Cryptocurrencies have exploded in popularity over the past few years, and it’s not hard to see why. They offer individuals and businesses the opportunity to easily interact with each other without the need for a centralized authority like a bank or government. This can be great news for online gamers because they often run into issues when trying to send money between accounts or pay for virtual items in games like World of Warcraft or Call of Duty, or even at online casinos. If you want to learn more about how cryptocurrencies could impact your gaming experience, read below!
Bitcoin
The Bitcoin token is a form of digital currency created and held electronically. Bitcoin is the most popular cryptocurrency among online casino players, with over 70% of all transactions taking place in BTC. Many online casinos recommended by Real Casinos gambling review websites accept players who want to deposit using Bitcoin. And as it offers the utmost anonymity and safe transactions, it is getting more popular among online casino players in Canada. It was created in 2008 by an unknown person (or organization) using the alias Satoshi Nakamoto. Cryptography verifies Bitcoin transactions and records them in a blockchain, a public distributed ledger. Currency codes for representing Bitcoin are BTC and XBT.
Ethereum
Ethereum runs smart contracts on a decentralized platform. Downtime, censorship, fraud, and third-party interference are impossible. Ethereum was invented by programmer Vitalik Buterin in 2013. It was initially described as “a consensus network based on a Blockchain with a built-in Turing-complete programming language”. It allows users to create new applications for themselves within Ethereum using its own currency called Ether (ETH). The project began as a Swiss company but later became an open-source project developed by teams worldwide.
Today it’s the second largest cryptocurrency by market capitalization after Bitcoin, boasting hundreds of projects built on top of its blockchain technology. And what’s most important, the digital currency has found its way into the gaming industry – many gamers use it to pay when playing online.
Shiba Inu
Shiba Inu is a cryptocurrency commonly used in online gambling. It was created in August 2020 by an anonymous person or group called “Ryoshi” who claimed that it would be the next Dogecoin. As the name implies, it was named after the Shiba Inu, a Japanese breed of dog found in its symbol. There has been a lot of discussion about Shiba Inu as a meme coin and liquidation scheme.
A meme coin is a cryptocurrency that was created as a joke and whose value is based on the meme. Although you can use these coins as currency, many people buy them as investments hoping to profit from their price growth. However, this doesn’t make it any less cash than it is. Actually, it is widely used by punters at online casino platforms who want to stay anonymous when playing.
Tether
Tether is a cryptocurrency that is pegged to the US dollar. Often referred to by its currency codes, USD₮ and USDT, Tether is used to buy, sell, and store cryptocurrency. It’s also been used as a stablecoin in online gaming due to its value being tied to that of the US dollar.
A company called Tether Limited Inc. created this digital asset with the initial goal of helping people avoid volatility while trading Bitcoin on exchanges like Bitfinex or Kraken. People could trade between different currencies without worrying about sudden drops in price. Due to the volatility caused by market conditions such as news reports about regulation changes affected cryptocurrencies globally or locally. Known as a stablecoin, Tether is a cryptocurrency backed by assets. As a stablecoin, Tether was originally designed with a value of $1.00 USD. It is no wonder that Tether is widely used for online gaming these days. Among all cryptocurrencies on the market, Tether had the highest daily and monthly trading volume in 2019! Even surpassing Bitcoin!
Ripple
Ripple is also known as XRP and operates as an exchange system, a remittance network, and a gross settlement system. David Schwartz and Arthur Britto built Ripple under the direction of Jed McCaleb in 2012. Ripple Labs Inc. technology company, based in the US, launched it in 2012. XRP is the native currency of the Ripple network. It can be used to trade anything from food to cars or even healthcare services. And at an extremely low cost with no hassle! With Ripple, global financial transactions of any size can be made securely, instantly, and almost free of charge!
Ripple has been around for more than ten years now, so it’s not surprising that this cryptocurrency has become one of the most popular ones used by online gamers worldwide! It is often used as a deposit method in order to reap its rewards later.
Conclusion
In the end, there are many cryptocurrencies that can be used to play games online. The most popular ones are Bitcoin, Ethereum, and Shiba Inu, but there are also other options like Tether or Ripple if you want something different from these three choices.
