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UncategorizedCryptocurrency For Business and Video Games

Cryptocurrency For Business and Video Games

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A growing number of companies have started using cryptocurrencies for payments, transactions, and operations. Like every new technology, the boundaries and dangers are yet to be determined. But considering the endless possibilities of blockchain, it’s hardly surprising that entrepreneurs are willing to take the risk.

Photo by Jeremy Bezanger on Unsplash
Photo by Jeremy Bezanger on Unsplash

And it’s not just upcoming businesses that are using crypto. Many global brands and MNCs have incorporated the technology in their operations. Popular examples include Shell, Siemens, Pfizer, Unilever, HSBC, and the list goes on. There are several benefits of using digital currency. Let’s look at the top reasons why businesses are slowly taking the plunge.

What Makes Cryptocurrencies Great for Business?

Over 2300 companies have started using cryptocurrency since 2020. And that doesn’t include the numerous Bitcoin ATMs. If you’re wondering why here is a list of everything that using cryptocurrency can do for your business.

  •         Crypto gives access to new demography. Modern users are a cutting-edge clientele that values transparent transactions. According to several studies, over 40% of new customers prefer paying with cryptocurrencies. And the transaction amount is generally double that of credit card users.
  •         Using Bitcoin in a small business opens the door to new capital, liquidity pools, and asset classes. As traditional investments are tokenized, businesses must evolve to capitalize on new opportunities.
  •         Crypto offers certain benefits that fiat currencies cannot match. For instance, digital tokens allow real-time and accurate revenue sharing for added transparency and back-office settlements.
  •         Crypto simplifies and secures real-time money transfers. It provides additional control over capital utilization. This helps manage the risks and opportunities of dealing in digital currencies.

That’s not all! Cryptocurrencies remove certain blockages that come with fiat transactions. The video gaming industry is the best example of the benefits of adopting crypto. If you’re interested in learning why crypto is a key part of an efficient business model, here is an interesting article.

How Cryptocurrencies Revolutionized the Video Gaming Industry

Buying and selling via crypto isn’t its only use. Blockchain can be used for making in-app purchases, in-app advertising, and affiliate marketing. Gamers have for ages used in-game tokens. Unfortunately, these coins have had no value outside the game till now. Cryptocurrency aims to change that.

Crypto games allow players to add value to these in-game tokens, which can then be traded on unified crypto exchanges for fiat currencies. Moreover, in traditional games, the life cycle of the game is strictly controlled by the owner and not the players. For instance, when the developers decide to pull the plug on the servers, the game dies.

Crypto games give players verifiable ownership of their in-game belongings. For example, you own every in-game asset including the upgrades, properties, skin, armor, and every other merchandise. Hence, players can trade these virtual belongings for cryptocurrencies or real money.

And it’s not just video games. Utilizing Bitcoin in gambling revolutionized the iGaming industry. And Canada is a great example!

Factors Behind Canada’s Crypto Gaming Boom

Canada’s confusing gambling regulations are the perfect breeding grounds for crypto gambling. And iGaming operators made the most of the opportunity. For starters, gambling was entirely prohibited in Canada until recently. While the regulations were modified to legalize land-based casinos, online gambling was left in limbo.

Moreover, local laws apply in most regions. For instance, if you want to play poker, roulette, or blackjack using real money in Ontario, you must first find out whether it’s legal in the region. While gambling is legal to a certain degree in Ontario, it’s prohibited in areas like Nova Scotia. If you’re traveling and unfamiliar with the local laws, it’s easy to get into a legal pickle.

Although it is never advisable to go against the laws, Crypto casinos have somewhat solved this problem for gamblers who are willing to bend the laws according to their wants and needs. Among the several benefits of crypto transactions, anonymity and security stand out. So, if you’re looking for a fast payout online casino, Michelle Thomas recommends signing up for offshore crypto casinos.

Thomas is a gambling veteran and author who has closely monitored Canada’s iGaming boom since the early days. She has published several informative blogs on the subject and believes the crypto gambling market is still in its nascent stages. Therefore, we can easily say that crypto is the future of business.

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