How Can Cryptocurrency Work With Mobile Games?
When you search in the Apple App Store or the Google Play Store, you’ll find thousands of free-to-play mobile applications that are just waiting to be downloaded. However, these apps aren’t really “free” because they do offer players the use of microtransactions. These minor transactions can be anything from gaining an extra life, adding a weapon to your inventory, or letting you have more chances of playing (if you downloaded a casino-like game).
Now, many individuals don’t like to use their credit or debit cards for online transactions because of the fear that someone might grab the information and use it for their own gain. On the other hand, using cryptocurrencies in mobile games will provide a safer experience for all as compared to having to deal with the physical manifestations of cash.
A Brief Introduction to Cryptocurrencies
You might not be familiar with the term “Cryptocurrency,” but perhaps you’re familiar with Bitcoin. With Bitcoin, it’s the largest and most popular cryptocurrency on the planet, and it’s also the first of its kind. Bitcoin and every other cryptocurrency on the planet take advantage of a decentralized system that allows users to create secure payments, store money, and do transactions without the requirement of using their real names or to go through a bank transaction first. Each movement found in the system is secured by a blockchain ledger, and the only people who’re managing this system are the network of individuals found within the game. In other words, there’s no central entity or third party service trying to look at every payment made in games.
Digital Cash at Your Fingertips
For many individuals making use of smartphones, cryptocurrencies are very easy to manage as compared to physical cash. In fact, virtual in-game currencies and cryptocurrencies go hand-in-hand. In-game currencies are unique, and you can’t do anything about them but buy stuff within that specific game. As for cryptocurrencies, you use these forms of digital cash to buy in-game money for items or whatever it is that you want to purchase within the game. The main difference here between adding cryptocurrencies to your account and adding cash to services like PayPal is that you get to own your money. In other words, you’re not going to let another company hold onto your cash which ultimately makes managing your finances a lot easier than ever before.
Potential of Attracting Investors
Note that in-game transactions aren’t the only possible means developers can harness the power of cryptocurrency. Take a look at initial coin offerings, and you’ll find a new way of raising money that will arguably have less strict rules and regulations as compared to a typical initial public offering (IPO). In doing so, companies and game developers can sell their cryptocurrency coins at a discounted offering to raise funds for a new app or product they’re currently developing.
There are plenty of possibilities for cryptocurrencies in mobile games and in video games in general. To learn more about cryptocurrency in games, head to cryptogame.