- Online Gambling Cryptocurrency
- Best Cryptocurrency To Invest In
- Top 10 Crypto Currencies
- Online Crypto Casinos
- Cryptocurrency For Gaming
Even if you live under a rock, you've probably heard about cryptocurrency, bitcoin, blockchain, or some other 'latest craze' jargon.
Cryptocurrency means different things to different people. Some people love it. Other people are afraid of it. And everyone else just scratches their head.
Using cryptocurrency for gambling is the clear choice for people who are unsure whether a centralised organisation will determine odds in a fair way or have sufficient funds to pay out winnings.
- This is the cryptocurrency that is used in more than 500 games that are browser-based and are free for users who wish to play it. In some games, players can get a GShare Gold, which is a centralized token. The token can be used to pay for entering the tournaments which give rewards in the form of MGO. Premium version of the game, as well as the items necessary for playing games, can be purchased with this cryptocurrency.
- Cryptocurrency and the Online Gambling Industry. Thanks in large part to some amazing advancements in the world of technology, there's a new issue for each nation to contemplate in the online gambling realm. That new issue involves the use of cryptocurrency as a legal means of funding gambling accounts.
- One of the most popular cryptocurrency gambling websites in the U.S. It is accessible worldwide since its launch in 2004. Over time, it has built a reputation for itself as being.
Is there something to the crypto craze that is sweeping through investing and gaming circles alike?
This guide explores cryptocurrency (by talking about what the heck it is), blockchain, and then looks at how this technology is being adapted for use in video games. There's a lot of action, a little bit of craziness, and a lot of interesting ideas. You don't want to miss this.
But here's the other thing: No one really knows what's going on with cryptocurrencies. The ideas sound good! But they are still uncertain investments. You should be ready to lose any money you invest because that's just how things could shake out.
What the Heck Is Cryptocurrency?
Cryptocurrency is digital currency. Itdoesn't exist in a physical form (despite all the fun graphics showing refreshing minted tokens). It has no intrinsic value. It's decentralized (there is no 'central authority' controlling the supply–no banks or governments can artificially inflate or deflate the value or limit how much is available).
There are also hundreds of cryptocurrencies available. Some of them are serious, others are less so.
Cryptocurrencies were a byproduct of the solution for a tangential challenge. The creator(s) of bitcoin was trying to build a digital cash system that operated in a decentralized fashion (something people didn't think was possible). What he came up with involved blockchain and bitcoin.
Here's (Basically) How Cryptocurrencies like Bitcoin Work:
Cryptocurrencies rely on a network of peers. Every peer on the network has access to the record database. This database shows every single transaction that has ever taken place, and also shows the balance of every account.
Say Grognak gives 10 Bitcoin to Pipboy. William hill kaszino. That is a transaction. That transaction is authenticated by Grognak's private key.
The pivotal next step after the signing is the confirmation. This is where 'miners' come into play. Miners confirm transactions.
The miners need to solve very complex cryptographic puzzles in order to confirm transactions, and that's when they're rewarded with the cryptocurrency token (hence the 'Crypto'…the currency-earning process is inextricably tied to cryptography).
Once a block is added to the chain, every peer on the network then gets a record of this transaction.
There are only so many coins that can be 'mined.' And each coin is harder and more complex to mine than the last, which limits how many can be mined in a given time frame.
There are several fascinating elements to cryptocurrencies and blockchain.
One: Transactions can take place on a global scale almost immediately, regardless of the location of both parties–and it takes place more or less anonymously…Your real-world identity isn't linked to your public key.
All of your transactions occur under this string of numbers, known as a public key, but you can't identify who the real-life person is just by looking at their public key alias.
Two: Transactions are irreversible. Once a miner confirms a transaction, that transaction is recorded permanently, forever, for all time on the blockchain. There is no 'undo' button. This permanence is both powerful and intimidating.
No government, for example, could stop you from making a transaction in the cryptocurrency space, or restrict you from accepting a payment (beyond regulating your access to cryptocurrencies by blocking or restricting access to wallet software. A 'wallet' is a program designed to let you hold your crypto coins in a safe, private digital space.
With fiat currency (like the US dollar) the control over the supply and value of the currency is controlled by banks and governments. Even how you use your money within the system is controlled by banks and governments: frozen accounts, rejected payments, etc.
They can lower the value by printing more money. They can adjust interest rates. All of these and more influence what your US dollar is worth. Cryptocurrencies are not impacted by governments or banks unless members of either body purchase large quantities or sell their coins and impact the market price.
But, the cool thing about blockchain technology is…if they do sell it or buy it, there is a public, permanent record of that transaction in the blockchain history of those coins. Let's talk a little about Blockchain.
(P.S. There are more in-depth explanations of the cryptocurrency process if you're interested or want a deeper understanding of the process works. )
Why Should You Care About Blockchain?
Blockchain is different and exciting because the database it creates isn't stored in a single, central location. Blockchain is completely decentralized, with the database distributed to every peer in the network.
