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The Potential and Reality of Cryptocurrency in Gaming

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Many trends keep coming up to redefine the gaming industry. Most of them are due to the continuous advancement in technology and the need to meet new demands of an ever-evolving market. Various sectors are always cautious not to accept those changes fast because they don’t know their future impact. 

Others also wait to see how they will impact the industries that are quick to adopt them. In short, they fear taking risks because they know that risk is mostly associated with losses. However, that’s a different case in the casino industry. 

We were lucky to have a session with our expert, Amy Martinsson (you can link up with her here), who shares her insights on gaming cryptocurrency and how blockchain will impact the entire gaming sector. The following are some of the things she noted:

Is the modern gaming sector the same as it was two decades ago?

If you have been actively gambling, you must have noticed that there have been changes, daily, weekly, monthly, and on an annual basis. The reason is that the casino industry believes in giving gamers the best experience.

That justifies why it keeps attracting new Swedish gamers and new companies every year. In fact, in recent years, the industry has been recording commendable growth in its revenue, making it one of the most valued sectors, not only in Sweden but globally.

One of the latest trends in the industry is the adoption of cryptocurrency. Much is being put in place to accommodate the use of cryptocurrency and also to provide a better platform for crypto gambling growth.

 

What do you know about cryptocurrency?

Probably you are hearing about cryptocurrency for the first time or second time, and you don’t know the exact meaning. If that is your situation, you don’t have to worry because you are in the right place. Read on to know the meaning and other interesting facts about it. You will be surprised by how beneficial it is.

Here is what cryptocurrency means

If you have been using the other methods (cash, credit/debit cards, and bank transfer) to transact to pay for casino online Sverige, the concept of cryptocurrency might be new to you. However, Swedish citizens have been up to date. Some of the technological advancements that have been there in the past have been accommodated well, even by Swedish laws.

Cryptocurrency refers to a digital currency that is protected by cryptography. The currency exists in virtual form, making it intangible. Even though cryptocurrency is not as centralized as other forms of money, it relies mostly on blockchain technology. It utilizes the technology to enforce everything.

The most popular forms of currency include Ethereum and Bitcoin. Like the ordinary currency that we use in other transactions, bitcoins and other versions are also useful in crypto transactions. Most people love it because of the aspect of safety that they enjoy when doing their transactions.

What is the potential of cryptocurrency in Gaming?

After understanding what cryptocurrency entails, you may wonder how it’s applicable in gaming. The answer is that it’s a trend that most gaming companies are currently embracing. Below is how cryptocurrency gambling is becoming a reality.

Eliminates delayed transactions

Can you imagine how long it can take you to make transactions from your Swedish bank account to a typical casino site? It can take hours before it’s activated. Sometimes your bank can notify you that the transactions cannot occur due to the bank’s network’s downtime. That may, in turn, inconvenience you, especially if you needed the money urgently.

However, since the invention of cryptocurrency, delayed transactions have become a thing of the past. As long as you have a crypto wallet, you can make your transactions without a doubt that it will delay.

Enhanced safety 

Technology has been helping in coming up with safety mechanisms. However, most hackers use technology to tap into private data as they take advantage of the loopholes in payment systems. With cryptocurrency, you can do transactions and even share data without fearing that they will leak because blockchain technology provides a secure way of doing transactions.

Therefore, cryptocurrency is a reality in gaming, and much more will happen. We expect more games with cryptocurrency and more industries embracing blockchain technology.

Rhys Gregory
Editor of Wales247.co.uk

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