Cryptocurrencies Affecting Mobile GamingTia Winter | 23 February 2018
There can be no doubt that cryptocurrencies are on the rise, with millions turning to currencies such as Bitcoin for investment and online payment options. Despite being a relatively new concept, digital currencies have gripped the online world as a safe and convenient way to complete transactions and keep track of finances, all while staying anonymous on the web.
Of course, the mobile casino industry is always on the lookout for innovative new payment mechanisms, and more casino brands than ever before are now turning to cryptocurrencies for these services. Bitcoin has even been hailed as a revolution for the mobile gaming industry, with digital currencies soon expected to redefine the way we transact and bank on a global scale.
When it comes to gaming in particular, Bitcoin is already accepted as a payment option at countless mobile casinos, as well as on Xbox, Windows, and Microsoft stores. Even Valve has brought cryptocurrency options to Steam – and the mobile gaming industry could soon be next to receive the digital currency treatment.
Bitcoin Changing Mobile Payments
The rise of mobile gaming has come on just as fast as the rise of Bitcoin, far surpassing desktop gaming as the preferred way to play for the majority of players and punters. As a result, developers have been quick to match this demand with thousands of new mobile gaming options, and the flexibility of these new platforms have allowed developers to more easily grab players’ attention and increase the monetization potential of their games.
Mobile gaming and convenient payment options also go hand in hand, of course, and cryptocurrencies provide the perfect convenient and digital payment mechanism that so many players require when playing real money games from their smartphones and tablets.
However, the entry of cryptocurrencies into mobile gaming may be slow for a number of reasons. Bitcoin requires a gateway to perform secure transactions, but at the moment, there is no such gateway for mobile in-app transactions. Bitcoin’s value also fluctuates regularly, and is still prone to security issues since its network relies on peer-to-peer sharing.
This could frighten off mobile players in the immediate future, but measures are currently being developed that would allow the safer use of cryptocurrencies through mobile gaming channels. The use of cryptocurrencies also maintains anonymity and privacy, counteracting many potential concerns.
There are also many advantages to using Bitcoin for mobile gaming purposes. Cryptocurrencies facilitate instant global transactions, eliminate double payment verification, reduce in-app transaction fees, and are practically unaffected by bank failures.
Naturally, their current cons means that they may not replace real money gaming just yet, but there is no doubt that cryptocurrency mobile gaming options will soon become a permanent fixture at most – if not all – mobile gaming platforms in the foreseeable future.