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Crypto integration with online gaming has increased patronage for the gaming industry as it broadens potential customers. The impact of crypto in gaming, especially with stablecoins, is also evident in terms of efficiency. Despite obvious advantages, it is important to consider whether or not stablecoins are handier and more convenient than digital wallets.
Stablecoins are cryptocurrencies pegged to stable assets like the US dollar or gold. These assets are not volatile and only change according to the underlying assets. The most popular stablecoins are dollar-pegged, with examples including USDT and USDC.
On the other hand, digital wallets are online services that allow users to securely store payment information and hold fiat. These services are great for online gaming platforms as several of them are compatible with some of the most popular options. For instance, there are Apple Pay casinos where players can place bets by making payments via Apple Pay. This makes it easy for users to enjoy the plethora of games on these platforms, in addition to attractive bonuses and speedy transactions.
There are several reasons to consider stablecoins for gaming. Firstly, stablecoins enable easy global transactions without the typical problems caused by traditional banking restrictions. Gamers living in regions with financial limitations can still participate and win attractive prizes. Also, fees charged for stablecoin transactions are very low, unlike traditional payment methods that often deduct large amounts.
In addition, stablecoin users enjoy unmatched privacy. Although wallet transactions are usually public, the public blockchains that facilitate payments do not disclose a user’s personal identifying information. This level of privacy is attractive to gamers who want to participate in a global industry but keep their details private.
However, there are a few potential downsides. There is a steep learning curve associated with crypto, as users must properly understand digital assets, wallets, and blockchain networks to use them. Also, varying global regulations can affect the widespread adoption of stablecoins across gaming platforms.
The upsides for digital wallets are numerous. Digital wallets are usually quite user-friendly, which can make them attractive to people who are not very tech-savvy. In addition, most gaming platforms accept digital wallets, ensuring broad compatibility. Furthermore, since digital wallets handle fiat, regulations require them to offer fraud protection against targeted fiat attacks, chargeback capabilities, and security features such as multi-factor authentication.
Also, many digital wallets offer currency conversion features within their respective apps, allowing users to convert fiat by tapping a few buttons. This significantly helps to simplify international transactions.
A major drawback of digital wallet use is that service providers often charge premium fees. Unfortunately, these fees take a massive cut of the total amount. In addition, international transactions are usually slow and may take days to conclude, which can significantly delay gameplay. Furthermore, users rely on centralized digital wallet companies, risking potential account freezes.
The most convenient option would depend on individual preferences and gaming habits. Users may choose crypto gaming if they prioritize lower fees and global access and have some knowledge of blockchain technology. Stablecoins may not be the best choice for people who are not used to crypto usage and security.
