Bitcoin – a word that most will have heard at some point over the past few years and understandably so. The technological phenomenon that is Bitcoin and its fellow cryptocurrencies have taken the world by storm. Well-known retailers are starting to accept payments using the digital coins, but no industry has taken to this innovation more than the gaming industry. From bitcoin gambling sites, to MMORPGs, it is already making its mark, but should game providers actually start accepting Bitcoin as a payment method? Read on to find out.
Bitcoin And Gaming
Bitcoin has been popular in gaming, but particularly within 2016. Towards the end of the year, four big games platforms – Play Asia, Kinguin, G2A and Steam – all integrated bitcoin payments into their systems. Similarly, many MMO games including the likes of Wargaming and Spells of Genesis also offered complete Bitcoin use, and have even gone as far as using the blockchain technology behind Bitcoin in their own systems. But is this really advisable, or is it simply a gimmick?
Why Should They Accept Bitcoins?
We think that Bitcoin could actually work wonders for the gaming industry, and that if used carefully, it could prove innovative for game providers all over the world. Here a few reasons as to why game providers should start accepting Bitcoin:
Lower Transaction Fees
By switching to Bitcoin payments, you can save a significant amount of money in transaction fees. Payments made with Bitcoin are completely unlike traditional payment methods – in fact, they are much faster, much easier, and there’s absolutely no need for any expensive fees, which is not only beneficial to the game providers themselves, but to the gamers. Low or no-transaction fees mean that gamers can play for a lower cost, but game providers aren’t losing out as they don’t have to pay out the costs either.
Gamers can pay with Bitcoins without having to give out any of their personal information. There is no personal identity attached, and so in the rare chance that Bitcoin theft might take place (the blockchain prevents this from happening!) every payee will be protected against any personal information being leaked.
Small businesses, and especially independent gamers, need to have cash on hand on a regular basis, and when it comes to running a game, fast transactions are a must to ensure that this happens. Traditional payments through credit cards and bank transfers can take a long time to verify, and even then, payments can be locked up for weeks before you can access them. With Bitcoins, however, this process is much faster, with confirmation and access usually being available in as little as 10 minutes.
For game developers, having an international audience is a goal they strive to achieve. However, due to licences and foreign exchange fees, this can be a costly and time consuming goal. With Bitcoin, international payments can be made with the same ease and speed as those made in the same country. You can accept and send payments almost instantaneously and securely too.
Bitcoins and alternative cryptocurrencies are proving to be innovative in every industry, but the gaming one more than most. Game providers and developers could benefit greatly from accepting Bitcoin payments, from faster transactions to increased security, and it could only be a matter of time before this is seen on a much larger scale.
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