Every transaction is recorded in a new 'block.' Blocks cannot be altered. Every transaction on blockchain is permanent, public, and protected from manipulation because of decentralization.
Online Gambling Cryptocurrency
Every transaction is stored everywhere at once, so hackers can't target a single point and corrupt the data. To successfully manipulate the system, you would need enough computing power to override millions of machines hosting the database at the same time.
And, every transaction is available to anyone with an internet connection. You can see 'who' partook in which transactions.
It's easy to see how this is helpful in cryptocurrency.
But what about other applications?
People are excited because blockchain could have a place in voting and politics. It could eliminate or mitigate voter fraud and election rigging. It could change the way companies, cities, states, or countries are run by building blockchain into the decision-making processes for these entities (and turning it into a more transparent collaborative process).
And, of course, there's the use of blockchain (and cryptocurrencies) in video games.
This element is especially interesting to us, so we'll spend the rest of this guide looking at those potential applications, the video game-based cryptocurrencies that are emerging, and how coin creators, developers, and players could change the video game industry with this technology.
Cryptocurrency and Video Games–What Are the Potential Implications?
Before we get into specific video game currencies and platforms, we should look at the general ideas behind the push.
First of all, there's a big crossover between the gaming audience and the cryptocurrency enthusiasts. This swollen-center Venn diagram has likely helped fuel the push for new incorporating cryptocurrencies into video games.
Right now, some game devs are losing profits when players sell their unique skins or game items outside of the game on the grey market.
To solve this issue, game developers and cryptocurrency builders are looking at creating assets you purchase in-game with crypto coins.
This would mean digital assets that you actually own. You really want this sword cosmetic? Buy it with your Swordcoin* (*not a real coin…at the time of writing, anyway…) and voila, now you own that sword. It is yours.
Picture the marketplace being similar to Steam. You buy a game with money, then you own it and it's yours forever.
With Coins, you'd pay for items with the specific currency and then you'd own it. You could sell it. You could use it. Or you could hang onto it as a memento.
Here's where the concept gets even cooler…
Developers could make games in the same universe and allow for items to crossover between the games. You could own a weapon and use it in multiple games. It's kind of like the crossover from one game, like Mass Effect, where you can bring your character into the next installment. But instead of the same series, it'd be a completely different game.
Enjin, the popular platform, is developing Enjin Coin as a way to tokenize in-game purchases.
They pitch a really interesting example of the cross-game item compatibility we mentioned above.
Say a developer creates two MMORPGs, one set in a futuristic sci-fi world, the other in a fantasy landscape.
You would be able to play each game without the other. But, developers could create compound items that would need material from both games in order for players to craft them.
The blood of a dragon and a mythril shard combined with a nova battery and a tractor beam lens could create some kind of impressive magic-meets-science weapon (oh, hello Asgard!). Then you could use the weapon in either game. And maybe in other games made by the same developer. Fake donations on twitch.
And it would be yours. As a player, you could use it. You could hang onto it in your 'wallet' as a relic of some of your best gaming memories, or you could sell it (or rent it!) for tokens to players who haven't completed the challenge yet.
There are even more possibilities: quests, stories, etc. that start you on a spaceship and end with you as a slayer of dragons.
The ideas are still rolling in as developers and cryptocurrency inventors get more creative in realizing the full potential of cryptocurrencies and blockchain. Let's talk about four of the more popular gaming-based cryptocurrencies. We'll start with Enjin Coin.
Enjin Coin
One of the biggest cryptocurrencies to see the light of day is Enjin Coin.
Enjin coin is offered by Enjin, which is 'the largest social gaming website platform in the world' with 19 million gamers, over 250,000 gaming communities, and reaching a ballpark of 60 million views per month globally.
Enjin Coin is 'An ERC-20 token supported by a powerful framework of open-source smart contracts and software development kits (SDKs)'.
You may have heard about Enjin coin–they partnered with NRG eSports as a way to help spread the word about blockchain and crypto in gaming. And, the partnership is using ENJ coin technology to 'reward' their fans for participating in the technology.
These custom-branded (since Enjin coins are customizable) NRG tokenscan be redeemed by entering raffles and winning prizes.
The coin itself follows an ERC-20 framework. That just means the coin uses Ethereum blockchain (an established cryptocurrency, largely regarded as the second biggest currency after Bitcoin).
The ERC-20 Framework is a set of immutable 'laws' that anyone looking to use the Ethereum Blockchain must follow.
Enjin Coin is also a platform that lets developers and players 'create, manage, distribute, and trade virtual goods. Giving game developers and content creators a new model of virtual ownership.'
Enjin Coin provides the open-source SDKs for wallets and payment platforms for devs to incorporate the currency into their games.
Players will be able to 'bring or trade their assets from game to game, community to community, growing their digital wallet with real value as they play.'
Enjin Coin is the platform with a vision for the cross-game item creation (magic-science weapon) but they have other interesting ideas, too.
Ideas from Enjin Coin on Crowdfunding and Character Rentals:
Enjin Coin talks about offering crowdfunding incentives in the form of digital assets so that studios can cut back on overhead costs for physical items.
