From Bitcoin to NFTs, cryptocurrencies have been the hot topic of 2021 bringing a whole host of newcomers to the space. Not only has this helped to see the wealth of crypto projects grow exponentially, but it has also seen the sector catch the hearts and minds of countless users opening their eyes to a vast expanse of opportunities regarding personal finance and digital integration.
Proudly wearing the hat of an early adopter, this explosion in interest pushed the founders of Eldorado to integrate cryptocurrencies into their platform. Providing players of online games new opportunities while also fortifying their business for a crypto-heavy future.
Let’s take a look at why this is such a good idea for a tech start-up, and what it means for users.
What is Crypto?
While we have all heard the buzzwords of cryptocurrency, Bitcoin and blockchain countless times at this point, it’s worth levelling the playing field so that we are all on the same page. Beginning with what exactly we mean by cryptocurrencies.
In short, cryptocurrencies are digital or virtual currencies that are secured and facilitated by cryptography. Simple, right? Er, I suppose we’ll need some more information.
This cryptography means that it is nearly impossible to counterfeit or “double-spend” the currency—two issues relatively common in contemporary financial systems. Most cryptocurrencies are decentralized networks based on blockchains—a form of distributed leger whereby users can ensure that everyone is playing fair on the network.
Combined, this makes many cryptocurrencies separate from companies, governments or nations, making them (at least in theory) the ideal form of currency separated from ideology, authority and unjust regulation or manipulation.
The utility of cryptocurrencies depends largely on which specific project you are looking at.
Bitcoin, the figurehead of crypto, is given the nickname of “digital gold” as its main use case mirrors that of gold. This is because Bitcoin has a capped supply, which should see its value multiply exponentially as we reach that cap. This means one of the key utilities of Bitcoin is to hold value.
Beyond a store of value, Bitcoin also offers up safe, traceable transactions which help to provide a greater amount of financial freedom and transparency to its users in a system that is fraud-proof and virtually instant.
But cryptocurrency systems also have a wealth of other use cases. With blockchains like Ethereum, Cardano, and Solana (among others) facilitating the creation of third-party apps (known as DApps), which each add new possibilities to leverage the blockchain to create new utility for users. These can range from lending solutions to streaming services and games.
Ultimately, many view cryptocurrency as the future of finance. Meaning that companies need to facilitate its adoption, or they run the risk of being left in the dust.
Underneath these complex systems and their incredible utility, we find all the users who are fundamental to making the dream of a crypto-driven future a reality. And these users are rearing to use their currency to power tomorrow.
With many users moving much of their personal wealth into the realm of cryptocurrency, these users are ready to take advantage of every new avenue which opens to them. Whether that be in the form of DApps or crypto’s integration into existing businesses and systems.
This has caused user demand for crypto services to skyrocket, resulting in huge incentives for businesses to integrate their services with cryptocurrency—whether that be through complex systems of simple(r) payment options.
Such a demand came to public attention in 2021 when the globally known Tesla stated that they would begin accepting Bitcoin as a legitimate payment method. Given that, the company soon retracted the option, but the effect on the crypto industry has resonated, resulting in countless businesses onboarding cryptocurrency payments since then.
Up to this point, we have mainly talked about how users are keen to use their crypto to pay for things. But users are also incredibly excited by the ideas of NFTs (non-fungible tokens). These unique digital assets offer users the opportunity to legitimately own virtual goods which they can then trade on at a later date. While many are sceptical of an “NFT bubble”, the mass adoption of NFTs from established brands and independents alike shows how much of an asset they are and, perhaps more importantly, how much users are excited about them.
Ultimately, any business or societal change will be driven by user demand. Crypto is no different. Throughout 2021 we have seen a wave of demand hit the crypto industry, making it vital for companies to onboard cryptocurrencies in order to not fall behind.
Eldorado and BTC
It’s no secret that gamers are infatuated with cryptocurrencies. Of course, this is largely due to the overlap of interests in technology, the cutting edge and a digital future.
This means that gaming communities are rearing to get involved in crypto-fuelled DApps and are ready to mobilise their crypto portfolios within their favourite games.
That is exactly why market leaders of in-game trading Eldorado have been so quick to adopt and integrate cryptocurrency into their already bustling platform. Eldorado is a company that provide players with the opportunity to buy and sell virtual goods and services in online games. With support for a wide range of titles, from PUBG Mobile accounts to Overwatch accounts and RuneScape Gold, it is no surprise that they chose to on-board cryptocurrencies.
Currently, Eldorado has integrated Bitcoin payments in their systems, allowing users to make the most of their services without needing to deal in fiat currencies. But this is likely to mark just the beginning of their journey into gaming with crypto.
With the future of gaming likely to adopt NFTs on a mass scale, with the potential for most in-game items to become valuable NFTs to be traded on blockchains, Eldorado is making strong moves to position themselves within the crypto-sphere early on. As, ultimately, they may find themselves becoming a key marketplace for NFTs and other in-game goods as the bonds between gaming companies, gaming communities and cryptocurrencies continue to grow stronger.
Play to Get Paid
Beneath the fascinating and pragmatic implementation of bitcoin into Eldorado’s systems, it opens up a very real opportunity for gamers. An opportunity to quite literally earn cryptocurrencies for playing their favourite games.
And, no, we aren’t talking about playing some obscure browser-based games which require you to buy in with thousands of dollars to stand a chance. No, we are talking about being able to play World of Warcraft, Escape from Tarkov, Minecraft, you name it, and earn bitcoin from the digital goods you secure during your playtime.
This incentive to sell in-game goods, much like cryptocurrency, has its roots in utility as, ultimately, it offers players the opportunity to get ahead in their favourite games by getting their hands on currency and items without the need to grind. Or it gives them the chance to forego the level ladder by purchasing some boosting or even specially crafted accounts.
This balance between being a useful service for buyers and a tantalising opportunity for income for sellers makes Eldorado a platform that dedicates itself firmly to its players. Making it a total no-brainer for the team to implement cryptocurrencies into their system, starting with the king that is bitcoin.
This article has explored how important it is for contemporary tech start-ups to consider and implement cryptocurrencies into their project. And, as we have seen, these reasons burrow far deeper than the form of finance being a fad. Instead, the utility provided by integrating one’s business into the crypto markets is felt extensively by users and business owners alike. Opening up a multitude of opportunities while also fortifying their business as we quickly approach a world where cryptocurrencies are commonplace.
Thus, Eldorado provides the perfect example of the numerous of integrating cryptocurrencies into a business. Benefits which, best of all, offer a wealth of new opportunities for users to engage with the platform and even make a profit from it.