13th Dec2019

What are the hottest cryptocurrencies set to rock the gaming industry in 2020?

by James Smith

cryptocurrency

If you’ve not heard of cryptocurrency, where have you been? As our media and entertainment continue to digitalise, so will our money. For those not in the know, cryptocurrencies are mined from blockchain, a digital ledger. People trade and invest in digital money such as bitcoin online at high prices. These currencies are free from fraud, are fast to transfer, and generally won’t carry any of the annoying fees and red tape that traditional cash is infamous for.

In the gaming industry, crypto continues to grow in popularity – massively so. It’s allowing us to buy games through digital stores such as Steam and PSN quicker, and crypto is private by design. Why even use a gamertag when your bank details are floating out there for hackers to grab? All in all, crypto and gaming go hand in hand, which is why so many of us are looking forward to the future of digital cash.

However, there’s more to crypto than just bitcoin. Other digital money, referred to by many as altcoins, are picking up speed. What do these other forms of crypto cash hold over the leading currency? Here are a couple that we think will be emerging as leaders in the gaming industry for the year ahead.

Ethereum

Ethereum is an altcoin that people regard as the second or third runner behind bitcoin. That’s because its liquidity is very strong, meaning that it is always likely to be available for you to trade in and access. This is obviously going to be great for gamers and professionals in the industry. For those just starting with cryptocurrency, Ethereum actually offers a raft of benefits that bitcoin doesn’t.

For one thing, it’s seen as more stable than the bitcoin alternative. One element of bitcoin that rubs people up the wrong way is the volatility. This means that it is always likely to rise and purge, even on a daily basis. You can throw yourself into the markets and ride the waves and valleys. However, many will tell you that a safer option all round is just to head straight for Ethereum.

Litecoin

Ask a lot of people if they have a preferential altcoin to bitcoin and they will say Litecoin. Litecoin is, as its name suggests, light and easy to trade in. This currency might appeal to more gamers than bitcoin in 2020 simply because it’s easier to trade in, and it’s quicker to handle.

In fact, if we’re really drilling down into the stats, obtaining Litecoin through blockchain is actually four times faster than with bitcoin. Generation of blocks is super-speedy. Therefore, there’s always likely to be a strong supply of coin, even if it can dip lower than the leading crypto. It’ll also appeal to any gamers who are completely new to digital money, as many people actually find the tech to be a lot easier to understand and process. It’s a good entry-level altcoin.

Other altcoins

As you research cryptocurrency – and you really should – you’ll find that more and more are emerging. While we will have to wait and see whether major gaming platforms and stores adopt crypto in quite the way that we need them to, it’s safe to say that people are always going to create and mine new currencies. Dogecoin is one example. Yes, people still trade in a digital currency that is actually, seriously, based on a dead meme featuring a curious-looking Japanese dog. If that concept alone doesn’t sum up the last decade, then nothing does.

It’s an exciting time to be a gamer investing in crypto. The fact is that digital money is perfect for this industry. We already play games where we spend in-universe currencies. Infamously, games with micro-transactions offer a similar service. It’s also easier for us to get into the crypto game. Sites such as www.top10cryptobots.com let you download automated programs that will actually make investing choices for you. Lazy? Probably. Convenient? Definitely.

Crypto in 2020

Essentially, regardless of the games you play and how you view digital money, it’s going to be worth doing your homework. While bitcoin, Litecoin and Ethereum lead the way, there are various digital currencies out there that are worth looking into. This industry is perhaps also most likely to adopt crypto more than any other, thanks to the audiences they play to.

If you’re not yet investing in crypto, then now might be a good time to start. Grab yourself a digital wallet, check out the markets, and see how you get on. Your success might surprise you.
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