Have you ever heard about cryptocurrency or blockchain? While many of us are still unaware of cryptocurrencies, cryptocurrencies are widely impacting the financial market. Many marketers even strongly believe that cryptocurrencies are the future of online gaming, including Malaysia Online Casino.
To help you understand better, this guide will focus on a briefing about how cryptos will impact the future of online gaming and gambling altogether.
What is a Cryptocurrency?
A cryptocurrency is a digital currency or a medium of online money exchange via the internet. With no physical existence, it uses blockchain technology and cryptographic functions to process online financial transactions.
Due to that, cryptos are transparent, decentralized, and remain the same over time. Two parties can transfer cryptocurrencies with minimal processing fees and without the interruption of any third parties like the banks.
How Cryptocurrency Will Shape the Future of Online Gaming?
Within a few years, cryptocurrency has brought a huge impact on the financial world. Slowly, cryptos are entering different areas like the asset exchange market, trading market, stocks exchange market, gaming world, and gambling world. Now, it’s interesting to find out how will it shape the future of online gaming!
Replacing Old Card-based Online Transaction Methods
Today Trusted Online Casino in Malaysia accepts online money transactions via credit or debit cards or bank transfer. Both of these methods are vulnerable to cyber-attacks. But, implementing cryptocurrency transaction methods will eliminate the chances of getting hacked or user’s bank details getting leaked.
So, all online casinos and gaming platforms may incorporate cryptocurrency in the future. Naturally, this move will replace the existing card-based transaction processed. So, all future transactions will be out of the control of any third-party financial institutions.
Transforming Virtual Money into Real-world Money
As said earlier, cryptocurrency or blockchain currency doesn’t have any physical existence. The potential benefit of using cryptocurrencies in online gaming is to enable global players to earn real money in real-time. Players can bet cryptos and then win big from the online games they play.
As the winning money is real money, the virtual cryptos get converted into real money. Then the player can easily withdraw the money to his bank account and use it for any purpose.
Transforming In-game Assets into Real Assets
Once Malaysia Online Casino platforms and gaming platforms implement blockchain technology, the players will be able to convert their in-game assets into real assets. Are you still confused about how’s that possible? Say, you want to buy gear for your gaming character.
If you would use real money to buy it, then the gear’s value would only exist within the confines of the online game. On the other hand, your ownership of the gear becomes tangible outside the game when you use cryptos for purchasing.
Safe and Secure Method To Avoid Personal Data Loss
Security is crucial when it comes to making online transactions on online gaming websites. Blockchain technology and cryptocurrency prevent the illegal trading of any digital assets. As no private key gets hacked or leaked in cyber-attacks, the users’ personal data stays safe and sound. So, it’s true that the players can protect their personal data better by doing cryptocurrency transactions.
Benefits of Using Cryptocurrency as The Payment Option
Online casinos are one of the most preferred online gaming options for many players nowadays. With the comfort and advantages, it is easy to play. A player can enjoy several benefits upon using cryptocurrency as a payment option.
Since cryptos are one of the most secured payment options choosing the trusted online casino in Malaysia is the only thing that a player needs to do if he/she plays in a Malaysian casino. With more benefits to getting here are some of the most common benefits the user can get while using cryptocurrency as the mode of payment and withdrawal,
- Transaction charges:The transactions done via cryptocurrencies are direct there is no third party involved. It is one of the reasons why it is the fastest mode of transaction. The transaction will directly take place between the gamer and the gaming platform and vice versa. With no third party, there will be a very little transaction fee.
- Enclosing account details:With cryptocurrency as the mode of payment, there is no need to enclose the account details. With other payment options, one needs to provide these necessities to enable the payment process. You don’t need to worry about the data getting stored in the case of cryptos.
- Automated transaction:With no third-party involvement the transactions are fast and automated.
- Global transaction: With cryptos, there is no need to worry about bank accounts. Yep! you don’t need to have a bank account in the country you are playing. You don’t need to worry about the currency conversion rates when you play overseas. There are no regulations in the case of cryptocurrencies, with this advantage the user can make use of them anywhere around the globe. There are no restrictions in the region the user plays, unlike other types of payment options.
How Does Cryptocurrency/Blockchain Work in Online Gaming?
The main rule of blockchain is that one can buy/sell cryptocurrencies via any exchanges from digital wallets. In online gaming, in-app purchasing is one of the monetization strategies that support cryptocurrency exchanges. All you have to do is to complete certain tasks, watch certain video ads, and fill up surveys.
Based on that, you can earn cryptocurrencies and make in-app purchases. You can also use cryptos in trusted online casinos in Malaysia that support online payments in cryptocurrencies and bitcoins.
Final Thoughts
As per the latest studies, almost 2.7 billion online gamers will invest around US$159.3 billion in online gaming and gambling in 2021. It is estimated that the market value of cryptocurrencies will surpass US$200 billion by the end of 2023.
Hence, online gaming and gambling platforms should grab the opportunity and start supporting crypto or bitcoin online transactions. Change your future with the currency of the future! (ADV)
