Gamers Understand Cryptocurrency

The idea of digital currency isn't something new, especially if you've been playing games for the last decade. Pretty much every video game on the market has a form of currency that allows you to convert your fiat currency into whatever they might be using. In World of Warcraft, it's Tokens or Gold, in Vainglory you get ICE, League of Legends has Riot Points, Clash Royale has Gems and so on and so on.

Anyone who plays games understands that you use these digital currencies to buy digital assets. These could be skins, chests or whatever in-game feature that isn't tangible. Game developers know that these offer nothing outside the game, but they hold value for players inside the game. In a sense, it's fake internet money.

This fake internet money is why gamers seem to understand and are very willing to adopt cryptocurrency, more than your average mainstream consumer.

For years I've spent money to upgrade characters in games, buying new outfits/skins or just to gamble on a reward in a chest. I've even had family and friends give me gift cards for these games that allow me to buy these assets. Honestly, to me, this doesn't seem any different than someone giving me Litecoin. They spent their money on gifting me with money in another form.

If there isn't something I want in the game right then, well, I hold onto this game currency.

The trouble with holding currency in these games is you don't get any of the benefits you get with cryptocurrency. Cryptocurrency may gain in value over time. However, the number of gems you have will never increase, you have to hope that maybe that item you wanted goes on sale. Fundamentally, this is the same way the $20 in my pocket works; it's never worth more than $20. All I can hope for is that I find a happy hour special where I can get a beer for $5 instead of the usual $6.

Do those in-game gems hold any real value? Not really, since you can only use them in one place. And, this is where using cryptocurrency starts to make a lot more sense, it can be used around the world and for just about anything.

What if games started using one currency? Or there was a way to take those gems from Clash Royale and convert them to ICE in Vainglory?

One 12-year-old is working on just that! All hail George Weiksner!

When you leave a game all that work and money you put into a game is gone. Sure, you got some entertainment, but if you have digital money sitting there and you never plan to use it, then it's gone. I know I have riot points stockpiled in League of Leagues and currently, who knows how much ICE in Vainglory spread out across multiple smurf accounts. George Weiksner's Pocket Full of Quarters is trying to solve that on the Ethereum blockchain, and I could get behind this, and I bet a lot of folks who love games, would dig this too.

The idea is a cross-platform cryptocurrency token to use as an in-game currency across games. Just like going to the arcade and swapping your $20 for quarters or tokens, that you can use on any games in the arcade; no matter who made or designed the game.

It's pretty silly to think the money that I added to League of Legends is lost to me forever or is just sitting around for when I decide that I want to start playing again. In a sense, I just donated that money to the game developers because I'm no longer playing the game. Sure it's good for them, but it sucks for me.

As we move forward with cryptocurrency, we need to be thinking about the potential customer or in this case the players experience. Gamers are more than happy to use digital tokens for digital goods. When it's a new game coming on the scene, I'm less willing to toss $20 at it if I don't know if I even like it yet. If multiple games use Pocket Full of Quarters as an option for their currency, I know I'd be more inclined to put money in for upgrades.