Cryptocurrency has roared into 2025 on the crest of a wave, and its popularity is set to continue with the US making concrete pledges to create a transparent regulatory framework aimed at encouraging industry growth.
The popularity of crypto has seen greater adoption rates across different industries, with many businesses beginning to see it as a viable payment method for products and services.
The gaming industry is one that is encouraging its use, and crypto seems to have made a valuable ally.
How Cryptocurrencies Have Become Popular in Gaming
Online gaming is the perfect environment for a decentralized digital currency, and crypto is likely to become even more important for a lot of games where payments are required for a variety of reasons.
Accessibility
Cryptocurrencies are an excellent way for consumers to make payments to international sites. In the online gambling world, this has proven to be invaluable for consumers accessing offshore betting sites.
The regulations for online gambling differ depending on location, and US states have he autonomy to determine their own laws. This means that some states prohibit online gambling operations within their limits. However, it is only the operation of betting sites that is banned and consumers can still access sites operating in external jurisdictions.
Crypto casinos have been an excellent option for consumers that have struggled with access to online gambling facilities, with cryptocurrencies avoiding the expense and confusion of exchange rates.
Faster Transactions
Another reason why crypto helps consumers is through the speed of transactions. Online payments can sometimes be delayed by banking protocols, which can be frustrating for consumers hoping to access a new game, make in-game purchases, deposit money to an account, or make a withdrawal.
The peer-to-peer nature of cryptocurrencies means that there are no external third-parties that can slow the process. This results in faster transaction times and improved customer satisfaction.
Improved Security and Transparency
Cryptographic technology helps to protect users from potential cybercrime attacks by encrypting data that can only be unencrypted by a recipient who has been given a private key. Immutable blockchain technology also records transactions which are virtually impossible to tamper with.
Having a public digital ledger in the blockchain means that sites can be easily audited to ensure all transactions are fair.
Increased Anonymity
Another way that consumers can improve their security is by minimizing the amount of personal data they share online. This isn’t always possible, especially when making payments online with sites requiring banking and personal information to confirm transactions.
Crypto payments can be made without having to provide this sensitive information, reducing the risk of it falling into the wrong hands.
While gaming and gambling sites have a strong emphasis on security, and spend a lot of time and money securing the site and following data protection regulations. However, there is still the threat that a site could be hacked and information stolen.
Simplified In-Game Purchases
Making in-game purchases can add to the gaming experience and give consumers access to additional materials that can help them become more competitive.
Having to put a game on hold to enter payment details and then pass all the verification processes can be frustrating for consumers and lead to them being removed from the immersive nature of the game.
Microtransactions using cryptocurrencies can streamline this process and allow players to quickly invest in new skins, upgrades, and assets.
Digital Asset Ownership
The value of in-game assets is typically held within the game and the consumer benefits from the items they choose to purchase. However, blockchain technology has facilitated the growth of real-world value to digital assets that can be attained while gaming.
Digital assets like NFTs or rare items in games can be traded or sold in in-game or external marketplaces. This means that consumers using cryptocurrencies and blockchain technology have easier access to platforms that allow the sale and purchase of these items.
Being able to derive real-world value from gaming used to be restricted to gambling sites or pro-gamers. Now, consumers can enjoy making money from their favourite games in another way.
Reduced Fees
Transaction fees associated with crypto are typically lower than with fiat currencies. Consumers will also avoid the expense associated with transferring traditional currencies to other countries where exchange rates can reduce the amount being deposited or withdrawn.
Removing third parties from transactions can help to reduce overheads for operators as well, allowing them to reinvest in gaming software and other technology.
Conclusion
The growth of the online gaming community is a result of improving technology and connectivity among consumers and operators. The same can be said for the crypto industry, with both providing greater convenience to modern consumers.
Crypto growth is set to continue in 2025, and the gaming industry will be quick to capitalize on this.
