What is GameCredits?
The world has long anticipated the arrival of a dedicated, universal gaming currency. For anyone with a stockpile of coins, credits, jewels, gems and the like across their various mobile-based time sinks, it is an eternal frustration that you cannot transfer currencies between games ‒ even on the same platform (i.e. Google Play).
Well the wait for such an all-purpose gaming currency might finally be over, thanks to GameCredits: a minable, blockchain-based cryptocurrency designed specifically for the mobile gaming market. This market is absolutely on fire right now: gone are the days when the definition of ‘gamer’ was limited to sweaty neckbeards locked up in their parents’ attics with a ZX Spectrum. The casual, mobile gaming market is expected to exceed every other sector the games industry by 2020, representing half of the $33bn global games market.
Recognising the potential of this thriving sector, the developers of GameCredits have sought to create the world’s first decentralised, universal gaming coin. This will allow mobile games to transfer coin between different games, which can then be translated into cash, or other cryptocurrencies. There is automatic real-world applicability: a sort of holy grail for new altcoins. It sounds pretty exciting, but is this altcoin Skyrim or a Sonic ’06? Let’s take it one level at a time.
How do GameCredits Work?
There are literally thousands of different mobile games on the market, many of which utilise different in-game currencies that are non-transferrable between different titles. Any games downloaded from GameCredits’ dedicated online store use the eponymous cryptocurrency as standard. The app is available for Android, and has a very similar layout and design to Google Play: so if you’re a veteran mobile gamer you’ll be in familiar territory.
At the moment there are only a few hundred games available. However, by all accounts the products on offer (and the platform itself) are highly polished, with quick, seamless downloads. Once you’ve been playing for a while and you’ve racked up some GameCredits, you’ll be able to transfer your balance across any gaming apps downloaded from the platform. So whether you’re managing a virtual farm or waging war with a handheld RTS, every credit you earn is equally usable across your entire library.
Value of GameCredits
GameCredits held a very successful ICO a few years ago and is currently trading at $2.29 USD a coin, with a $147,076,434 market cap and around 64m GameCredits in circulation. While this is by no means the best performing or most valuable coin on the market, it does have a dedicated user base and is credited with an extremely responsive development team that has worked hard to foster a community around the platform.
The currency is minable, and boasts a $153,474,675 total market capitalization. The relatively low volume and low cost means that this is still a very viable mining opportunity compared to some other blockchain-based coins, so if you have a decent rig you should be able to set up a passive income stream without too much trouble.
The coin underwent a tumble in June, from a high of $4.80 USD per coin to around a quarter of that value. However, the market has appeared to level out, and given the fact that this coin depends on a platform in direct competition with Google Play and the App Store, a bit of volatility is only to be expected.
In the main, the performance of GameCredits has been quite impressive, and unlike other blockchain coins it is readily minable and can be purchased directly with fiat from the GameCredits store. This is likely to give the coin plenty of resilience and casual cross-over, which is always a good thing for new altcoins. This cryptocurrency has made the smart decision not to even attempt competing with the likes of bitcoin or Ether: it’s carving out a niche all of its own in a thriving market. There is already plenty of precedent for cryptocurrency in the gaming sector: virtual poker tournaments have been using bitcoin and Ether for years. A more casual and family-friendly approach is likely to spare this coin the kind of press scrutiny that would otherwise harm its performance ‒ we’re pretty optimistic about this one.
How to Buy GameCredits Online - Step-by-Step Guide
This is a rare altcoin that you can purchase directly using fiat currency. Obviously, this spares you the commissions and fees incurred by trading. However, GameCredits also offers a secure and user-friendly wallet for storing, sending, receiving and purchasing the cryptocurrency. This service mitigates against having to store your stash into a private wallet, which could leave you vulnerable to hard disk failures or losing your passphrase, which can cost you your entire stock of coins.
The fiat gateway on the platform has safeguards to prevent fraud such as temporary transfer holds. As such, GameCredits complies with banking transfer standards. Moreover, you receive consumer protection from fraud ‒ all good news. Plus, your coins are stored on a secure server and backed up when offline, with security and maintenance teams always on hand in the event of mishaps. This is a very safe and professional service that we highly recommend for buying this cryptocurrency.
Follow the step-by-step guide below for instructions on how to purchase, save transfer and send GameCredits using the platform’s wallet:
- Register your wallet at https://wallet.gamecredits.org. You will then receive a personal address.
- Click on the tab labelled “Buy” and select the amount of coin you wish to buy. Done! At the moment, you can only purchase using PayPal or bitcoin, although the platform is working on support for PayPal, Skrill and SMS.
- If you want to transfer credits from a different wallet, click on the tab labelled “Receive”, copy one of your addresses and pass it on to the sender. The devs recommend using a different address for every transaction in order to maximise anonymity.
- Transactions can be monitored in the tab labelled “Transactions.”
- If you wish to send credits stored on in your wallet elsewhere (to an exchange, for example) click on the “Send” tab, enter the recipient’s address and the amount of GameCredits you would like to transfer.