Crowdfunding rewards for bigger donors tend to be shirts, mugs, maybe an action figure or a collectible edition. Enjin Coin posits that digital assets could save the studio money.
It seems like it could actually drive more engagement, too…Enjin Coin points to in-game items, currency, a plot of land, or extra character accounts as in-game rewards that could boost donor engagement.
And, in some cases, these assets could work beyond that particular game, or have real-life value in the form of Enjin Coins on the marketplace. With blockchain the item wouldn't just appear in your inventory, or locked on one saved game of one of your characters: it would be an accessible, transferable digital asset.
Good luck texts for basketball players. The other idea Enjin Coin discusses with the power of blockchain is renting your character. If you have a high-end character in a game like an FPS, or really unique skins, or a rare weapon, you could rent this item out to other players for X amount of Enjin Coin per day.
The other users could try it out (or use it to make their noob clan jealous), it keeps the item transactions in-game (as opposed to on the grey market), and the owner of the weapon gets to benefit from their hard work/long hours in the game.
These are all interesting ideas…But they're largely just ideas.
The Cons of Enjin Coin
The problem with Enjin Coin (and most budding cryptocurrencies) is that people don't really know what to do with it yet.
It's in the early adoption stage.
If and when this catches on, we could see really interesting crossovers of in-game items, lucrative rentals, players benefiting from the marketplace both in-game and fiscally, etc.
But, for now, no one is doing this. No one knows for sure if cryptocurrencies will catch on, or if blockchain technology will work its way into video games officially.
The other issue is if crypto and blockchain do catch on in video games, which one will win out? Will we have one universal cryptocurrency for gaming?
Or will we always have as many as we do now?
What about dips in value? How do devs and players determine the price of items? Both in cash and in Enjin Coin?
There are a lot of unanswered questions that don't just plague Enjin Coin, but all cryptocurrency creators in the video game sphere.
That being said, Enjin Coin has 756,192,535 coins circulating at the time of this guide, with a USD market cap of $86,277,787.
How to Purchase Enjin Coin
You can purchase Enjin Coin via Okex and Binance, both of which are linked from the Enjin Coin website.
The current price in USD was $0.114095 per coin, with a BTC price of 0.00001420 (for those paying with Bitcoin) and 0.00022467 ETH price (for those paying with Ethereum).
These prices will fluctuate all the time, so check back here for the latest numbers.
GTCoin
The GTCoin is another coin on the ethereum blockchain. It's run by Game Tester, which is designed to facilitate collaboration between games devs and players by, you guessed it, testing games.
Here's the vision for GTCoin, as laid out on their website:
'GTCoin is built for Gamers to buy game titles, hardware and in game content. Gamers are renowned as the worlds early adopters of all things tech and Crypto Currency is no exception. And best of all, Gamers can earth GTCoins by simply testing games when they register on GameTester.co. With the Global game market to grow from $108.9 billion in 2017 to $128.5 billion in 2020 (VentureBeat) the demand for GTCoin is growing. Gamers often transact across borders and crypto currency is the most effective means of currency transaction without the ridiculous costs or delays of currency exchange.'
Through blockchain, Game Tester users will be able to assign specific access to games via GTKeys.
The keys will limit the in-game playability to hone in on what the devs are hoping to test and limit the timeframe in which the game can be tested. These keys also make it easy for players to buy the games they test as soon as they come out.
As a player, the Game Testerplatform will actually reward your time with GTCoins. You'll get 'first' access to new games, and you'll also have the opportunity to earn prizes and rewards if you engage with the platform regularly.
Developers can get valuable feedback for their games, they can build excitement for their games, and they can release their games confidently knowing these factors are in place.
The Cons of GTCoin
GTCoin suffers from the same pains as all cryptocurrencies: there's no way to guarantee success or value.
If GTCoins end up being worth fractions of a cent, the player appeal for testing games plummets–where's the incentive?
But, if GTCoin takes off, they have a strong case for recruiting players and game developers alike.
Best Cryptocurrency To Invest In
How to Purchase GTCoin
At the time of this guide, GTCoin is valued at $1.10 USD.
You can purchase coins from your GTCoin wallet after creating an account. They have options for volume bonuses and extra bonuses for those who HODL their GTCoins.
HODL is used a lot in the cryptocurrency world and just means holding your coins instead of selling them.
Game Credits
GameCredits does not beat around the bush when it comes to their aspirations: they want to be the universal blockchain-based digital currency for video games.
GameCredits plans to offer extra value for players when they use the currency to make in-game purchases. Any credits earned in one game would also be transferable to another.
For developers, GameCredits is offering 90% revenue margins through its mobile gaming store, GPlay. That's a 20% increase over the 70% percent offered by the other stores in the industry.
They recently partnered with Unity Technologies, 'the world's number one game-development platform, with 770 million titles made using its engine.' They also boast that 340 of the top 1000 free mobile games used Unity tools. The second most popular platform has 180 on the list.
The partnership with Unity makes this a digital currency to watch.
