Most probably you have heard about bitcoins at least a few times in your life. It has been around the news since its rate skyrocketed, and over the course of the last years, the main debate has been around its legitimacy. Luckily for the bitcoin, it is now seen either as a currency or a commodity, depending on the jurisdiction. Essentially, it is a digital currency that is powered by its users. It is not controlled by any governmental or private entity. As a digital currency, it is mostly used for transactions. How could these transactions be useful for the gaming and gamers?
Sometimes people prefer not to actually play the game, but would rather watch someone play or commentate on the game. Such people are essentially, content creators. The main distinction between them and writers, singers, artists, and so forth, is that they are unable to sell their content, and many derive much of their pay from donations. The average donation is typically quite small, yet still subject to a fee from mainstream payment processors. A regular streamer is likely to pay an average of 10-15% to PayPal, or any other payment processor. With bitcoins, it is possible to gain an even higher speed of transfer without any charge-backs, and, the best thing is – absolutely no commissions.
When was the last time you actually had a game in your hands? I bet it does not happen often. Most of the games are currently purchased online. Similar to streamers, online shops also have to compensate various payment systems. For example, if you are buying a game using your credit card, anywhere between 2% and 3% goes to the credit card company. With bitcoins, it is possible to buy games quicker, safer, and cheaper. Speaking of safety, credit cards are subject to illegal hijacking activities, and paying via CCs online may not always be safe. However, safety and anonymity is not an issue at all for bitcoin payments.
If you watch electronic sports, sometimes you want to earn (or lose) money by betting on the teams you support. While it is certainly even more thrilling to watch a match when you have a certain bet placed, it is not always the best idea to actually use your credit card to make a deposit into a betting service. Typically, if a banks finds out about you betting, they will lower your credit score. Hence, a $5 bet on a counter-strike match may result in a 1% higher rate on your mortgage. You may not actually care about it now, but once you start carrying it, it may be too late. This is where bitcoin eSports betting comes handy. When using bitcoins to make a bet on your favorite team, you are not revealing your identity at all.
The final thought
Games continue to get better, and the number of people who play videogames is still growing, too, as well as the number of gaming platforms available. It’s plain to see that there is a significant amount of money in the industry. However, most gaming innovations rely on old-fashioned payment processing systems. The good news is that bitcoin provides an alternative to the traditional payment processes, and may help resolve a lot of the issues therein.