Understanding Cryptocurrencies and How to Use Them in Gaming

Cryptocurrencies have been around for years, so you might have heard about it even if you don’t use digital currency. You might have read about how many people invest in cryptocurrencies or trade them with other crypto users.

However, cryptocurrencies have many other uses that various industries have implemented, including the gaming industry. Here's a complete guide if you want to learn more about how cryptocurrencies work in gaming.

What is Cryptocurrency?

In short, cryptocurrency is a decentralized digital currency made for internet transactions. Bitcoin was the first cryptocurrency launched in 2009 and remained the most well-known and influential cryptocurrency.

Over time, many other cryptocurrencies have become accessible for users, becoming alternatives to government-issued currencies. Besides Bitcoin, you have Solana, Tether, and Ethereum, which have become major in the market.

With the existence of cryptocurrencies, users can transact online without using a third-party processor like a bank. Cryptocurrencies also allow quick processing of global transactions. Crypto users can send and receive crypto 24/7, and they also have lower fees compared to some other digital wallets.

Cryptocurrencies can be attractive to many, as any central authority doesn’t control the currency. The peer-to-peer networks of computers run free with open-source software, allowing anyone to own their chosen cryptocurrencies without too many restrictions.

Blockchain

One of the reasons why many users trust cryptocurrencies is due to the blockchain technology that powers them. In simple terms, when there’s a transaction, the blockchain records it. As blockchain technology is open-sourced, all users can evaluate and verify recorded transactions.

This technology is important for crypto users as they won’t have any middleman handling the transaction they’ve made. Using blockchain, users will be able to verify their transactions even when they’re transacting with a stranger.

Cryptocurrencies aren’t the only thing using the blockchain. Many industries have been using blockchain to operate. This even includes medical research institutions, as the technology improves healthcare records accuracy and streamlines supply chains.

Cryptocurrencies in Gaming

Due to the high interest in these digital currencies, the gaming industry started implementing digital currency into their products. As a seasoned gamer, you might know each game has its signature in-game currency. The currency might enhance your gaming experience or further progress to the end of the gameplay.

Games that implement cryptocurrencies let players earn crypto through various ways in-game. Technically, several games turn their in-game currency into cryptocurrencies, which will have real-life value to players. Some games also use non-fungible tokens (NFTs).

When players earn crypto in-game, they can trade or sell their own assets. These crypto games also operate using blockchain, so players can safely transact with other players as they wish.

How You Can Get Assets in Game

Each crypto game has different ways to reward players with in-game assets. However, the most common ways you can earn assets in-game is through:

Success metrics: when you successfully do something in the game, the play-to-earn game will reward you with valuable assets. For example, you’ll be rewarded for every opponent you beat in-game.

Character level-up rewards: Some games, like RPGs, require you to level up your characters to progress. Some play-to-earn games use this method and will reward you for leveling up your characters.

Crypto Casinos

Another version of crypto gaming can be seen in crypto online casinos. If you’re a seasoned casino player, you might have seen several crypto casinos as they’re rising in popularity.

Each casino player must make a deposit and fund their casino account before playing a game. Most online casinos take bank cards and e-wallets so players can transfer money from their bank accounts to their casino accounts. However, many online casinos now also accept cryptocurrency payments.

In crypto casinos, users can fund their accounts using crypto and win crypto from the games. We’ve also seen many crypto casinos providing bonuses in the form of cryptocurrencies to boost the user’s account. Many online casinos now accept major cryptocurrencies like Bitcoin, Litecoin, Ethereum, and Tether.

The Perks of Using Crypto at Our Casino

Besides allowing players to deposit using fiat currencies, we accept popular cryptocurrencies, including Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dogecoin, and Tether. If you choose to play with cryptocurrencies and win cryptocurrencies back from your chosen games, you can receive multiple perks at our casino.

If you choose crypto for your first deposit, you can claim a special welcome bonus of 500% deposit match and 150 Free Spins. This bonus is only available for players depositing with crypto. We’ve also prepared a 5% to 10% daily cashback for every crypto deposit you make at our online casino.

Crypto Perks

The Advantages of Using Cryptocurrencies

Although our casino has prepared many perks for crypto users, they’re not the only reason many players like using crypto to play online casino games. Due to the decentralized nature of cryptocurrencies, crypto users have higher control over their assets.

There are also two common concerns that many casino players have; both are connected to safety. When players transact online, they often have to share their financial data with the merchant they’re transacting with. Fortunately, transacting with crypto doesn’t require users to do so.

We also noticed that players prefer to receive their winnings as quickly as possible. This is something that cryptocurrencies excel in. This digital currency is one of the quickest currencies to process payments. So, you can quickly receive your winnings when you bet using crypto on our online casino.

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