The gaming industry has exploded recently with millions of people around the world. This makes people connect online to play their favorite games with friends. So, fiat currencies worked as payments in video games.
With the advancement of technology, online payment methods still include debit card transactions and other ways as PayPal. However, it’s looking like this may change soon; it seems like crypto has a future in payments for gaming services, but there are a few things that you need to look out for before using this method of payment.
How Crypto Payments Will Change the P2E Gaming Sector
It wasn’t until the start of the 2000s that payments for gaming services moved to online transactions. South Korea was the first country to allow in-game microtransactions. Nexon was the first game developer that introduced digital transactions into one of their games back in 2003. This was a huge step forward in kickstarting the transition to online payments in the gaming industry. Fast forward to the 2010s with the creation of the first-ever cryptocurrency, Bitcoin.
Most used #crypto for payments 👇
— Abdallah AL Jouaid عبدالله الجعيد (@JouaidAbdallah) January 5, 2023
Nowadays, cryptocurrency is being used more and more as a method of payment for gaming services. The growth of the crypto market has brought this new digital currency into a number of markets. This make some countries accept it as a new way of decentralized and secure payment method. However, there are currently some difficulties with using cryptocurrency as payment for gaming services. For example, it can be quite tricky to track the source of cryptocurrency, therefore the legitimacy can be questionable.
The way how cryptocurrency can be successfully incorporated into the gaming industry as a payment method is via compliance. Below, we will discuss how crypto payments are used in the gaming industry. Also, what exactly compliance is, and how it can be implemented.
One of the ways to ensure that your crypto payments are secure is by looking out for CoinsPaid, which processes your crypto transactions in a safe and secure manner. CoinsPaid functions in a number of industries including eSports, eCommerce, software development, and marketing. It’s a trusted gateway for crypto payments that ensures that the customer receives the product or service quickly and that the company providing the goods receives the payment in a secure way.
For businesses that exchange large amounts of crypto, we have created a solution with specifically you in mind.
On our (OTC) trading platform you can exchange large amounts (1m+ euros) of Bitcoin and other cryptos into fiat at the best exchange rates, quickly and easily… pic.twitter.com/HGOGQPNbgp
— CoinsPaid (@coinspaid) December 27, 2022
The gaming industry was one of the first sectors to rapidly incorporate cryptocurrencies as a method of payment, and as a result, it’s extremely important that the marketplaces in the gaming industry are compliant. This prevents companies from running into common issues with compliance when accepting cryptocurrency as a method of payment.
2) The Importance of Compliance
Compliance is extremely important for companies to participate in as it ensures that they understand how cryptocurrencies work, as well as having a good grip on the blockchain technology that they function on. For a company to have good compliance, it also means that all of their policies regarding cryptocurrency transactions are up to date, so you can trust them whilst making crypto payments for gaming goods and services.
Companies that are compliant are also actively monitoring the activities so they can spot suspicious activity and root out any potential fraudulent acts, which means you can trust them whilst making transactions with your own cryptocurrency funds. So, if you find while making crypto payments for gaming services that the companies don’t appear to be adhering to all of the compliance points then you should avoid purchasing goods from them.
(1/5) Just 5% of the market cap of the top 15 blockchain protocols are in projects domiciled in the U.S. versus 78% for internet companies.
The state of crypto-asset regulation is the polar opposite of the rest of the internet. The impact is clear.
A brief explanation why👇 pic.twitter.com/5h7EZYmhHo
— Dan Morehead (@dan_pantera) December 21, 2022
This will help protect your funds from potentially harmful activity and keep your crypto accounts secure. It will also take away business from companies that are less trustworthy, this will improve the quality and safety of the companies that are fully compliant. This will create a safe environment for people to use their own cryptocurrency to pay for gaming services.
So, for a company to be fully compliant, you should look out for their policy on regular risk assessments to root out suspicious activity. This shows that they are actively looking for fraudulent activity and should give you more confidence when paying for gaming services using cryptocurrency from your own crypto accounts. The more vigilant you are before using your cryptocurrency as a payment method online, the more secure your transactions will be.
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