Bitcoin and Enjin are two cryptocurrencies that will be of interest to many gamers. While it is unregulated, Bitcoin has grown into a worldwide currency and Enjin offers some interesting features that make it perfect for gaming. Even if you are not interested in either of these currencies, the information below will be relevant to you as this article covers how this cryptocurrency system can potentially pave the way for a new financial future.
Bitcoin (BTC) is an electronic payment method that is not controlled by any central authority and uses cryptography as its basis. It was introduced in 2009 and continues to grow steadily with no sign of stopping anytime soon. The creator, Satoshi Nakamoto, has remained anonymous but his or her identity has been speculated upon since then -something which still fascinates people worldwide.
The transaction process of Bitcoin
Bitcoin is transacted within the network, peer-to-peer, without any intermediaries involved in the process. To be able to own bitcoins and use them, you need a digital wallet. This is an account that is stored on your computer or smartphone and where your bitcoins will be stored. You can buy these online through a licensed broker or by using cash to buy them on exchanges such as Coinbase.
The payment system functions using blockchain technology which essentially works as a public ledger for all Bitcoin transactions. These are stored in blocks of data that are encrypted and linked together (hence the term “blockchain”). Due to the decentralized nature of this ledger, the network is immune to fraud and hacking. It also functions as a payment method for goods and services and has been used for this purpose on several occasions.
What Is Enjin?
Just like Bitcoin, Enjin (ENJ) is a cryptocurrency platform that allows users to generate a digital wallet to store digital goods. This includes game assets such as virtual gold and other items you can buy online through different online games. In essence, it is an Ethereum-based cryptocurrency that can be used to create an off-chain economy powered by tokens. As mentioned earlier, these tokens can be used across different games as well as for buying game assets.
What Is Enjin Coin?
Enjin Coin (ENJ) is the cryptocurrency of the Enjin platform. It serves as the main payment method in the gaming industry and is used for a variety of purposes including purchasing game assets, in-game items, virtual goods, and even video game servers. ENJ has a market capitalization of over $2 billion at present but does not appear to be growing as fast as Bitcoin or Ethereum. Due to this fact, some people claim that it is not a good investment at all. On the other hand, it does have a fairly stable price history compared to Bitcoin and Ethereum which makes it more attractive for people who are looking for something that can deliver steady returns over time.
What Are Enjin Coin’s Benefits?
While some people prefer to keep their wealth in the form of cold hard cash, others do not mind spending it on a variety of goods and services. ENJ has several benefits that make it a good option for gamers who wish to spend their hard-earned money:
● Since each coin is backed by real-world value, it can be used as a payment method in online games and other platforms such as game servers. This is an added feature that could potentially increase the value of ENJ over time.
● Digital assets owned by ENJ holders can be used across multiple platforms without having to worry about them being stolen or lost.
● The Enjin platform has a user-friendly interface where you can create your token. You can also sell or buy them but this is not the most ideal way to spend your ENJ because it has a lower percentage return. Decentralized exchanges (DEXes) are more effective at converting ENJ into other cryptocurrencies and this process is much faster.
What Are the Risk Factors Associated with these cryptocurrencies?
Even though ENJ is not just a fad like some cryptocurrencies out there, it does have some caveats that you will need to be aware of. For example, most credit cards do not support cryptocurrency transactions because it is decentralised and doesn’t have any intermediaries involved in the process. This makes it a fairly risky investment if you are not completely sure about how things work in the crypto world.
Some people claim that ENJ can be used for both legal and illegal purposes (i.e., money laundering) but this is debatable because there is no tangible evidence to back up these claims. Some governments have even taken action against cryptocurrencies such as their recent ban in China. In an ideal world, the online gaming industry will be able to navigate these legal grey zones and make ENJ and Bitcoin more viable transaction options for players.