Cryptocurrency is turning out to be one of the most profitable currency out there in the world. Many investors are literally spending billions of dollars to invest in this exponentially growing market. Not only that, many companies are working to make transactions possible with cryptocurrency, but why is everyone suddenly talking about it? And what exactly is Cryptocurrency?
These are the questions that I will be answering in this short article and more importantly, is cryptocurrency the future of in-game trading? So, without any further ado, let’s get into it:
What is Cryptocurrency?
Cryptocurrency is a virtual currency that exists on the blockchain technology and what makes it so important and valuable is the fact that unlike physical currencies in the world, it is actually decentralized, meaning that no any single institute or organization has a central authority over it, not even the government itself.
The main reason for cryptocurrency to be so valuable is that nor the government neither any bank can apply taxes on it or manipulate it in any way. The most common cryptocurrency that we see in the market is bitcoin, which started from nothing and today a single coin is worth millions of dollars.
Use of Cryptocurrency in Gaming
Many big companies are coming forward to integrate the use of cryptocurrency for transactions and when we talk about gaming industry, developers are coming up with ways to use cryptocurrency to buy and sell in-game items, cosmetics, unlock characters and so much more. What makes it better than other forms of payment is that players can directly make payment to one another using their digital wallets, which eliminates the taxes from the governments.
But that’s not it, there are a ton of benefits in using cryptocurrency in games and here are a few of them to start with:
No Hidden Charges
One of the main benefits of using cryptocurrency is that you won’t have to pay any hidden fees. You don’t even have to worry about different exchange rates anymore.
You can make payments directly using the p2p (peer to peer) method which eliminates the middle man.
No Long Processes
Another reason why game developers as well as gamers are leaning towards cryptocurrency is the fact that it eliminates all sorts of legal process set by the government and banks.
You can make instant transactions and the best thing is you don’t even have to reveal your identity as the transactions can be completely anonymous.
Gamers are spending millions of dollars in micro-transactions in games like CSGO and Fallout 76 but for each transaction they make, some of the amount is deducted in form of taxes and fees, which in turn makes it less profitable for both the player buying the product and the game that sells it.
With the use of cryptocurrency, you receive maximum value for your buck which will deduct the prices of the products you buy and increase the number of buyers.
Many game developers are already working to jump in on the block-chain technology while it’s still in infancy and one of the best examples I can think of is Decentraland, which is a virtual world filled with Decentral Games like roulette, poker and backgammon where the players can trade using the cryptocurrency, even buy the pieces of virtual land in the game.
I truly think that it has the potential to take over other currencies but until then, if you are looking for an in-game trading website to buy items, in-game currency, accounts or even boosting services at a reasonable price, you should definitely check out Eldorado as it provides the best value for your buck on all your favorite games while keeping your transactions super secure.