The Cons of GameCredits
Their goal is ambitious and they mention it several times. They want to be the universal gaming currency.
So what happens if they fail in that endeavor? What happens to the value of the coin?
Aside from being subject to the same cons as the other currencies, GameCredits say they're going for total dominance in the video game world.
What could the losing conditions look like?
How to Purchase GameCredits
You can purchase GameCredits through the G Wallet. At the time of writing the currency was worth $1.62 USD per coin. There were 64,355,352 GameCredit coins in circulation.
And, if you're so inclined, they also have options for mining through their GShare BETA app.
Crycash
Crycash currency is being built with the help of Crytek. And they've 'already confirmed integration into the renowned bestsellers from Crytek, with more partners to come.'
The idea behind Crycash is that gamers can earn the currency by competing challenges in the game. Instead of unlocking an 'achievement' for satisfying certain in-game criteria, you'll be rewarded with an actual currency which could be used for in-game purchases and more.
The creators hope this will incentivize gamers to play more games and ultimately lead to bigger audiences for developers. Crycash will soon be integrated with Warface, a free-to-play first-person shooter.
The Cons of Crycash
Crycash shares the same cons as the other coins. There's just no way to tell how it will perform, but the idea of rewarding players for in-game challenges is an interesting idea.
How to Purchase Crycash
You can purchase Crycash (CRC) on sites like YObit.net, LIVECOIN.net, and IDEX.
They're looking to add more purchasing platforms, soon (Binance, Okex, etc.).
Pocketful of Quarters
We included Pocketful of Quarters to show you how cryptocurrency really can be for anyone.
This company, founded by a father and son, has the son, a 12-year-old, for a CEO. It was the son's idea, stemming from frustrations based around losing all his coins when quitting out of games.
Unlike other cryptos, Quarters is not looking for investors. Quarters are used purely for playing games.
They're an ERC-20 coin, they have 10+ games and 100+ players using their for-games-only cryptocurrency.
The Future of Blockchain and Cryptocurrencies in Video Games
It's hard to say where this will go. The world is still adjusting to cryptocurrencies. It's very different from any trading system we've had up until this point. People are still feeling it out.
But the clever ideas are starting.
We talked about mixed-world items, quests, and stories, which might have your mind buzzing with interesting Ready Player One possibilities.
Then there are ideas like Decentraland. Decentraland is 'a virtual world that runs on open standards.'
You can buy property on this virtual reality platform that relies on the Ethereum blockchain for record-keeping.
You can do anything you want with your plot of land in the virtual space… According to the website, 'Your imagination is the limit: go to a casino, watch live music, attend a workshop, shop with friends, start a business, test drive a car, visit an underwater resort, and much, much more–all within a 360-degree, virtual world.'
Blockchain is different and exciting because the database it creates isn't stored in a single, central location. Blockchain is completely decentralized, with the database distributed to every peer in the network.
Every transaction is recorded in a new 'block.' Blocks cannot be altered. Every transaction on blockchain is permanent, public, and protected from manipulation because of decentralization.
Online Gambling Cryptocurrency
Every transaction is stored everywhere at once, so hackers can't target a single point and corrupt the data. To successfully manipulate the system, you would need enough computing power to override millions of machines hosting the database at the same time.
And, every transaction is available to anyone with an internet connection. You can see 'who' partook in which transactions.
It's easy to see how this is helpful in cryptocurrency.
But what about other applications?
People are excited because blockchain could have a place in voting and politics. It could eliminate or mitigate voter fraud and election rigging. It could change the way companies, cities, states, or countries are run by building blockchain into the decision-making processes for these entities (and turning it into a more transparent collaborative process).
And, of course, there's the use of blockchain (and cryptocurrencies) in video games.
This element is especially interesting to us, so we'll spend the rest of this guide looking at those potential applications, the video game-based cryptocurrencies that are emerging, and how coin creators, developers, and players could change the video game industry with this technology.
Cryptocurrency and Video Games–What Are the Potential Implications?
Before we get into specific video game currencies and platforms, we should look at the general ideas behind the push.
First of all, there's a big crossover between the gaming audience and the cryptocurrency enthusiasts. This swollen-center Venn diagram has likely helped fuel the push for new incorporating cryptocurrencies into video games.
Right now, some game devs are losing profits when players sell their unique skins or game items outside of the game on the grey market.
To solve this issue, game developers and cryptocurrency builders are looking at creating assets you purchase in-game with crypto coins.
This would mean digital assets that you actually own. You really want this sword cosmetic? Buy it with your Swordcoin* (*not a real coin…at the time of writing, anyway…) and voila, now you own that sword. It is yours.
Picture the marketplace being similar to Steam. You buy a game with money, then you own it and it's yours forever.
With Coins, you'd pay for items with the specific currency and then you'd own it. You could sell it. You could use it. Or you could hang onto it as a memento.
Here's where the concept gets even cooler…
Developers could make games in the same universe and allow for items to crossover between the games. You could own a weapon and use it in multiple games. It's kind of like the crossover from one game, like Mass Effect, where you can bring your character into the next installment. But instead of the same series, it'd be a completely different game.
