Much debate is left to be had, but to date, Bitcoin and Litecoin remain the best options for gamers looking to collide the cryptocurrency world with the gaming world.
The cryptocurrency world is slowly tip-toeing out of the shade and emerging as a mainstream method for financial transactions. As it creeps out into the known and becomes less of a niche payment method used only by savvy tech-types and knowledgeable young finance professionals, it also starts to break into new areas.
One of the areas where Bitcoin and altcoins are starting to make their presence felt, is the online gaming industry. The connection would appear to be a natural match considering they both operate using online platforms, both attract a crossover market of consumers (i.e many online gamers own cryptocurrency and many cryptocurrency enthusiasts enjoy online gaming), and somewhat symbolically, games use some forms of in-game ‘coins’. Albeit not always with the intention of directing this latter feature down the cryptocurrency avenue, you can easily see how they can merge such coin features with real digital currencies.
The convenience alone is not enough to progress cryptocurrency involvement in the online gaming industry. Demand for something better and decentralised is what has brought them together. A study conducted by WAX found that 80% of gamers would opt to use cryptocurrency within online gaming when given the option. Therefore, convenience and demand provide the ideal rationale for their combination, but which cryptocurrencies are best for online gaming?
The Best Cryptocurrency For Online Gaming Breakdown
Let’s put 4 popular gaming cryptocurrencies under the microscope, and see which ones come out on top.
Pros: The most accepted cryptocurrency on the market today remains the bitcoin. There are even online gaming websites that are aimed at Bitcoin users so these online gamers are afforded many gaming platforms compatible with their bitcoin. Not to mention the popularity of bitcoin and the fact that it will be sticking around for many years, if not indefinitely.
Cons: One of the cons of bitcoin’s use within the online gaming world is the rising transaction fees. The bigger demand for bitcoin has been met with larger transaction fees compared to other cryptocurrencies.
Pros: The Litecoin reflects the bitcoin closely but has the added benefit of lower transaction fees. Mining for Litecoin is much easier than mining for bitcoin and they therefore have a less expensive price tag. This makes them perfect for online gamers that transfer coins frequently between accounts. They are also likely to not vanish in the night as they have been created by a well-known Google employee of the past.
Cons: Bitcoin has copied the positive aspects of Litecoin, meaning bitcoin remains a popular alternative. If this continues, online gamers are always going to choose bitcoin first.
Pros: Transactions of Dash are almost instantaneous which make them convenient for gamers and perfect for the fast-paced online gaming world.
Cons: The problem with this cryptocurrencies’ value to gamers is that they are not readily available as dash has a block size limitation of 1MB.
Pros: This cryptocurrency is one of the longest lingering game-specific cryptocurrencies. It has been based on bitcoin’s code and has stood the test of time.
Cons: Although game specific, this cryptocurrency has a question mark over its security. Furthermore, when gamer sneed to make a payment, they must access a different web browser and leave their game, even if momentarily.
The Final Verdict
There we have it, a roster of 4 of the most used cryptocurrencies in the online gaming world. No doubt we have missed many out, but this is because of the sheer upward trend of combining these two online worlds as developers seek to find the best paths when merging such industries. Sometimes the merge between these two worlds is motivated by user experience and sometimes for profit. Luckily for gamers, competition between them is always good for the consumer and as time progresses there is a good chance that gamers will be granted better and cheaper cryptocurrency transaction fees for their gaming needs.
Looking at the cryptocurrency coins here, we currently recommend sticking with Bitcoin if you are making larger transactions. Bitcoin is very stable and the mainstream epicenter of cryptocurrency so you know your purchases are more secure. Litecoin also provides a lucrative alternative due to its reflection of bitcoin without the hefty transaction fees. Although GameCredits appears to be a viable game-specific option, its lacking security inclines us to reject such an altcoin.