Demystifying cryptocurrency in esports: the background | Part 1
‘Demystify Cryptocurrency in eSports’ is a new five-part series developed in collaboration with. was developed Bit cashier, an enterprise-focused cryptocurrency trading platform to uncover the nascent relationship between cryptocurrency and esports.
Part 1 explains the background to the increasingly fruitful connection between the two sectors.
Fiercely competitive, dynamic and truly unstoppable: the dual digital empires of cryptocurrency and esports have seen a strong rise into the mainstream in recent years.
Success stories of the digital age, both struggled through doubt and disbelief to assert claims as permanent parts of the Internet age.
Cryptocurrencies are a form of digital currency. Bitcoin, Ethereum and other cryptocurrencies use blockchains – digital, distributed lists of transactions that are linked together using cryptography and verified by users of the cryptocurrency network – to prove digital ownership.
These networks are intended to provide a secure and easily accessible way to store and transfer values online without the need for central authorities such as banks.
Cryptocurrency has permeated a multitude of industries in its relentless journey to mainstream recognition – and esports was no exception. The crypto industry has invaded the eSports space since its valuable overlaps became clear.
As newly shaped industries with amazing year-on-year growth rates, cryptocurrency shares a natural resonance with esports as a high-growth, digital-native sector.
CONNECTED: Nuvei on effective monetization in esports and the attractiveness of cryptocurrency
Anyone around the world with an internet connected device can use cryptocurrency, a crucial aspect of the decentralized, globally accessible ethos of the phenomenon – and the same goes for esports.
Just like crypto, esports is a global phenomenon that transcends traditional state lines to connect people through its technologies.
The overlap between the industries is palpable as they share an estimated demographic of young, tech-savvy 18-25 year olds with disposable incomes. In addition, with the increasing integration of blockchain technologies into the underlying games, the two worlds are colliding themselves at breakneck speed.
Esports organizations such as TSM, Astralis, NAVI and BIG as well as esports leagues such as the LEC have concluded crypto-related partnerships in the last few months alone, as sponsorship money is flowing in from the newly married partner of esports.
But the benefits of cryptocurrency in esports go far beyond sponsorship opportunities. Bitcashier is a cross-exchange trading platform for cryptocurrencies that offers companies global trading services.
With overlap, interest, and opportunity abound, crypto offers opportunities for fundamental innovation in esports.
In part 2 of this series, Bit cashier and Esports Insider Immerse yourself in the existing penetration of the eSports space by the crypto industry and how blockchain technology is changing the sector.
Supported by Bitcashier
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