replicating real-world financial systems.
Is the Current Hype Deserved?
Today, there will be at least four to five intermediaries whenever you make wire transfers, but you never ask to see what happens in the back-end. In the same way, Suganthi also opines that in the future, users may be on a Bitcoin platform and not even realise it because the blockchain technology will be so permeated as a back-end-infrastructure efficiency tool in the gambling world.
About LuckyRaja
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