Bitcoin is a transformative digital currency with far-reaching implications for almost every global economic sector. Although still in its i...
form of payment
The gambling industry was among the early adopters of Bitcoin. Several gaming platforms have integrated Bitcoin as a form of payment that customers can use to buy games and gaming devices. Many established virtual gaming sites also allow players to pay in Bitcoin. Besides, players can also collect their rewards on these sites in the form of bitcoin.
The use of Bitcoin as a means of payment provides more convenience for gambling companies and customers, as well as greater efficiency. This is largely due to Bitcoin's blockchain, which allows for faster and cheaper processing of transactions. Also, it offers a shared digital ledger that allows gambling operators and players to clearly record all bitcoin transactions, promoting transparency.
Bitcoin is now widely accepted as a means of payment by game developers and game distribution networks, including retail stores that sell or rent games.
Inspires the development of new games
Bitcoin is a huge trend that is currently turning the world upside down. And the games industry quickly picked up on this trend. The continuous rise of Bitcoin has inspired game developers to create various immersive content for the global market, enriching the gaming experience for gamers and audiences.
The bitcoin-inspired games come in different shapes and sizes and deal with different genres and themes. Some of the best known include Bitcoin Hero, Spells of Genesis, and Altcoin Fantasy. Bitcoin Hero is a trading simulator app compatible with mobile devices. It works similar to automated crypto trading apps, with real-time asset prices and market analysis that allows you to learn the basics of bitcoin trading.
Spells of Genesis is a trading card game where you use bitcoin to strengthen yourself against your opponents. It will keep you entertained but also offers rewards for the winners. Altcoin Fantasy is also a trading simulator application where players compete and trade in a virtual market. The games are competitive and the winners are rewarded in the form of bitcoin or other cryptocurrencies.
Increased prize money
Unlike fiat currencies, which have been the primary payment method for gaming operators and gamers, bitcoin has excellent monetary value. This is due to its high price, which keeps increasing day by day. According to NASDAQ, esports market revenue has grown 10% annually over the past decade and is estimated to reach $1.084 billion in 2021.
As the adoption of Bitcoin in the gaming industry continues, the market will grow to around $1.6 billion by 2024. This means that prize pools for gamers using bitcoin will also increase incredibly, as has been seen in recent years. Higher prize pools accelerate professionalism in the gaming industry and attract new players and viewers worldwide.
This also has a positive effect on the entire gambling sector. Additionally, it creates more room for expansion into untapped markets and new investment opportunities in the esports sector.
Overall, Bitcoin is impacting the gambling industry in a number of ways, some of which we have yet to discover as adoption continues to grow. However, there is already enough evidence that Bitcoin is positively changing the gaming industry, mainly through higher prize pools, seamless payment processing, and new games.
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