Anyone who hasn’t been living under a rock lately is likely to have heard about Bitcoin. This technological phenomenon is taking the industries by storm, and has been for years, but none more than the gaming industry. From bitcoin betting, to MMORPG transactions, Bitcoin is making its mark in gaming, but how is it truly affecting the industry we know and love? Read on to find out.
What Is Bitcoin?
First introduced in 2009 by an anonymous source known only as Satoshi Nakamoto, Bitcoin is a digital currency – also known as a ‘cryptocurrency’ – that is revolutionising the way that banks and consumers alike are able to complete and receive transactions. They work from a decentralised platform, meaning that there is no single or central authority controlling these transactions. Thanks to this, Bitcoin can completely bypass certain rules and regulations which make it a popular choice for gamblers and gamers and so, with its use on the rise, it’s no wonder that it is having an effect on the online gaming industry.
Bitcoin Is On The Rise
Within the first year or two of its life, Bitcoin wasn’t worth much at all. In fact, it didn’t even reach $1. It took 10,000 Bitcoins to buy two pizzas (the first purchase ever made using Bitcoin!) but it certainly didn’t stay like this for long. Bitcoin was seen as futuristic, and not many people truly understood what it was actually for. Those that did invest at the time, however, were buying hundreds of Bitcoins for barely a few pounds, and so when the worth grew an amazing 9% just in 2016, they found themselves raking in the funds.
In 2017, Bitcoin saw a spike in worth like never before. In November, a single Bitcoin was worth an incredible $16,500+, which was certainly welcome news to those who had invested early on! But what do people do with their Bitcoins now they have them?
Bitcoin is Being Accepted By Game Providers!
From online casinos, to MMORPGs, gamers and gaming providers all over the world have been making and receiving Bitcoin payments for the past few years, but how is this affecting the industry? Bitcoin gambling has been the most prominent without a doubt, with hundreds of sites starting up since Bitcoin’s inception. The anonymity and security associated with Bitcoin payments have made nervous gamblers feel much more comfortable in their gaming ventures, and rightly so. With the likes of Neteller or PayPal allowing transactions with Bitcoin, you can pay and receive on these sites without even needing to give your name.
Bitcoin hasn’t quite reached the mainstream market just yet. While online games are slowly picking up this currency, there are more that remain apprehensive about these volatile digital coins, and rightly so. Bitcoin certainly has its pros and cons in the gaming world, but with its success in gambling and betting, it’s only a matter of time before it seeps into the mainstream market, so watch this space.