Bitcoins and the videogame industry?

 

It goes without saying that the gaming industry is a burgeoning one. Different computer or console games attract numerous players with their cutting-edge features and gameplay. Furthermore, access to videogames is easier than ever, with digital distribution networks in place through companies like Steam.

With the appearance of bitcoins and cryptocurrency technology, it seems like a closer integration between the two would be the logical next step, especially given the fact that cryptocurrencies have been touted as a reliable and secure way of making an online purchase.

Let’s take a look at what some of the advantages of using bitcoins for videogames and in-game purchases might be.

Bitcoin is secure

Security has always been a point of focus whenever money needs to be exchanged or goods paid for when online, and gaming online is no exception. Malware and DDOS attacks can lead to situations where a customers’ personal and credit card information is compromised.

Bitcoin transactions are encrypted and utilize peer-to-peer technology/decentralization, making it (supposedly) impossible for the user’s personal information to fall into the wrong hands. The only things the transaction requires is your bitcoin wallet and the bitcoin address where the funds have to be transferred to, leaving your personal data separate and secure.

Gaming goes digital

The sale of physical copies of a video game is on the decline, as more and more videogame developers switch to digital delivery platforms and services to distribute their games. So why then, shouldn’t the currencies follow suit?

By paying for a transaction using bitcoin, one does not even have to be bothered with currency exchange rates, as there is a fixed rate for all regions. This helps to avoid the currency conversion process, which can be inconvenient and costly. In addition, you don’t have to worry about regional restrictions, which may not allow you to acquire the game – bitcoin is global.

Though this cryptocurrency has not made its way to the mainstream gaming scene, it is already commonly exploited in bitcoin gambling. This is not to say you should test your luck in online casinos, but rather that bitcoin usage has been successfully implemented there.

Perhaps bitcoin has the power to, as the current virtual currency of choice, improve the entire gaming industry. There are websites that allow you to purchase genuine game activation keys with bitcoins, but they lack support from the industry leaders and are therefore not as popular a choice within the general gaming community.

Low costs

When paying for a game using credit/debit cards or any other online payment system, the customer is usually charged a commission or fee for using said payment processing service.

A third party, which, most of the time is a bank, is always involved in the transfer. Bitcoin, on the other hand, is not subject to any single authority and does not represent the interest of any existing bank. Therefore, that extra fee is eliminated when a payment is made with bitcoin.

On a side note, bitcoin transactions are processed almost instantly, which is used to be an issue for most other payment options.

Bitcoin for in-game content

The barter and individual in-game content trading marketplaces have become very popular in recent times – especially in MMORPG or MOBAs. These games usually have special community markets, where players can exchange or trade rare in-game items and similar content. In order to complete the deal, players are typically required to pay the fee for using the market platform, or they can do it privately using credit/cards or e-wallets.

Bitcoin could be a stand-in currency for this entire process. Players are not liable to provide any specific information about themselves – only the number of bitcoin wallet and the item for sale. Though these exchanges may already exist, they are most certainly not widespread at the moment.

The Bottom Line

Bitcoin has the potential to become a large player within the payment processing sector of the gaming industry. It offers secure, comfortable, and flexible transactions. Do you think this should be more widespread? Let us know your thoughts in the comments below!

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