The gaming industry is a $100 billion global market, but moving money around the ecosystem is not easy. Gamecredits offers an extremely powerful use case for gamers – and perhaps one of the strongest propositions we’ve ever seen for crypto adoption. Here are five reasons why.
- No deposit limits
At present, gamers cannot deposit and spend as much money as they want. Whilst that may not be a problem for casual gamers, there is a proportion of gamers who make a living out of what they do. These ‘power users’ treat gaming as a job and it’s critical for them to be able to move cash into and out of their chosen game in sufficient volumes for it to be a viable way to pay the bills. A lot of the time, that’s simply impossible with the legacy banking system. With gamecredits there are no such issues. You can transfer $10 or $100,000 worth of crypto quickly and for a minimal transaction fee. It’s the perfect solution.
For most gamers the easiest or only way to deposit money is by using a credit card. However, many are reluctant to submit those details online. It’s hardly surprising given that credit card fraud is a $16 billion problem. Gamecredits’ solution means you need just one trusted gateway to obtain your cryptocurrency. Then GAME can be used securely to fund all your gaming. Because crypto uses push transactions, no one can take your money out of your account without your private key. Your gamecredits wallet is a safe place to store funds and deploy them as and when you need to.
As things stand, gamers can’t move money around easily. There are significant frictions involved in cashing out from one game and moving money into another. That might sound like it benefits individual games, but it’s actually pretty narrow, zero-sum thinking: for one to benefit another has to lose out. In fact, many gamers would value the ability to transfer funds seamlessly, and it would enhance both their gaming experience and the game companies’ revenues. Economies thrive when money circulates – when velocity of money is curtailed, things tend to grind to a halt. Having a universal and transferable currency like GAME is a win/win.
There are a number of reasons why gamers might want to transact anonymously. (Financial privacy is a right, not a privilege, and purchases shouldn’t need explaining in the first place.) Conventional methods leave a trail. Cryptocurrency is pseudonymous by design – you can see what’s going on with any given address, but you can’t necessarily see who that address belongs to – and used properly can be used to ensure private transactions. That’s an attractive option for many gamers.
The legacy banking system is often slow. Transfers can take anything from a few minutes to a week. If you’re moving money across borders, you’re likely looking at a long delay as well as being hit with heavy fees. Cryptocurrency is totally borderless. It’s as fast and low-cost to transfer money to the other side of the globe as it is to your next-door neighbour. When you’re immersed in a game that allows you to interact in real-time with players in countries around the world, it doesn’t make a lot of sense that your currency plays by different rules.