Last Updated on June 19, 2023 by cryptocreed
Just before we get started, we need to put the popularity of online gaming into some sort of context. Between 2019 and 2020 alone, an additional £1.6 billion in revenue was spent on the video games industry in just the UK.
Today, this figure is almost triple that at £7.05 billion. The reasons for this rise are a combination of a multitude of factors, so let’s look at just one, Bitcoin.
As online gaming has gained in popularity, so have cryptocurrencies, so it was inevitable the two worlds would converge. The result is a simple, yet dynamic addition to the vast canon of games you can play online.
Many gaming sites found on BonusFinder offer Bitcoin as a means to pay for games and accept winnings. And there are now online games that are specifically designed to work with Bitcoin.
For those who have heard of Bitcoin but aren’t that familiar with how it works, here are some basics:
- Bitcoin is decentralized digital money, meaning that one person can pay another person without third-party involvement, such as a bank.
- These transactions are put into blocks and attached to the chain of previous transactional blocks called Blockchain.
- Blockchain is a decentralized ledger that records every single transaction that takes place on the Bitcoin network.
What all of this means to you is that Bitcoins are safe, they’re perfect for online transactions and winning money. But what makes Bitcoin safer than a card payment or an E-Wallet such as PayPal?
Bitcoin wallets are completely inaccessible without the private key required to access them. Only the account holder can own the private key, so don’t lose it!
Also, Blockchain prevents your Bitcoin from being counterfeited while ensuring all transactions are validated and encrypted. So, all in all, spending Bitcoin is probably the safest currency with which to make online purchases.
How is Bitcoin different from all the other forms of cryptocurrency?
Bitcoin is the original model on which all other crypto is based, so think of it as the parents of the genre.
For this reason, it’s still the most popular form of cryptocurrency, even if it’s less flexible in terms of spending across a range of industries. But Bitcoin’s main advantage is that it’s anonymous, unlike some of the other currencies which are more transparent.
For the latter reason, it makes some other non-Bitcoin currencies more flexible in terms of spending across a range of industries. But when it comes to online gaming, Bitcoin takes some beating!
How do I buy Bitcoin?
Let’s pause for a second. It’s all well and good highlighting the advantages of playing with Bitcoin, but how do you actually go about getting them?!
You’ll be pleased to know that it’s very simple, you’ll need a cryptocurrency exchange account -there are plenty to choose from- and a payment method. If you’ve got a digital wallet such as PayPal you can buy Bitcoin directly from there.
A final note on this, ensure you check the legal, regulatory, or tax status of purchasing Bitcoin from your location. And do be aware that Bitcoin is a currency that can go down as well as up in value.
As more online gaming sites get wise to the advantages of Bitcoin it’s almost unimaginable that these sites won’t eventually embrace crypto. Especially as some of the games you can play with Bitcoin are vastly different from Slots or Poker, say.
Which games can I play exclusively with Bitcoin/crypto?
- Bitcoin Crash Games: the concept is thrilling yet the gameplay, on the surface, is simple. Players have to place their bets on a number that multiplies exponentially but will inevitably crash to zero.
The skill is cashing out before the crash, so expect plenty of drama with high stakes and fat rewards -if you can pull it off!
- Play to Earn Games: Unlike paying to play, some Bitcoin games allow players to make money by playing. Hitting designated targets or completing missions can reap rewards while you’re having fun.
There are dozens of games out there ready to play now, so do some research and give it a go.
- Traditional casino games: There may well be a new wave of games you can play with Bitcoin, but all of your favorites are out there too. Slots, Poker, Bingo, etc can all be played with Bitcoin and with all the security advantages cited above.
Just ensure the platforms are encrypted and provide multi-factor authentication for an added layer of security.
Not all gaming sites have embraced the advantages of cryptocurrency, which may be Bitcoins’ only Achilles Heel. But to reiterate a point made earlier, we’d argue it’s only a matter of time before all online casinos are using Bitcoin/crypto, so what’s stopping you?!