Enjin, the popular platform, is developing Enjin Coin as a way to tokenize in-game purchases.
They pitch a really interesting example of the cross-game item compatibility we mentioned above.
Say a developer creates two MMORPGs, one set in a futuristic sci-fi world, the other in a fantasy landscape.
You would be able to play each game without the other. But, developers could create compound items that would need material from both games in order for players to craft them.
The blood of a dragon and a mythril shard combined with a nova battery and a tractor beam lens could create some kind of impressive magic-meets-science weapon (oh, hello Asgard!). Then you could use the weapon in either game. And maybe in other games made by the same developer. Fake donations on twitch.
And it would be yours. As a player, you could use it. You could hang onto it in your 'wallet' as a relic of some of your best gaming memories, or you could sell it (or rent it!) for tokens to players who haven't completed the challenge yet.
There are even more possibilities: quests, stories, etc. that start you on a spaceship and end with you as a slayer of dragons.
The ideas are still rolling in as developers and cryptocurrency inventors get more creative in realizing the full potential of cryptocurrencies and blockchain. Let's talk about four of the more popular gaming-based cryptocurrencies. We'll start with Enjin Coin.
Enjin Coin
One of the biggest cryptocurrencies to see the light of day is Enjin Coin.
Enjin coin is offered by Enjin, which is 'the largest social gaming website platform in the world' with 19 million gamers, over 250,000 gaming communities, and reaching a ballpark of 60 million views per month globally.
Enjin Coin is 'An ERC-20 token supported by a powerful framework of open-source smart contracts and software development kits (SDKs)'.
You may have heard about Enjin coin–they partnered with NRG eSports as a way to help spread the word about blockchain and crypto in gaming. And, the partnership is using ENJ coin technology to 'reward' their fans for participating in the technology.
These custom-branded (since Enjin coins are customizable) NRG tokenscan be redeemed by entering raffles and winning prizes.
The coin itself follows an ERC-20 framework. That just means the coin uses Ethereum blockchain (an established cryptocurrency, largely regarded as the second biggest currency after Bitcoin).
The ERC-20 Framework is a set of immutable 'laws' that anyone looking to use the Ethereum Blockchain must follow.
Enjin Coin is also a platform that lets developers and players 'create, manage, distribute, and trade virtual goods. Giving game developers and content creators a new model of virtual ownership.'
Enjin Coin provides the open-source SDKs for wallets and payment platforms for devs to incorporate the currency into their games.
Players will be able to 'bring or trade their assets from game to game, community to community, growing their digital wallet with real value as they play.'
Enjin Coin is the platform with a vision for the cross-game item creation (magic-science weapon) but they have other interesting ideas, too.
Ideas from Enjin Coin on Crowdfunding and Character Rentals:
Enjin Coin talks about offering crowdfunding incentives in the form of digital assets so that studios can cut back on overhead costs for physical items.
Crowdfunding rewards for bigger donors tend to be shirts, mugs, maybe an action figure or a collectible edition. Enjin Coin posits that digital assets could save the studio money.
It seems like it could actually drive more engagement, too…Enjin Coin points to in-game items, currency, a plot of land, or extra character accounts as in-game rewards that could boost donor engagement.
And, in some cases, these assets could work beyond that particular game, or have real-life value in the form of Enjin Coins on the marketplace. With blockchain the item wouldn't just appear in your inventory, or locked on one saved game of one of your characters: it would be an accessible, transferable digital asset.
Good luck texts for basketball players. The other idea Enjin Coin discusses with the power of blockchain is renting your character. If you have a high-end character in a game like an FPS, or really unique skins, or a rare weapon, you could rent this item out to other players for X amount of Enjin Coin per day.
The other users could try it out (or use it to make their noob clan jealous), it keeps the item transactions in-game (as opposed to on the grey market), and the owner of the weapon gets to benefit from their hard work/long hours in the game.
These are all interesting ideas…But they're largely just ideas.
The Cons of Enjin Coin
The problem with Enjin Coin (and most budding cryptocurrencies) is that people don't really know what to do with it yet.
It's in the early adoption stage.
If and when this catches on, we could see really interesting crossovers of in-game items, lucrative rentals, players benefiting from the marketplace both in-game and fiscally, etc.
But, for now, no one is doing this. No one knows for sure if cryptocurrencies will catch on, or if blockchain technology will work its way into video games officially.
The other issue is if crypto and blockchain do catch on in video games, which one will win out? Will we have one universal cryptocurrency for gaming?
Or will we always have as many as we do now?
What about dips in value? How do devs and players determine the price of items? Both in cash and in Enjin Coin?
There are a lot of unanswered questions that don't just plague Enjin Coin, but all cryptocurrency creators in the video game sphere.
That being said, Enjin Coin has 756,192,535 coins circulating at the time of this guide, with a USD market cap of $86,277,787.
