The surge of popularity that cryptocurrencies have experienced over the past few years has been spectacular. Even more impressive than their rapid ascension to fame is the number of people asking, "what are crypto coins and how do they work?" Many people still don't understand how these digital currencies can be so popular, but the answer is simple. They provide a simple way to digitally transfer value between people or businesses securely and at a low cost.
What Is A Crypto Currency?
In the simplest possible terms, cryptocurrencies are digital assets that aren't backed by any government or other central authority. Instead, they're generated and transferred using cryptography, hence their name. They are completely decentralized, meaning any corporation or government doesn't control them. Instead, they're managed by a global network of computers. In most cases, no personal information is required to use crypto coins. This also means that you can't approach a bank or government organization if you lose access to your account. However, this also makes them very secure, as people can't steal your money.
How Do Crypto Coins Work?
As mentioned above, cryptocurrencies are decentralized. Instead of being managed by one government or corporation, the entire network is run by a collection of independent computers. This global network is called a blockchain, where you'll store your crypto coins. This blockchain is a digital ledger that keeps track of who owns each crypto coin. To add a new transaction to the blockchain, computers solve mathematical puzzles. This process is called mining, and it's how you generate new crypto coins.
P2E Games That Utilize Crypto Currencies
Although some crypto games utilize their cryptocurrency, most uses established coins such as Ethereum or Bitcoin. This makes for a much smoother transaction and exchange process. Some of the most promising P2E games that utilize cryptocurrencies include:
Beyond the Void Beyond, the Void is a strategy game that uses the Ethereum blockchain. You don't have to rely on a third party to secure your coins. You can also trade them outside of the game's marketplace.
Cryptic Conjure Cryptic Conjure is a fantasy card game where you can use Bitcoin or Ethereum to purchase cards and booster packs.
Crypto Sports Crypto Sports isn't a game so much as it is a prediction platform where you can wager in-game currency against other players.
Ether Online Ether Online is a P2E MMORPG that lets you accumulate and exchange shirts, pets, and more.
With the meteoric rise of crypto coins over the past few years, it was only a matter before we started seeing them in P2E games. These digital currencies are incredibly secure, have meager costs, and are entirely decentralized. They make it easy to transfer and store value across the internet, making them an attractive option for developers.