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Cryptocurrency is simply a digital currency that is fungible and is based on blockchain technology. The use of digital assets boomed during the covid times and now they are becoming the medium of exchange in many industries across the globe.

The virtual decentralized currencies are considered supreme owing to the security and transparency they ensure. Therefore crypto has highly impacted the world of the online gaming industry by revolutionizing unique gaming features.

The online gaming industry utilizes blockchain technology to exchange digital currency through wallets. Blockchain technology also comes into play in online gaming by connecting your digital wallet to gaming accounts so that in-app purchases can be made.

Digital rewards can be earned through blockchain technology by in-app advertisements and affiliate marketing. Online gambling casinos have already taken on payments in crypto which serves to be a revolution in the industry.

Digital currency shaping the online gaming industry

Cryptocurrencies in the form of Bitcoin, Ethereum, Litecoin, and others benefit online gaming by providing privacy, securing transactions, and prohibiting hacking.

Digital currencies allow online players to win digital assets or coins that can be converted into real-world assets. However, it is expected that the online gaming industry would be worth $19 billion by 2025 owing to the crypto revolution.

Cryptocurrency in its current state is shaping the online gaming industry in different ways, some of them are listed below:

1. Enhanced convenience in gameplay

With the introduction of blockchain technology, online games have become more accessible and comfortable to play. It means that players can now maintain their anonymity without providing every single detail before playing.

This convenience is allowing more players to play without any restrictions as digital gaming rewards, in-app purchases, and funds withdrawal can be done using a digital wallet alone.

2. Greater safety and security

Making online purchases while playing is common among players online and if you love playing online casino games then you’ll be happy to know that you can play blackjack online using both cryptocurrency and real money. The introduction of cryptocurrencies in the online gaming industry has prevented any foreign invasion of gaming accounts.

Blockchain technology has eliminated the factor of hacking or duplication of digital wallet keys that are connected with digital wallets. Hence crypto has left no vulnerable room for hackers in the online gaming industry as well.

3. Economical for online gamers

Online gaming is also getting the benefit of cryptocurrency in a way that no hidden charges are being deducted from the player’s account.

Blockchain technology has eliminated the validation of transactions by a bank which has added further convenience to gaming. Hence, blockchain technology is proving to be a pocket-friendly solution for the online gaming community.

4. Instant transactions

With cryptocurrency in the gaming industry, there is no need to wait for the money they own in the gaming world. In this way without any third-party interference players can send or receive money in the form of rewards within minutes.

Blockchain technology also favors gaming app developers in receiving payments from anywhere in the world.

5. Enabling gamers to earn

One of the biggest advantages of the integration of blockchain into the online gaming industry is that it allows its players to earn real-world assets. Players nowadays are making money in the form of digital currencies that can easily be withdrawn as real assets.

Another amazing way cryptocurrencies are affecting the gaming world is that whatever a player buys in a game like the skin of a character, it will hold its monetary value in the real world too. And this is how the online gaming industry is on the verge of a boom.