Online entertainment in 2023 is affected by new technologies more than ever. Here’s how cryptocurrencies impact this sphere and change it for the better.
Online Entertainment 2023: Prospects for the Use of Cryptocurrencies
Az online szórakozás számos területet foglal magában a közösségi játékoktól és a streaming szolgáltatások tartalmától kezdve egészen az ingyenes casino játékok, a póker és az internetes videojátékok különböző típusáig. This sphere is very susceptible to new technologies and tendencies. One of them is crypto. It’s already changing the entertainment industry and has great potential for more growth in the future. Here’s what you need to know about the usage of cryptos in this sphere.
Why Use Cryptocurrencies?
Only a small part of the entertainment industry is free of charge while you usually have to pay for what you get. It includes purchasing digital content, playing online games, and gambling. Cryptos can be an alternative to fiat currencies here. They provide the following benefits:
- complete anonymity of payments with no possibility to track the parties involved;
- transparency of the blockchain-based network with all the transactions visible to the members;
- high payment limits that most other conventional methods can’t offer;
- the top security based on the blockchain protocol;
- no central authority to limit your online transactions;
- fast inbound and outbound payments processed in minutes and even seconds.
Cryptocurrency gives you more freedom in spending your funds while offering a security level other methods can’t match. Your only issue is to choose a reliable online wallet provider or a good hard wallet to store your coins safely.
The Volatility Problem
One of the key things that restrain many people from using cryptos to pay for entertainment is the coins’ volatility. They can sometimes soar or decline up to 10% daily, which makes it difficult to set a stable price for entertainment services in cryptocurrencies. It will change together with the fluctuation of the coin value.
The issue, however, has a positive side as well. You may end up with a profit if the coin value increases. If you invest in gambling 0.01 BTC at a price of $20 000 and then withdraw money with no winnings when the crypto’s value rises to $25 000, you’ll end up with a profit of $50.
Cryptocurrencies have brought blockchain security protocols into the online gaming sphere. It resulted in the creation of provably fair games – the ones where you can check the result of every round immediately to ensure randomness and fairness.
It works in the following way:
- The future result is randomly generated;
- Then it gets a unique hash seed provided to the player;
- The gaming round comes with a certain result.
- The player uses a hash seed in the online check tool to ensure the result’s randomness.
We think that cryptos will have even more influence on the entertainment sphere in the future. Cryptocurrencies have successfully recovered even after the latest strong price drops and egregious scandals in the crypto industry. They have proven to become long-lasting means of payment with substantial benefits over fiat currencies. The use of coins like BTC, Ether, and Doge to pay for entertainment will only increase, motivating more and more people to acquire some crypto assets.