Bitcoin, Ethereum, NEO. There’s no denying the fact that cryptocurrencies are on the rise. With such a surge in popularity, it was only a matter of time before most businesses started offering at least one cryptocurrency as a payment option to their customers. From apartments in Dubai to college degrees, it seems that you can buy just about anything with your chosen cryptocurrency. And the gaming industry is not being left behind.
Many online poker rooms and sports betting sites now provide Bitcoin and Ethereum payment and cash-out options, and players are lapping it up. But why is the crypto so widespread with online gamblers? That’s an easy one to answer: security.
Cryptocurrencies are leaving the dollar behind in the gaming industry. | IMAGE: PIXABAY
The Future Of Cryptocurrency & Online Gaming
Now it’s no secret that anyone dealing with money online values security over any other aspect of their transactions, and gamblers are no different. In fact, with many poker room pots amounting to several if not tens of thousands of dollars, the online poker industry is perhaps the niche that will benefit the most from the security provided by cryptocurrencies.
As we know too well, the anonymity involved with currencies such as Bitcoin means that a player’s personal information is never at risk. Add to that the rising value and strength of cryptocurrencies, and you have what some feel is a match made in heaven. It’s conceivable that a player cannot only win a large prize but that their prize will increase in value over time. You won’t get that playing with Dollars and Euros.
But for some players, the relative instability of the currencies available now is a major issue. While instability can generate profits, it can also result in massive loves. Fear of the latter has created a gap in the market that one new token is attempting to fill.
CoinPoker’s answer to the demand for a stable cryptocurrency in the gaming industry was to use a token called “Chips” (CHP). It’s a divisible, ERC-20 compliant utility token and during their ICO, a set amount of 354,786,434 tokens was released. It’s quite easy to get a hold of CHP and many players hope that soon it will become the chosen currency in the gaming industry.
Now, we know what you’re thinking: Won’t the CHP have the same issues as Bitcoin with unstable valuations? Well, it could, but with the CHP being a token that was created for the gaming industry, it’s unlikely that we will see the rapid fluctuations we see with the Bitcoin.
Even those with nothing more than a passing interest in cryptocurrencies have invested in Bitcoin and Ethereum. However, such speculation with a gaming cryptocurrency seems improbable.
So, does this mean that Chips will push Bitcoin and Ethereum out of the gaming industry? It’s hard to say. While Bitcoin and Ethereum have both gained the trust of investors and speculators, the CHP (and the CoinPoker platform) is something that will appeal to poker players. Either way, the ideology behind cryptocurrencies makes it the perfect payment option for the gaming industry, and should the CHP remain stable, it’s easy to imagine it becoming the chosen currency for gamblers across the industry.
If you are interested in even more cryptocurrency-related articles and information from us here at Bit Rebels then we have a lot to choose from.