Very similar to the discovery of penicillin in 1928, electricity in the 19th century, and the printing press in the 1430s, the introduction of Bitcoin changed the world. Even if you are not fond of using cryptocurrencies over standard payment options, you cannot deny the importance of Bitcoin and other cryptos for our future.
Nobody can deny the fact that Bitcoin dramatically affected and will continue to affect the trajectory of entire humanity’s future. Bitcoin, the very first fully decentralized currency, was introduced in 2008. What makes Bitcoin and cryptocurrencies different from standard fiat currencies is that they operate without any central government.
Essentially, Bitcoin operates on its own, and it does not need any intermediaries or other banking institutions. The popularity of Bitcoin has skyrocketed in the last several years, especially in the Philippines, and we further discuss why the Filipino gaming community loves Bitcoin.
Filipinos Can Use it to Play on Bitcoin Casinos
Bitcoin casinos are also gaining in popularity in the Philippines, and this does not come up as a surprise because these gaming venues may be safer than more traditional online casinos. The vast majority of Bitcoin casinos operating in the Philippines offer provably fair games, and these games are not available elsewhere.
What is special about provably fair games is the opportunity to check their fairness on your own. When playing standard online casino games, you do not have this option at your disposal. The best Bitcoin casino sites in the Philippines are famous for processing payments instantaneously, especially the operators that are listed here.
Speaking of payments at Bitcoin casinos, the vast majority of these gambling sites also support other widely-used cryptocurrencies, including Ethereum, Litecoin, Tether, and Dogecoin. Most of them do not charge extra for processing deposits and withdrawals, and this is yet another reason why the Filipino gaming community prefers using Bitcoin over standard fiat currencies.
Reasons Behind the Growing Popularity of Bitcoin in the Philippines
According to this report by Statista, the value of cryptocurrency in the Philippines will reach over ₱76 billion in 2022. When compared to the value of cryptocurrency in the country back in 2019 (₱15 billion), this is a major 410% increase. According to other reports, the Philippines remains one of the fastest adopters of Bitcoin and other cryptocurrencies.
The pandemic the world has struggled with for the past two years seems to fuel the trend, especially in the gaming community. Aside from relying on Bitcoin when it comes to generating income and making investments, Filipinos also use It to make online purchases at many crypto-friendly sites.
Bitcoin was first popularized in the country back in 2017 when the Bitcoin value skyrocketed from US10,000 to a staggering US$19,000, and this major increase in its value occurred over just several months. To support the growing crypto trend, The Bangko Sentral ng Pilipinas has installed an excellent platform for all Filipino crypto customers. The platform has encouraged Filipinos to use Bitcoin whenever possible.
In December of 2020, the leading banking institution in the Philippines also started operating channels with seventeen currency exchanges for Bitcoin and other cryptocurrencies. This move alone had fueled the adoption of Bitcoin among leading Filipino companies and businesses.
Why Is Bitcoin So Popular in the Filipino Gaming Community?
Residents of the Philippines earn profits by playing their favorite video games on crypto-friendly gaming platforms. Axie Infinity, one of the most popular gaming platforms of this kind in the Philippines, relies on the most advanced blockchain technology to reward its loyal players.
Axie Infinity has also launched its own AXS Axie Infinity Shard tokens. All AXS holders competing on the platform get to claim crypto rewards when progressing in the game. On the platform, players also battle, breed, and trade their Axies or their digital pets to earn AXS tokens.
Thanks to the growing popularity of Axie Infinity, the usage of Bitcoin among Filipino gamers has also significantly increased. Yield Guild Games is another popular video gaming platform in the Philippines. It rewards its players with crypto-based rewards and tokens for playing and winning battles and completing different in-game missions.
Yield Guild Games has over two thousand and five hundred investors, and the fund solely invests in yield-earning non-fungible tokens on video games powered by blockchain technology. Essentially, Filipino video gamers can easily earn the minimum wage and even more just by playing Bitcoin and other crypto games, thanks to Yield Guild Games and other video gaming platforms that offer rewards in the form of non-fungible tokens.
The use of Bitcoin in the video gaming industry comes with other perks and benefits.For instance, buying Bitcoin eliminates currency exchange and commission fees because Bitcoin transactions do not involve a middleman. Using Bitcoin in the gaming community makes the whole video gaming concept more viable not only for players but also for game developers.
Essentially, with Bitcoin and other cryptocurrencies, video gamers get the most out of their money, while game developers get to boost their overall profits. These are just some of many other reasons behind the growing popularity of Bitcoin in the Filipino gaming community. By all accounts, cryptocurrency is the future of video gaming due to the obvious benefits for game developers and players.