They say a problem well defined is half solved. Having said that, we mean, when you know what the cryptocurrency is all about in its true term, you will understand better how cryptocurrencies can play a pivotal role in the gaming industry or in the case of online transactions. Well, to begin here with the right mindset, a cryptocurrency is essentially a decentralised digital currency used to make payment online based on cryptographic principles. In other words, cryptocurrencies are those currencies that are derived using encryption technology from the mundane data. These currencies are distributed over the blockchain platform and thus, those are secured.
Therefore, the scope of games funded by cryptocurrencies is becoming huge day by day, especially after the onslaught of cyber attacks worldwide that didn’t spare some of the most advanced countries like the US and the UK. However, some of the most popular games funded by cryptocurrencies are DigiByte, Engin Coin, game credits, Dmarket, and MobileGo to name a few here.
Key areas of funding games by cryptocurrencies:
An additional layer of security: There is no scope of the second thought that cryptocurrencies increase security thereby deters fraud. The reason is plain and simple. It is an encrypted digital currency that is distributed on the blockchain and can be accessed by the authorised person alone. Thus, it is one-step ahead of the cash transactions. The recent spurt in the valuation of cryptocurrencies worldwide, especially after the onslaught of cyber crimes, can be construed as a definite proof towards that direction.
Easy to fund: This is another interesting point to look at and it will help you understand why games funded by cryptocurrencies are fast becoming popular. Funding takes place at several stages of a game. For instance, you need funding at the beginning of a game. At the same time, you may need fund during a game. But, the crux is that if you attach your debit/credit card or the online bank account, you would not be able to keep a check on your spending. You would realise the mistake after the game is over and it’s too late by then. However, the onus to mention that funding through cryptocurrencies has been immensely popular in developed countries.
Writing your own success story: Taking cryptocurrencies on your side, you can rewrite your own success story. For instance, you can raise funds and boost your budget as per your requirements. Companies like Reality Gaming Group and individuals like the ex-banker Barry Silbert (who is now the chief executive of Digital Currency Group based in New York) wrote their success stories with cryptocurrencies.
Likewise, you will find many benefits of games funded by cryptocurrencies. Therefore, it is none but you who would be the best judge to take these cryptocurrencies to your unique advantage. In other words, before you opt for cryptocurrencies, you must know how you can use those to create assets for you. That’s the real challenge here. To illustrate this further, we can say having a gun at home doesn’t enhance your security unless you know how to use it to safeguard your interest in the first place.