Is It Safe to Use Crypto for Online Gaming?
Tech is an industry that is continuously dominating the world economy. It’s almost as if there are new developments in the tech industry every time we check the news. There are many parts of the tech industry that have flourished over the past few years, but very few have experienced the same kind of growth as online gaming and cryptocurrency. It should be like a match made in heaven between these two, right? So many games now allow for in-game purchases with virtual transactions. It only seems apt that the natural evolution would be for these gaming sites to integrate cryptocurrency transactions into their systems. But is that really safe?
Consider games like Fortnite that have players purchasing different skins and items. There are also other games like NBA 2K that allow their players to buy apparel for their digital avatars like sneakers, jerseys, and shorts. In a game like Mobile Legends, in-app purchases are more functional as they can help in gameplay performance. You can also look at online casinos where literally millions of dollars are exchanged every single day. In fact, more and more people are hopping onto these casino sites because of aggressive promos like free sign up no deposit bonus tactics. In fact, there are some online casinos that are already allowing for cryptocurrency transactions to take place on their site. But we still haven’t really answered whether it’s safe to do so or not.
The Benefit of Anonymity
There are many layers to safety and security, and one of them is data protection. One of the most appealing aspects of cryptocurrency is that it always protects the data and even preserves the anonymity of a user. Most people, when using the internet, like to make use of VPNs in order to safeguard their browsing patterns. However, when it comes to online transactions using credit cards or payment portals, there’s just no hiding anymore. This is something that cryptocurrency can help provide its users. Granted, your transactions are still being stored on the blockchain, but it’s a much more exhaustive process to have to really find your name on that list. It’s not like credit card purchases done online wherein so many people can gain access to the details of the transaction.
If you’re someone who prefers to be more secretive in your online dealings, especially when it comes to online gambling, then you would do a much better job at securing your digital footprint if you make use of cryptocurrency for online transactions.
Protection against Hacking
Hackers and other cyber threats are always targeting e-commerce sites that have huge lists of transactions that they could gain access to. If crypto is a currency that only exists online, does that mean that it’s more susceptible to hackers/ The truth is that yes, they might seem more susceptible, but it’s a lot harder to hack crypto-based transaction systems. This is because crypto transactions and systems are typically encrypted and have to be verified multiple times within a network. It takes a great deal of time and computing powers for a hacker to decode these security protocols that are in place for cryptocurrencies. So, in short, you are less susceptible to getting hacked when you’re using crypto.
There is one argument to be had either for or against crypto and that’s its value fluctuation relative to real market price. Whether you like it or not, the crypto space is such a volatile one. The values of certain coins can increase or decrease significantly in a matter of just days. This type of volatility might not necessarily appeal to people who want to use crypto as an exclusive form of online payment. This is especially true for coins like Altcoins that are known to exhibit large devaluations. It also requires a great deal of technical market expertise in order to properly manipulate coin values to one’s advantage.