Cryptocurrency has risen as a viable alternative to the usual payment methods. Once considered a niche or speculative investment, crypto is gaining mainstream acceptance across various industries, including video gaming. For gamers, cryptocurrencies offer fast, secure, and global transactions, enabling them to purchase games, in-game items, and subscriptions without relying on credit cards or other conventional payment methods.
If you’re new to cryptocurrency or want to explore how to use it to buy video games, this guide will walk you through the entire process. After you’re done, you might want to check the current USD to ETH conversion rate.
Why Use Cryptocurrency for Gaming Purchases?
There are several reasons why gamers are increasingly turning to cryptocurrencies like Bitcoin, Ethereum, and others to buy video games:
- Anonymity: Cryptocurrency transactions allow more privacy than traditional payment systems, as personal details aren’t always required.
- Security: Transactions made with crypto are highly secure, using advanced cryptographic methods that make them difficult to alter or hack.
- Speed: Payments made with cryptocurrencies can be processed faster, especially for international transactions, avoiding the delays of bank transfers or credit card approvals.
- Lower Fees: Many cryptocurrency networks have lower transaction fees than credit cards or third-party processors.
Steps to Buy Video Games Using Cryptocurrency
Step 1: Choose Your Cryptocurrency
The first step is to select the crypto of your choice. Some platforms accept multiple cryptocurrencies, so you may have the flexibility to choose what works best for you.
If you don’t already have cryptocurrency, purchase it from a reputable exchange. Ensure the exchange allows you to acquire and store funds in a wallet.
Step 2: Setting Up
Wallets come in many shapes:
- Hot Wallets are software-based wallets connected to the internet. They are easy to use but can be vulnerable to online threats.
- Cold Wallets: Hardware wallets are not connected to the internet, offering greater security. However, they may need to be more convenient for frequent transactions.
Once you’ve set up your wallet, move your crypto from your platform to the wallet. This will make it easier to spend your crypto directly from your wallet when buying video games.
Step 3: Find Video Game Platforms Accepting Crypto
While cryptocurrency is not yet universally accepted by all gaming companies, several major platforms and retailers have begun supporting it. Here are some of the places you can use crypto to buy video games:
- Steam (through third-party platforms)
- Green Man Gaming: This digital video game retailer accepts cryptocurrencies through CoinPayments, including Bitcoin, Litecoin, and Ethereum.
- Humble Bundle: A well-known platform for buying game bundles, Humble Bundle accepts Bitcoin for purchases.
- G2A.com: This global gaming marketplace allows you to buy games using Bitcoin and other cryptocurrencies through its third-party payment processors.
You can also use crypto to buy games on other platforms, such as Xbox and PlayStation, by purchasing cryptocurrency gift cards from various sites.
Step 4: Make the Purchase
The next step is purchasing once you’ve selected a platform that accepts cryptocurrency. Let’s break it down:
- Select the Game: Browse the platform and choose the video game or bundle you want to buy.
- Choose Cryptocurrency as the option: At checkout, select cryptocurrency as your method of choice.
- Scan QR Code or Copy Wallet Address: The platform will display a QR code and wallet address for the payment. You can scan the QR code to complete your payment using a mobile wallet. If you’re using a desktop wallet, copy and paste the address into the space provided for the recipient.
- Confirm the Transaction: Double-check everything before completing a transaction. Once everything looks good, then you can confirm it. Depending on the cryptocurrency you’re using, the transaction might take a few seconds to several minutes to be confirmed on the blockchain.
- Receive Your Game: After confirming the transaction, you should receive an email or notification with a link to download or access your game key.
Step 5: Verify and Secure Your Purchases
After completing your purchase, verifying that the game has been added to your library or account is always a good idea. Keep an eye on the transaction details in your wallet to ensure it’s successfully processed. Also, consider keeping a backup of your transaction details or receipt for future game purchase issues.
Other Considerations
While buying video games with cryptocurrency is easy, there are a few things to keep in mind:
- Volatility: Cryptocurrencies are known for being volatile. The value of your crypto could fluctuate significantly between the time you purchase it and the time you spend it.
- Refunds: Not all gaming platforms offer refunds for crypto purchases. Even if they do, the refund may not be processed in cryptocurrency.
- Transaction Fees: Be mindful of the network fees associated with cryptocurrency transactions, which can vary depending on the blockchain’s traffic.
Conclusion
Cryptocurrency has made significant strides in the gaming industry, offering gamers a fast, secure, and global way to purchase their favorite titles. Following the steps outlined above, you can easily buy video games using cryptocurrency and take advantage of its flexibility and privacy. As more platforms accept cryptocurrency, the process will become more seamless and widespread.
