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Cryptocurrency and eSports: A Combination That Makes Sense

by Naveen Agarwal
Cryptocurrency

Bitcoin and eSports might be unfamiliar territory to a novice gamer, but eSports gamers use cryptocurrencies as a fast and easy way to get paid. Not only are eSports gamers getting paid in crypto, but there are also sportsbook sites that allow people to bet on the eSports games using cryptocurrencies as well.

 The betting on these eSports games is as simple as betting on NFL lines, which has made the eSports world a place that gambling sites and cryptocurrency sites have turned their eyes to for making money.

Crypto Allows for Fast and Easy Payment for eSports Gamers

What makes the crypto/eSports combination a great match is how fast and easy players can get paid after completing their match. Players get sent a QR code to scan after completing a match to collect their winnings, making it as easy as scanning the code to collect the winnings instantly. They won’t have to give out bank account information and don’t have to wait for a holding period like they would with a bank and fiat money.

Crypto Allows for eSports Gamers to Remain Anonymous 

People like to go by their gamer tag or some cool nickname that they have made for themselves when it comes to the gaming world. For example, let’s look at Tyler Blevins, the person others know as Ninja. Blevins came up with the name Ninja from his days playing Halo, where he would sneak behind opponents and strike while being unseen. Ninja was also a victim of a “swatting” call, a prank that had a SWAT team show up to his parents thinking there was a real emergency.

Crypto allows the eSports gamer to remain anonymous, which can help prevent them from being a part of a swatting prank like Ninja was. Unlike getting a direct deposit, which requires the gamer to give out personal information that could be hacked or sold by someone, eSports event hosts can transfer cryptocurrencies to players just by having them scan a QR code without any personal information being given out. So if any player doesn’t want their real name out in public, cryptocurrency will be the way for them to go.

Crypto Isn’t Subjected to Currency Exchange Rate Fees

With some eSports events being team events, you can have players all on one team from different countries. With fiat money, this would be a problem paying out each player in their country’s currency. Crypto allows eSports event hosts to payout players in one currency while the players can choose to keep and spend the crypto as-is or exchange the crypto for fiat money.

If the players were to get paid in the same fiat currency if that currency wasn’t the same as the one their country uses, they would be subjected to an exchange fee to convert their winnings into their country’s currency. So a crypto payment makes the most sense for both the event host and the player.

Console Makers and Game Retail Stores Are Joining the Crypto Craze

Video game console makers Microsoft and Sony have both jumped into the crypto world. Microsoft has accepted Bitcoin since 2014 for players using their Xbox Store services, while Sony filed a patent in 2021 to accept Bitcoin for in-game betting. Video game retailers are also warming up to cryptocurrencies like Bitcoin for purchases.

While the biggest name in video game retail, GameStop, only started accepting cryptocurrency at the end of 2021, others like G2A, GAMIVO, and MMOGA have been accepting crypto for years now. The leading trend in gaming companies accepting crypto could be due to a new generation of gamers that are cryptocurrency enthusiasts. With the new generation of gamers, video game companies have found new ways to adapt and profit from the gamers of this generation.

Final Take

The current generation has lost faith in fiat currency, leading them to support and want crypto. Businesses have seen this trend and have made changes to appease their customers while making profits. In the end, the two are supporting each other through cryptocurrency, which gives cryptocurrencies a hold in the lives of both consumers and businesses that looks like it will stay for the time being.

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