How to Trade GameCredits
There aren’t many exchanges that currently support GameCredits, but fortunately you can trade the cryptocurrency against other popular tokens and instruments on Bittrex and Poloniex. Using the former as an example, follow the simple instructions below to learn how to trade GameCredits on Bittrex:
- Go to bittrex.com and set up an account if you don’t have one already. You will be asked to input standard details including a first and last name, your email address, a date of birth, your current location, along with a preferred payment method. You will be asked to provide photo ID, such as a passport scan, if you wish to trade at higher limits.
- Select “Wallets” from the top menu bar. Import a popular cryptocurrency such as bitcoin, by hitting the plus button, and copying the address that pops up, then send cryptocurrency from a nominated wallet to the Bittrex platform.
- Once you have currency in your balance and are ready to trade, see how GameCredits are performing on the markets against other tokens and instruments.</li>
- A spread will be displayed on the right of the chart. Additionally you will see a 24-hour high and low for the coin.
- Underneath the market chart, you can set limit for buying and selling GameCredits. Either set a price and select “Good ‘Til Cancelled” (Bittrex will automatically complete the purchase when the market reaches your price). Alternatively, you can sell or buy instantly at the going market rate.
- Congratulations! You are trading GameCredits.
Future of GameCredits Trading
GameCredits is going out of its way to attract developers and users. In a savvy bid to undercut Google and Apple, GameCredits offers a 90 per cent profit share to developers hosted on its platform, as compared to the 70 per cent offered by the big players. Moreover, there is an incentive to keep a decent number of coins in circulation, because holding credits on the platform offers opportunities to earn interest. Gamers are encouraged to buy products and merchandise with special deals and cashback programmes, with promotions likely to draw in new users.
But the real potential of GameCredits lies in its applicability to gaming tournaments. The platform is actually sponsoring such events through its subsidiary MobileGo. In this day and age, gaming tournaments are a pretty big deal, thanks to content sharing platforms like YouTube and livestreaming services like Twitch ‒ they tend to draw a fair bit of attention.
With low fees, higher pay-outs than Google or Apple, and a professional, polished service to boot, there is plenty of evidence that this platform and its associated currency have the chops to blossom into something very profitable. Definitely recommended as an investment opportunity.
How to Buy GameCredits with Credit Card
Unlike many other altcoins, you can actually purchase GameCredits with fiat using the platform’s proprietary wallet. This wallet permits users to make purchases using debit or credit cards. However, you will not be able to exchange coins outside of the GameCredits Wallet to ‒ say ‒ a different wallet or exchange until a 14 day period has elapsed. For the time being, GameCredits purchased and stored via the wallet are designed primarily to be used within the GameCredits environment, which you can do without any restrictions or additional fees.
If you wish to trade GameCredits, you can either wait for this fortnight window to elapse and send credits to your exchange wallet of choice using the method described above. Alternatively, you can obtain a different cryptocurrency supported by an exchange and trade it for GameCredits already in circulation on the markets.
Several exchanges, such as Poloniex, permit users to buy cryptocurrencies like bitcoin, Ether and Litecoin using credit cards, which can in turn be traded for GameCredits. In fact, credit and debit cards are required for low deposits and transfers. Adding currency to your balance using a credit or debit card is done in exactly the same manner as with a bank transfer bank transfer, although this method will incur a small fee will be added. On the plus side, you will avoid tedious waiting periods and enjoy a high level of security.
How to Buy GameCredits with PayPal
In addition to credit and debit cards, you can buy GameCredits from the platform’s wallet using PayPal. This is a very attractive feature that gives a strong indication of the altcoin’s crossover appeal. Moreover, PayPal allows for unparalleled security and instant transfers. Also, if you purchase GameCredits within its native environment, no additional fees will be added. The method for buying GameCredits with PayPal can be found above: simply select PayPal as a preferred payment method and you will be able to purchase, store and send coins to other wallets.
Alternatively, if you don’t want to wait for the two-week restriction on transfers out of the GameCredits Wallet to elapse, you might be able to obtain other coins via PayPal to trade for GameCredits. For instance, some users on Coinbase can already take advantage of PayPal support. At the moment, this service is only available to US citizens.
If you hail from this territory, you can link a PayPal account to the Coinbase platform. First, you will need to verify your PayPal account with Coinbase. To accomplish this, you have to manually add PayPal as a payment method by sending a negligible deposit to your Coinbase account with a verification code attached. Please be aware that PayPal support is only for cash-outs. Any fiat made from cryptocurrency sales can be transferred to your PayPal balance rather than a nominated bank account. However, this will result in a small commission to PayPal. On the plus side, you get instant sales and a high level of security.
At present, the service is still in its beta phase, but Coinbase plans to introduce PayPal support to users from other territories in the near future. So if you’re not a US citizen, you won’t be left out for long!
Cryptocurrency Guide list
Enjoyed this Bitcoin guide? Then see our other cryptocurrency guides:
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