How cryptocurrencies are changing the entertainment industry

How cryptocurrencies are changing the entertainment industry

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The world is significantly migrating to online resources and platforms. In fact, one can hardly remember the times when we couldn’t search for our favourite products and then get them in one or two days’ time.

One of the biggest facets of the internet’s revolution is blockchain, without a doubt. Blockchain was created to provide the world with the most sophisticated payment platform. And rightly so, cryptocurrencies are taking their rightful place.

Many industries are already incorporating Bitcoin and other cryptocurrencies into their services. One of the prominent examples here is the entertainment industry. Ranging from escape rooms that use cryptocurrencies all the way to crypto-powered esports tournaments, you can definitely see the trend here.

So, here’s what’s really changing in the entertainment world.

Reimagining the way you pay for things

When someone mentions cryptocurrencies, you inadvertently start thinking about an asset that you can invest in and receive crazy revenues. And while this is certainly one and probably the most popular use for cryptocurrencies, the original idea behind creating them was to offer the safest and most sound transactional mechanism to the users.

Many entertainment platforms that are predominantly operating on the internet are already grasping the opportunities offered to them by blockchain. They offer their customers the most secure and fast payment methods that are safe from cyber-attacks and security breaches.

Gambling sites, for example, offer blockchain payments to their gamers either directly, or via such platforms as Skrill and Neteller - the e-wallets that enable both credit card and cryptocurrency integration. 

However, as we mentioned above, cryptocurrencies like Bitcoin are extremely volatile and can have a price change in thousands of dollars. That’s why it’s still early to talk about their dominance in the payment industry. To offset these drawbacks, the entertainment operators offer both crypto and conventional payment platforms so that customers can choose which method they’re comfortable using for themselves. 

Protect your payments with the most secure platform

In the financial world, your transactions can never be safe from various threats - be it cyber-attacks, online thefts, or information abuses. And when the fiat currencies are issued and monitored by the centralized institutions, these threats are ever-more pressing.

While recent trends indicate that people become increasingly aware of these threats and do much better with securing their accounts, there’s still a demand for providing a platform that will ensure much higher security to your deposits and withdrawals.

This development can be even more apparent in the entertainment industry. Here, the rates at which transactions are made can blow everyone’s mind. Just this little fact that more than 200 billion smartphone apps are downloaded every year can indicate just how sophisticated and dense the industry really is. Hundreds of millions of consumers are making these purchases in hopes that no one will be doing some nasty stuff with or to their accounts.

And lucky for them, cryptocurrencies barge in with their comprehensive security systems and firewalls. As we’ve mentioned above, the escape rooms and other forms of entertainment are already using this technology. To make a little bit more sense of what this high security is all about, here’s a little tour: 

as you might already know, blockchain is a peer-to-peer platform which is mainly operated by its users, which happen to be the computers. The connected computers give confirmation to every single transaction and process that’s taking place in the system. Besides, every transaction takes security a step further, making blockchain definitely one of the safest platforms in the world.

Another great thing about cryptocurrencies and crypto-powered transactions is that they’re completely anonymous. Once you’ve made a transaction, only you have access to the actual details of it - not a receiver of the money or any other party can see the information about the payment. This is particularly important to those users who are concerned with their security.

What lies ahead for blockchain?

We’ve talked in detail about the uses of bitcoin for financial purposes and payments. And year, that was its original purpose. However, the platform shows that it has a much bigger potential than that.

While the exact mechanics behind the operation of the system is definitely complex and difficult to comprehend, the main advantages and perks are the same as with cryptocurrencies - blockchain is the fastest, the most secure, and the most anonymous platforms the world has right now.

Other than payments, blockchain can be used in many other industries to provide a more streamlined service. For example, there are companies that are already using blockchain-powered supply chains to increase their transparency and allow their customers to track their purchases. 

In addition to that, sports clubs and operators are also incorporating blockchain to sell their tickets more securely and without the risks of faking the passes.

All in all, by encrypting transactions and digital interactions of all kinds, it could make it easier and more secure for people to sign up to websites, manage access to entertainment, retain rights to content across different platforms and even give content creators more control of how and where their output is used.

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