Will Crypto Ruin The Gaming Industry. For years, cryptocurrency and the blockchain technology that underpins it have heralded as the Messiah of the online gaming industry. However, this was before anyone was aware of the potential for blockchain technologies to cause complications and disruptions. Let’s take a look at this topic in order to gain a better understanding of this important aspect of modern gaming, such as that offered at the Betamo Casino.
The unregulated nature of cryptos has proven to be a double-edged sword, according to gaming experts: on the one hand, you have a currency that is completely private and discreet, but on the other hand, it is completely unregulated. It sounds like a lot of fun, but it can also be extremely dangerous.
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Virtual Assets’ Value
Few people realise that online gaming entails more than just playing video games. You might be able to buy virtual stuff or even sell player accounts depending on the game you’re playing. It’s a legitimate business specialty. Players from all across the world create League of Legends characters, which they then sell on specialised marketplaces. Furthermore, you have the option of keeping your character but simply selling one in-demand item. They aren’t the only ones, either. The same phenomenon happens in major esports like CSGO, WoW, and others.
While there’s nothing wrong with selling an excess item from your armoury, not all transactions are amicable peer-to-peer. VGO is a corporation that is no longer in business, but was once a significant topic in the gaming community. The company offered interested parties the opportunity to purchase “skins” for the game’s characters while it was still in production. Gamers from over the world hurried to buy armour and other accessories for their characters. The only problem was that the game was never released, leaving purchasers from all around the world unsatisfied.
Policies on Anti-Money Laundering and the Dark Web
Another problem with blockchain technology is that it lacks accountability. Because transactions are as anonymous as they can be, gaming companies have no way of meeting all AML requirements to obtain (and maintain) a licence. Forcing them to operate illegally. Because there is no authority to ensure that illegal enterprises follow safe methods. They pose a significant risk to all gamers.
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Another concern is the implementation of KYC policies. Many crypto sites skip this stage in order to offer crypto gaming services. Companies that operate in fiat currencies will simply require you to give certain documentation. But many crypto sites skip this step in order to offer crypto gaming services. Finally, you have no way of knowing who you working with or whether the money you deposited or used to purchase a new virtual weapon handled properly. The link between blockchain currencies and the dark web is significant. And no one can estimate the amount of money that makes its way to the dark web from seemingly innocent sites.
A survey done by Jean-Loup Richet and the United Nations Office on Drugs. And Crime found that blockchain technology are an important aspect of cybercrime. What’s more crucial is that online gambling and micro laundering are the two most prominent segments where money laundering occurs. Criminals, according to Richet. Open many accounts and shift money from one balance to the next until they cash it out. Usually using Western Union or other cash-based payment methods.
Is the Online Gambling Industry in jeopardy?
Let’s attempt to stay away from doomsday scenarios. Is it fair to suggest that the entire industry is in jeopardy? Certainly not. That isn’t to say that this not a problem that needs to addressed right away. Cryptocurrencies may someday cause more harm than good. Esports and online gaming have come a long way to recognised as legitimate sports and activities. Rather than something that kids do in their basements. Regardless, such instances have the potential to derail everything. No one wants to be a part of an event that could develop into a criminal spree.
Blockchain technology has a lot of potential. But it also has the potential to pose severe problems in the burgeoning online gaming business. Gamers can only hope that businesses and authorities will find a solution to address the issue.
