We haven’t gone about securing adoption quite the way other cryptos have, but there’s a reason for that…
Blockchain-based currencies offer a lot to the financial world. Bitcoin’s rise was accompanied by a narrative that the disintermediation it enabled would result in the disruption of banks and financial corporations as they found their business model no longer effective. Low-cost, borderless peer-to-peer transactions were something that banks just could not compete with.
And so it was only natural that the expected use cases would start in the remittance industry. Why pay a significant flat fee or a percentage of the transaction amount to send money abroad when bitcoin would do it essentially for free? Bitcoin offered so many advantages over existing money-transfer services that it was a no-brainer. The $600 billion remittance market lay at bitcoin’s feet.
There was a small hitch in this logic, in that no one seems to have asked the $600 billion remittance market whether it really wanted disrupting, and whether bitcoin was the way to go about it. There are huge inefficiencies in remittance, with fees hitting 10 percent in some cases. (Long delays are thrown in for free.) But bitcoin hasn’t gained a lot of traction there to date. There are a handful of initiatives that use it to shift money between countries (Circle being one) but it hasn’t taken off yet. This was the problem with bitcoin and e-commerce. On paper, it offers merchants many advantages – fast, low-cost transfers, without the credit card fees to factor in and without the risk of chargebacks. It’s just that merchants aren’t dissatisfied enough with the existing system to switch to bitcoin.
Gamecredits has approached adoption slightly differently. Bitcoin has been dismissed as a solution without a problem – which is a harsh criticism, but the reality is that it’s not been adopted in the areas expected two or three years ago. Bitcoin at present functions more as a store of value, with remittance and other similar initiatives still remaining on the fringe. But the gamecredits team took a problem – or the several problems surrounding money transfer within the gaming industry – and put them together with the solution offered by crypto. There was a clear pinch point here, frictions and costs that are affecting gamers and gaming companies. That’s where cryptocurrency comes into its own: where a paradigm shift is required, a step-change rather than just an incremental change. More accurately, step changes, plural, since there are binary issues it addresses like anonymity, blocked transactions and credit card fraud, as well as linear improvements like speed and cost.
This is one of the reasons we’re confident that GAME will see greater adoption than any other altcoin so far developed. It’s not just a question of having an obvious use case: it’s that we’ve established there’s a genuine pain point, that the industry agrees with us and that they’re willing not only to give it a try but to partner closely with us to do so! It doesn’t get much more convincing than that.