When Bitcoin was founded back in 2009, no one was really sure if it would take off. The idea of an alternative, digital coin to be bought and sold on a decentralised internet network seemed almost too “out there” to become reality.
But while the first BTC was worth around $0.001, the value of Bitcoin grew to be worth $65,000 in just under twelve years, with a number of other altcoins joining the market to make cryptocurrency a real, serious alternative to traditional banking.
So Why Isn’t Bitcoin’s Future Secure?
Despite reaching an all-time high in 2021, Bitcoin has since fallen to around $22,000, and there are still plenty of critics who state that its future is untenable. This is largely due to the current “crypto winter” that the entire industry is chugging through.
While the last winter lasted around two years, there is no telling how long this one will go on for, and that’s largely due to external world issues – including financial instability, inflation and cost of living – causing frequent insecurity amongst investors. For those experts, if Bitcoin is to be taken seriously as a fiat currency alternative, the volatility of its own market is going to be its own Achilles heel.
The Concept Of Blockchain
That’s why blockchain – the decentralised network where Bitcoin exists – is so crucial. For those who aren’t aware, cryptocurrency isn’t the only use-case of blockchain.
Other applications involve sharing NFTs, logistics and supply chain tracking, and securing information, and it also has the potential to provide transparency and security benefits for the insurance, real estate and creative industries, to name just a few.
With Bitcoin still the biggest and most popular coin on blockchain, its future can entirely rely on the success of this decentralised network and how it manages to integrate into our daily lives.
As of 2023, it’s hard to say whether this will happen. However, one sector that could help formulate a huge wave of interest in blockchain is the gaming industry.
Gaming Integration In Blockchain
The gaming industry is overdue for a sea change. Gamers now want to be more immersed in the games that they play, with stakes and objectives that mean more than simply attaining in-game rewards that don’t really belong to them. With gambling games such as wild coins casino and open-world games like the Sandbox, blockchain gaming has proven that it can provide a decentralised in-game economy, where gamers can win or purchase tokens or NFTs, and then utilise their worth in any game that they play.
Blockchain gaming will also have an entirely transparent and borderless ecosystem. This means that the environment for gamers is safe and secure, with cost-effective gaming assets and minimal fraudulent activities. While games are currently made by centralised companies, blockchain will open up the world of gaming for everyone, which is a concept that is bound to appeal to gamers around the world.
And there are a lot of them. According to recent figures, there are around 3.09 billion active gamers globally, which is a 32% increase compared to seven years ago. Add to this that blockchain gaming was already valued at $3 billion two years ago, with the valuation expected to rise to $39.7 billion by 2025, and it’s clear that blockchain might be about to get a lot of new customers very soon.
This is important because the biggest risk to blockchain prevalence is user experience – onboarding new people to a network like this isn’t an easy process. With the gaming industry jumping on the train, however, there will be more people integrated into blockchain and subsequently introduced to Bitcoin.
For Bitcoin to survive and prosper in the future, investors will be hoping that the gaming resources that blockchain offers get recognised, and its full potential as the next great gaming platform is reached.