How to Purchase Enjin Coin
You can purchase Enjin Coin via Okex and Binance, both of which are linked from the Enjin Coin website.
The current price in USD was $0.114095 per coin, with a BTC price of 0.00001420 (for those paying with Bitcoin) and 0.00022467 ETH price (for those paying with Ethereum).
These prices will fluctuate all the time, so check back here for the latest numbers.
GTCoin
The GTCoin is another coin on the ethereum blockchain. It's run by Game Tester, which is designed to facilitate collaboration between games devs and players by, you guessed it, testing games.
Here's the vision for GTCoin, as laid out on their website:
'GTCoin is built for Gamers to buy game titles, hardware and in game content. Gamers are renowned as the worlds early adopters of all things tech and Crypto Currency is no exception. And best of all, Gamers can earth GTCoins by simply testing games when they register on GameTester.co. With the Global game market to grow from $108.9 billion in 2017 to $128.5 billion in 2020 (VentureBeat) the demand for GTCoin is growing. Gamers often transact across borders and crypto currency is the most effective means of currency transaction without the ridiculous costs or delays of currency exchange.'
Through blockchain, Game Tester users will be able to assign specific access to games via GTKeys.
The keys will limit the in-game playability to hone in on what the devs are hoping to test and limit the timeframe in which the game can be tested. These keys also make it easy for players to buy the games they test as soon as they come out.
As a player, the Game Testerplatform will actually reward your time with GTCoins. You'll get 'first' access to new games, and you'll also have the opportunity to earn prizes and rewards if you engage with the platform regularly.
Developers can get valuable feedback for their games, they can build excitement for their games, and they can release their games confidently knowing these factors are in place.
The Cons of GTCoin
GTCoin suffers from the same pains as all cryptocurrencies: there's no way to guarantee success or value.
If GTCoins end up being worth fractions of a cent, the player appeal for testing games plummets–where's the incentive?
But, if GTCoin takes off, they have a strong case for recruiting players and game developers alike.
Best Cryptocurrency To Invest In
How to Purchase GTCoin
At the time of this guide, GTCoin is valued at $1.10 USD.
You can purchase coins from your GTCoin wallet after creating an account. They have options for volume bonuses and extra bonuses for those who HODL their GTCoins.
HODL is used a lot in the cryptocurrency world and just means holding your coins instead of selling them.
Game Credits
GameCredits does not beat around the bush when it comes to their aspirations: they want to be the universal blockchain-based digital currency for video games.
GameCredits plans to offer extra value for players when they use the currency to make in-game purchases. Any credits earned in one game would also be transferable to another.
For developers, GameCredits is offering 90% revenue margins through its mobile gaming store, GPlay. That's a 20% increase over the 70% percent offered by the other stores in the industry.
They recently partnered with Unity Technologies, 'the world's number one game-development platform, with 770 million titles made using its engine.' They also boast that 340 of the top 1000 free mobile games used Unity tools. The second most popular platform has 180 on the list.
The partnership with Unity makes this a digital currency to watch.
The Cons of GameCredits
Their goal is ambitious and they mention it several times. They want to be the universal gaming currency.
So what happens if they fail in that endeavor? What happens to the value of the coin?
Aside from being subject to the same cons as the other currencies, GameCredits say they're going for total dominance in the video game world.
What could the losing conditions look like?
How to Purchase GameCredits
You can purchase GameCredits through the G Wallet. At the time of writing the currency was worth $1.62 USD per coin. There were 64,355,352 GameCredit coins in circulation.
And, if you're so inclined, they also have options for mining through their GShare BETA app.
Crycash
Crycash currency is being built with the help of Crytek. And they've 'already confirmed integration into the renowned bestsellers from Crytek, with more partners to come.'
The idea behind Crycash is that gamers can earn the currency by competing challenges in the game. Instead of unlocking an 'achievement' for satisfying certain in-game criteria, you'll be rewarded with an actual currency which could be used for in-game purchases and more.
The creators hope this will incentivize gamers to play more games and ultimately lead to bigger audiences for developers. Crycash will soon be integrated with Warface, a free-to-play first-person shooter.
The Cons of Crycash
Crycash shares the same cons as the other coins. There's just no way to tell how it will perform, but the idea of rewarding players for in-game challenges is an interesting idea.
How to Purchase Crycash
You can purchase Crycash (CRC) on sites like YObit.net, LIVECOIN.net, and IDEX.
They're looking to add more purchasing platforms, soon (Binance, Okex, etc.).
Pocketful of Quarters
We included Pocketful of Quarters to show you how cryptocurrency really can be for anyone.
This company, founded by a father and son, has the son, a 12-year-old, for a CEO. It was the son's idea, stemming from frustrations based around losing all his coins when quitting out of games.
Unlike other cryptos, Quarters is not looking for investors. Quarters are used purely for playing games.
They're an ERC-20 coin, they have 10+ games and 100+ players using their for-games-only cryptocurrency.
The Future of Blockchain and Cryptocurrencies in Video Games
It's hard to say where this will go. The world is still adjusting to cryptocurrencies. It's very different from any trading system we've had up until this point. People are still feeling it out.
