A Beginner´s Guide to Buying, Selling, Using, and Mining GameCredits:
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One hundred billion dollars. That’s how much money is floating around the gaming industry. And much of that success is due to Space Invaders. Yes, the old arcade game has a direct hand in the sheer amount of money that is in the gaming industry today. That’s because back in 1978 (along with Grease hitting theaters and Stayin’ Alive on the 8-track), Space Invaders birthed in-game payments, allowing gamers to insert a coin in the arcade in order to purchase a new life. The result? Gaming as an industry was born. Almost 40 years later, GameCredits (GAME) is seeking to revolutionize the gaming industry once more, by pairing it with cryptocurrency.
Simply put, GameCredits (GAME) is a cryptocurrency for gamers. It’s designed to be the official currency for the gaming world, streamlining the industry. GameCredits seeks to capitalize on an industry that thrives on purchases made mid-game. The idea is that gamers can use GAME, the GameCredits token to seamlessly make in game purchases without ever having to insert their credit or debit card number. It can be used by gamers and developers alike, providing a form of currency that is universal, just like the gaming world is.
Because GameCredits is a cryptocurrency, it’s based on a blockchain. A blockchain by definition is a peer-to-peer network that is decentralized in nature. The opposite would be a fiat currency, which is centralized through a bank or government. The benefit of a decentralized system is that the power is not wrapped up in a single location, meaning the coin is more secure from hacking. Also, exchange rates and the overall value for the coin are based purely on supply and demand. The more the demand for the coin rises, the more it will cost to obtain it.
The blockchain is the power behind the curtain. It serves as the ledger for the coin, systematically and securely recording all of the transactions that take place. These transactions are visible for everyone to see. This ensures that no faulty payments or fraud are able to take place. Compared to other cryptocurrencies which are built on other coin’s blockchain, GameCredits is based on its own blockchain. Reddit and other popular websites can be helpful to further define GameCredits.
GameCredits tokens are easy to purchase. First, you’ll need to download the GameCredits wallet, register it, and purchase the coin. The wallet accepts various currencies, including fiat and crypto.
If your currency is not accepted, then a few more steps need to be taken in order to purchase GAME tokens via exchange sites. First, you’ll need to purchase Bitcoin on a site like Coinbase or through a Bitcoin ATM. This can be done with cash or with credit card. From there, you’ll be able to use Bitcoin to trade for GameCredits on various exchange sites like Poloniex and Bittrex. Then, use the address and key given to transfer the newly purchased GAME tokens into your GameCredits wallet.
Likewise, when you’re ready to sell, turning your GAME tokens into cash is a simple process. Use the same exchange site to convert your GAME tokens back into Bitcoin. Then, use Coinbase to withdraw from cryptocurrency altogether, and transfer back into a fiat currency, like USD. Finally, a trip to a nearby ATM will finalize your cashout.
GameCredits are primarily used as a way to make in game purchases. Assuming it is universally adopted by all games and developers, gamers will be able to earn GAME tokens in one game, then spend those same tokens in another. There are no deposit limits, meaning you can insert as many GAME tokens into your wallet as you like. This frees your mind from worrying if you have enough GAME tokens to make a purchase, letting you focus on the game.
Finally, GAME tokens can be used to purchase and trade with other cryptocurrencies, by investing in GAME. Gamers and non-gamers alike can invest in GAME tokens. As the coin grows in popularity, so will the value and price for the coin. This can provide a favorable exchange rate into the currency of your choosing, earning a profit for the investment.
Mining a cryptocurrency is where a user loans their computing power and time to a blockchain, in this case GameCredits. As transactions come through the blockchain, they are visible for everyone to see. Miners use their computing power with specialized calculators to determine the key for each transaction. A successful mine can be challenging but rewarding, as miners are paid in GAME tokens for their efforts.
Because GameCredits uses its own blockchain, it is possible to mine the coin. Mining GameCredits is done via a scrypt algorithm in 90 second blocktimes. Miners are rewarded with 12.5 coins for successfully mining a block. Mining is one of the factors that helps grow the market cap for a coin. The amount received for mining, minus the cost of computing equipment and power determines the profitability of mining GameCredits.
As mass adoption for a coin grows, it needs to be able to handle the growth in the number of transactions per second it can process. This is called scaling, and GameCredits is ready to tackle this problem. Big Data tech allows them to handle tens of millions of users at the same time, allowing no problems when scaling as the price chart grows.
The gaming industry is only going to get bigger. And it’s come a long way from the Space Invaders days. As smartphones, tablets, and even smart TV’s offer in game purchases, the need for GameCredits will only increase and be in more demand. As this does, watch the chart for the GAME token. You might be surprised just how much it grows.