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How Cryptocurrencies are Disrupting the Online Gaming Industry

Fairspin Logo with a cartoon Lemur dancing amongst Bitcoins

The introduction of cryptocurrencies has revolutionized the online gaming industry. Before, most online game sites used fiat currencies. Some of the most used payment methods include credit/debit cards, e-wallets, prepaid cards, etc.

All online gamers like the anonymity that cryptocurrencies provide. This means that they will only need to provide their bitcoin wallet address but not their private details to deposit and withdraw. Some online gaming sites such as Fairspin have taken advantage of cryptocurrencies to improve their users’ gaming experience.

Read on to know more about how cryptocurrencies disrupt the online gaming industry.

How Cryptocurrencies Disrupt the Online Gaming Industry

1. Anonymity

User anonymity is the major reason that made crypto gaming sites popular. To start participating in these games, you will only need to provide your digital currency wallet address. This means that no one will ever know you play and gamble online.

Most people are also hesitant to play and gamble online because they are afraid of losing their banking information. However, this is not the case with cryptocurrencies because they are encrypted, which means they cannot be copied or hacked.

Additionally, you will not be required to share your personal information such as your full name and address when you create your account on online crypto gaming sites.

2. Quick withdrawals

When you play on an online gaming site that still uses fiat currencies, transferring your winnings to your bank account can take up to 72 hours or more. This is because the site still uses traditional banking mediums which take a long time to complete the transfer.

If you use a crypto-based online gaming site, payments will be processed almost immediately and no high transaction fees will be charged. The lack of intermediary banks makes the process more efficient. Transactions are also guaranteed to be secure and global.

3. Regulates the trading of game items

Since most gaming sites do not permit the selling or buying of gaming items as well as gaming accounts, some players turn to the black market, where there are no safety mechanisms in place.

Through blockchain technology and cryptocurrencies, gamers now have a transparent system that operates like an escrow service. There is no intermediary required to validate transactions and only low fees are charged.  Due to this, the fear of getting scammed disappeared.

Many players are now making a lot of money selling game items online. For example, in 2018, a player easily made $61 for selling a weapon skin of the Counter-Strike: Global Offensive game.

In short, blockchain technology and cryptocurrencies are making the gaming industry safe and secure.

Fairspin Online Gaming Platform

Formerly known as Fairplay, Fairspin is one of the few online gaming sites that offer players a provable way to gamble. The site uses sophisticated software to enable players to check in real-time whether the games are running fairly. In addition, there is a smart contract that records every transaction. The best part is that the contract can easily be checked and tracked.

The site supports Bitcoin, Ethereum, Tether, Litecoin, Cardano, Tron, DASH, Visa/Mastercard payments. Players don’t have to convert the cryptocurrencies or fiat money into TPLAY tokens to play. It is done automatically when a deposit is made. And when a player requests a withdrawal, the funds are automatically converted back to a currency used for a deposit. These tokens are designed explicitly for gaming transactions. On its website, Fairspin indicates that 1000 TPLAY tokens are worth 1 ETH. Also, you need to attain the minimum redeemable threshold tokens to withdraw.

Fairspin was started in late 2018, and by 2019, the sum of users’ winnings is over 50,000 ETH. At the current exchange rate, this is almost $13 million. Its rapid growth can be attributed to its distinctive features that are rare to find on other online gaming sites. The most exciting thing about it is that the house advantage is less than 1%, which is very low compared to sites that use fiat currencies.

Below are the recent prizes won by players on Fairspin:

1. $1,176 (8.227 ETH) won on January 11, 2020

This is the biggest single bet win that was made from a $12 bet in the Warlords: Crystal of Power game. The transaction details indicate that the player withdrew $3,157 (22.09 ETH) the same day.

2. $3,799 (0.45BTC) won on January 13, 2020

The player won in the Book of Gold game.

3. $3,799 (0.45BTC) won on January 24, 2020

This was made from a single bet of $10, and the player withdrew $3,209 (49.6 ETH) on the same day.

4. $6,151 (36.60 ETH) won on January 26, 2020

The player made a single bet of $672 in the Viking Runecraft Mobile game. He withdrew $8,336 (49.6 ETH) on the same day.

In addition to using cryptocurrencies as the mode of payment, it uses a concept known as Honesty Control, which enables players to oversee the fairness of the game.

Final Thoughts

Thanks to the introduction of cryptocurrencies, online gaming has become secure and more popular. Now, there are also a lot of opportunities for game developers, game sites and professional players to earn money online.

Check out Fairspin or any other crypto-based gaming site to start earning money while having fun!

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Nica specializes in financial technology and cryptocurrency. At her young age, she was already able to work with a Y Combinator-backed startup and another startup founded by Harvard graduates.