But the clever ideas are starting.
We talked about mixed-world items, quests, and stories, which might have your mind buzzing with interesting Ready Player One possibilities.
Then there are ideas like Decentraland. Decentraland is 'a virtual world that runs on open standards.'
You can buy property on this virtual reality platform that relies on the Ethereum blockchain for record-keeping.
You can do anything you want with your plot of land in the virtual space… According to the website, 'Your imagination is the limit: go to a casino, watch live music, attend a workshop, shop with friends, start a business, test drive a car, visit an underwater resort, and much, much more–all within a 360-degree, virtual world.'
Because land is purchased through blockchain, you have full, permanent, public ownership of your virtual plot. And the world lets you build upwards with no limit (that's right, no zoning restrictions!).
It's a pretty wild concept. It's hard to predict if or when this will catch on…Or how this kind of immutable ownership of property could transfer into other games, like an MMORPG.
What if players could buy a shop in a game for coins/tokens and then 'run' that shop in game by selling their own in-game assets? Or even assets for other games that take the currency?
How long until we're all living in virtual reality? Our very own Oasis?
Or are we already in one?
Cryptocurrency gambling is experiencing widespread adoption and more users are wishing to use it for their online gaming activities. Some sites offer Bitcoin Gambling while others already offer deposits and withdrawals in various cryptocurrencies and this is something that will continue into 2021.
It's no longer enough to just offerBitcointransactions on your iGaming site. Some users may want the choice to switch to fiat as well and you should provide the execution of transactions in a variety of different coins such as:
- Etherum
- Litecoin
- Monero
- DASH
- Bitcoin Cash.
Cryptocurrency was once a niche market but it is now widely accepted and adopted. You can be paid in crypto, buy a house with crypto, do your weekly shop with crypto, and of course gamble with crypto. This application of the technology on everyday activities has led to peoples perception of it improving. It is now recognised as something with value, benefits, and that is secure and trustworthy. Incorporating crypto payments into your site is a must, read on to learn why…
The expected rise of Cryptocurrency Gambling
Those that have been seeking a greater level of privacy in their financial transactions have been increasingly drawn to cryptocurrency gambling due to its decentralized nature. Virtual currencies such as Bitcoin, Monero, Ether and various other cryptocurrencies have become increasingly more popular, particularly in the online gambling sector.
As we move into 2021, both players and operators are becoming more aware of the benefits of cryptocurrency gambling. Bitcoin Gambling Casinos and Sports betting platforms which accept crypto payments are successfully using it as a selling point and growing their client base. Additionally, other platforms and startups will show a willingness to adopt cryptocurrency as a valid form of payment.
The increase in its popularity and adoption is due to several factors that are particularly beneficial to the online gambling market. Benefits such as instant transactions, low fees, and anonymity all play a part in the way it is continuing to successfully infiltrate iGaming. This, in turn, is likely to contribute to an increase in players that are drawn to Bitcoin gambling, resulting in an increase in revenue across the board.
Benefits of Cryptocurrency gambling
Cryptocurrency and Bitcoin gambling i
Cost-Efficiency and Low Transaction Fees
From an online gaming license holders point of view, providing crypto payments on your online gambling site also has many benefits. Merchants can often negotiate better rates for conventional payments but still, a big chunk of income is lost on paying fees to payment service providers. But with cryptocurrency payments, things are rather different. Some of the leading crypto payment gateways charge as little as 0.5% which is significantly less than fiat currency competitors. By providing for crypto payments on your site, you can funnel a large percentage of your revenue through a payment method that saves you a fortune on processing fees.
Instant and Borderless transactions
Chances are, your customers will not all be located in one country. Therefore, offering cryptocurrency payments means that your international client base can enjoy instant cross-border payments and transactions. The transaction is completed in a matter of seconds and it's secure, immutable, and private. The best thing is that even those without a bank account or credit/debit card can send crypto paymentsmaking online purchasing and playing accessible for all.
When you transact in cryptocurrency, you don't have to wait for it to be processed or clear and you certainly don't have to pay international fees. Anyone with an internet connection can send a cryptocurrency transactionwhen they want, to whom they want, and for how much they want.
Privacy & Transparency on Cryptocurrency and Bitcoin Gambling
Cryptocurrency transactions all take place on the blockchain– a decentralised ledger that is completely immutable. This means that once a transaction is made, it is permanent and cannot be reversed, edited, deleted, or otherwise tampered with.
Top 10 Crypto Currencies
This means that the risk of fraud, identity theft and counterfeit payments are significantly reduced. Crypto payments provide both online gaming license holders and players with an extra layer of security.
No chargebacks on Crypto Payments
Businesses bear a lot of losses from chargebacks. This is where a customer makes a card payment, receives the item, and then reports the charge as fraudulent to get it refunded. There are
New technology savvy generations
The market is particularly popular with Millenials whose spending power is increasing as they progress through their thirties. Cryptocurrency payment facilities will allow you to share this forward-thinking and progressive group of consumers and entice them to use your services. Integration of cryptocurrency in your business is a smart move for those looking to engage this market.
