When it comes to practical use cases, cryptocurrency still falls behind the traditional payment methods, but in exchange, it does offer a great deal of benefits. Investors as well as several regulatory authorities consider it an asset class like gold or silver. You can, however, use it just as regular money on several platforms and even pay for food and online games with it.
This article will explore the benefits of paying for online games with cryptocurrency and how you can make purchases from online platforms with digital currency when it doesn’t natively support it.
Security
Cryptocurrencies like Bitcoin, Ethereum, and Litecoin are available on public blockchain networks, where data is stored in blocks and shared across a wide network of computers. The data is stored in order and can only be modified with the consensus from the network. As a result, crypto payments tend to be far more secure than traditional payment methods like traditional credit cards.
In contrast, traditional payment methods only need verification from one entity, which is usually a bank, to confirm a payment. Which means if the bank’s system is compromised, all of its customers could be affected. Blockchain networks are impossible to hack as it not only requires modifying every single computer in the network but the entire decentralized ledger. This impossibility makes cryptocurrency payment systems innately tamper-proof.
Also, all the transaction data ever recorded on the blockchain is transparent, and the system itself is programmed with several lines of code that prevent fraudulent transactions. Security measures such as these are rarely found in financial institutions, as it is very difficult to execute in settings where only one entity controls everything.
Swift Transaction Speed
Cryptocurrency transactions are fast even when you are moving large sums of money frequently. Cross-border money transfers are processed without delay or any extra charges, the transaction speeds only vary with the crypto network and its network congestion at the time.
Whereas, banks often delay transfers that involve a lot of money until they have confirmed their legitimacy. Weekends and national holidays often affect certain bank operations, and for that duration, some transactions are stalled. Blockchain networks are available 24/7 in every region as long as you are connected to the Internet.
This flexibility makes cryptocurrency one of the most favored currencies for uninterrupted and dynamic gaming experiences in the online roulette world. We see its use case in popular online roulette games and other casino offerings, where players bet with crypto and cash out their winnings fast with the same payment method. The game of roulette has always been a staple at casinos, it’s the same for its online variants, which have become more accessible and enjoyable with online platforms adopting digital currencies.
The fast transaction speed means players never have to spend extra on processing fees and wait days for their money to get processed. P2P transactions eliminate all the annoying banking procedures and instead, allow for transactions suitable for fast-paced lives.
Incredibly Low Fees
Cryptocurrency transactions are extremely low-cost as there is no financial intermediary involved who will charge you for its services. It’s similar to how we use cash in real life in exchange for services or products. Banks charge you heavy fees for almost every service they provide, and these quickly add up over time and, in some cases, hurt your spending capabilities.
You only pay the network a small fee for a transaction, which is again based on choices, if you want to confirm your payment faster, you can pay higher fees. The speed of transactions varies with every cryptocurrency, and their gas fees are also different. For instance, Ethereum is typically much faster than Bitcoin even when users are paying the base gas fee (cost of processing a transaction). Banks charge extra for foreign transactions, and there are other hidden fees with every credit card that you only see on your bank statement. This is not the case with cryptocurrency payments, the fees are the same for all types of international transactions, and there are never any charges that sneak past you.
How To Pay For Online Games With Cryptocurrency
Most cryptocurrency transactions require a wallet where you can enter the receiver’s crypto address, usually provided after you decide to purchase or pay for something. The same goes for e-commerce platforms that accept Bitcoin and similar digital currencies. Some platforms offer gift cards in exchange for cryptocurrency for websites like Amazon that don’t have crypto payment support.
The ability to buy popular gift cards with crypto from platforms like Bitpay has made it possible for cryptocurrency to have more practical use outside of trading and selling. This essentially allows crypto users to buy almost everything with cryptocurrency, even when the platform doesn’t have a system for it.
