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What Can The Cryptocurrency Do For The Online Gaming Enthusiasts?

Cryptocurrencies have been the buzzword for quite some time. Not just for their high values but the volatility in their values too. For the proponents of cryptocurrency, it is a global phenomenon and could become the money of the future. But for many others including banking majors, governments, accounting firms it is a bubble in the garb a digital cash system. Cryptocurrencies are in the spotlight with exciting developments happening around them.  Now, cryptocurrencies for online gaming is catching up fast in the online gaming space.

Gaming cryptocurrencies for online gamers? Well, without confusing you any further, here we bring you a quick guide to enable youto understandhow it could help or not help the online gamers.

Perfect for gamers

Cryptocurrencies for gaming help online gamers use them for playing games. Many games such as online rummy gameand poker could very soon witness the using of these currencies. It is aimed at easing the woes of online gamers. Cryptocurrencies and online gaming are best suited for each other. As many online gamers already own cryptocurrencies, one of the most significant benefits of having cryptocurrencies for virtual gaming is they act as a common currency and facilitate transactions, especially when playing games at the international level.

Accepting from/ making payments to players

While there are specific agencies that accept payments from different currencies, the real challenge arises when players trade with each other. If a player from the US wantsto make the payment in dollars while a player from the UK prefers to receive it in Pounds alone, there is a need for a common currency to complete this transaction. Thus, cryptocurrencies prove extremely useful in such situations.

Straight dealing between two players

The outstanding feature of cryptocurrencies is its mode of payment. There is no clearing authority such as central banks, government, intermediariesetc. through which the payment gets routed. Technically, it means, you would not be paying the additional intermediary cost. Since it happens directly between two parties, it essentially is fast and easy too. Also, the value of cryptocurrencies is based on the demand and supply of these cryptocurrencies in the market.

Challenges in the path

High volatility

One of the challenges is the speculation surrounding cryptocurrencies. It attributes to the high volatility experienced in their values making it very unstable. The spike in their values and the abysmal downfalls will render a high degree of uncertainty the potential earnings of the gamers.

The problem of cashing out

Also, game developers would want online gamers to keep making in-game purchases and not ‘cash out.’ But if one cryptocurrency emerges as the preferred on, then there is very likely of the gamers cashing out their profits and not making any further purchases would strike the game developers.

Conclusion

Cryptocurrency is touted to be the next big thing capable of revolutionizing transactions done online. , it is hailed as a breakthrough for the gaming industry; it is not bereft of doubts and dilemmas. Perhaps, time can best answer these questions. 
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