Online Crypto Casinos
Considering all of the benefits above, we can expect to see a significant increase in the number of crypto payments, particularly in the gaming sector, over the next few years. As far back as 2013, Bitcoin gambling transactions accounted for as much as 50% of all Bitcoin transactions. Bitcoins popularity has significantly increased since then. These figures show that incorporating cryptocurrency into any iGaming platform is no longer an option, it's a necessity.
The cryptocurrency was once a niche market but it is now widely accepted and adopted. You can be paid in crypto, buy a house with crypto, do your weekly shop with crypto, and of course gamble with crypto. This application of the technology on everyday activities has led to peoples perception of it improving. It is now recognised as something with value, benefits, and that is secure and trustworthy.
But it's no longer enough to just offer Bitcoin transactions on your iGaming site. You need to provide the execution of transactions in a variety of different coins including Etherum, Litecoin, Monero, DASH and Bitcoin Cash.
World's Finest Crypto Jurisdictions for Cryptocurrency Gambling
When it comes to cryptocurrency gambling, there are two kinds of jurisdiction. The first are those that have created a legal framework to nurture and develop the industry, and those that haven't. Some operators choose to work in jurisdictions that don't have the necessary frameworks in place but this is something of a grey area. It can lead to issues with third parties, advertisers, software companies, and banks, as well as potential issues with the authorities.
Fast Offshore recommends only working in reputable jurisdictions that have an adequate structure in place to regulate and oversee the industry. Doing so helps you boost your credibility and stay on the right side of the law. Our top four crypto jurisdictions for gaming are:
Curacao
Curacao is a prime jurisdiction for gaming and crypto gaming startups. They have been in the iGaming business since the mid-'90s and offer one of the most cost-efficient, quick, and simple licensing processes around. In addition to that, they are crypto-friendly and those with a Curacao gaming license are welcome to offer transactions in a range of cryptocurrencies and virtual coins.
Those that opt for a Curacao license for their crypto gaming company can enjoy 0% tax and VAT, quick and straight forward licensing, and a simple setup process with minimal red tape and bureaucracy.
We tend to recommend Curacao as the perfect jurisdiction for startup crypto gaming companies. The low costs involved in the process in-country means they can prove their concept and get the company in good financial shape before seeking to license in another jurisdiction.
Kahnawake
Kahnawake's online gambling license comes with a solid reputation. The Gaming Commission is known for its zero-tolerance approach to violations of fair play, underage gaming, or any criminal activity. As such, a license from them carries weight when it comes to negotiating with third parties or setting up bank accounts. They are also welcoming to online gambling companies that want to offer cryptocurrency payments.
The setup costs more than Curacao but significantly less than Malta, ongoing fees are affordable as well. In terms of timescale, everything can be done within a few months. While there is more paperwork to get through when compared to Curacao, there is less than in Malta or other crypto jurisdictions.
Those acquiring a Kahnawake crypto gaming license can enjoy 0% tax rates in Kahnawake as well, meaning there is more liquidity for expanding the business going forward.
Malta
Recently, the Maltese government has taken steps to incorporate crypto into the market. They became the first country in the world to create a comprehensive legal framework for cryptocurrency, blockchain, and virtual assets. Nicknamed 'The Blockchain Island', Malta is home to blockchain startups, crypto exchanges, and several gaming companies that offer transactions in a variety of cryptocurrencies.
The Malta Gaming Authority is by far the most reputable in the world and the license comes with a hefty price tag. But for those with the capital to invest, or established iGaming companies, it is a solid option. The Maltese government is extremely ‘pro-business' in their approach and there are a wealth of benefits to operating a Maltese crypto gambling company. These include some of the lowest effective corporate tax rates in the EU and access to a highly-skilled, English speaking workforce.
Cryptocurrency For Gaming
Costa Rica
The Central American country of Costa Rica does not offer an online gambling license. Companies are allowed to incorporate a company where the purpose is online crypto gambling and they are then allowed to conduct activities from Costa Rica. In terms of cryptocurrency, the Costa Rican government is very pro-crypto and supports the growth and development of the industry. Again, they take a somewhat hands-off approach which is great for startups that are finding their feet.
Incorporating a crypto gaming company in Costa Rica does come with some challenges. There may be difficulties. Likely, you won't be able to get a conventional bank account, which is ok if you solely want to transact in crypto. We recommend launching your platform in Costa Rica, ironing out any issues, honing your offering and then going for licensing elsewhere.
Questions about Cryptocurrency Gambling? Contact Fast Offshore
Related Articles
Gaming LicenseCuracao Gambling LicenseKahnawake Gambling LicenseMalta Gambling LicenseIsle of Man Gambling LicenseCosta Rica Gambling LicenseTop 3 Gaming LicensesCryptocurrency GamblingHow to Start Your Gaming CompanyCorporate Service ProviderProjections and Trends for the Gambling IndustryFollow us on social media!