Bitcoin or blockchain games is not a new concept to many people in the world, especially in developed countries. However there are also some exceptions. When it comes to Bitcoin games, some people tend to be hesitant and worried about it being secure.
The question here is: are games with bitcoin safety? To find out the answer of this question we have to take a close look at this special kind of game. A blockchain game is a video game that includes elements used cryptography-based blockchain technologies. Blockchain elements in these games are most often based on the use of cryptocurrency or non-fungible tokens (NFTs) which players can buy, sell, or trade with other players.
How does it work? Blockchain uses a decentralized, or distributed, ledger that exists on a host of independent computers, often called nodes, to track, announce, and coordinate synchronized transactions. This differs from traditional trading models that rely on a clearinghouse or exchange which tracks everything in a central ledger. Each node in the decentralized blockchain constantly organizes new data into blocks, and chains them together in an “append only” mode. This append-only structure is an important part of blockchain security. No one on any node can alter or delete the data on earlier blocks—they can only add to the chain. That the chain can only be added to is one of the core security features of blockchain.
Blockchain security: Blockchain is not immune to hacking, but being decentralized gives blockchain a better line of defense. To alter a chain, a hacker or criminal would need control of more than half of all the computers in the same distributed ledger. The largest and best-known blockchain networks, such as Bitcoin and Ethereum are public, and allow anyone with a computer and an internet connection to participate. Instead of creating a security crisis, having more people on a blockchain network tends to increase security. More participating nodes means that more people are checking one another’s work and calling out bad actors.
There are 2 main disadvantages that we have to deal with when it comes to blockchain games:
The first one is high cost. To maintain the network that makes blockchain function, and the process of mining coins, which is vital to their integrity and survival as a working currency, consume vast amounts of energy. Also, because miners are paid in coins, that creates a real risk. If the price of the coins go down low enough, or the price of electricity rises high enough, then people may decide the game isn’t worth the candle.
The second one is the risks of hacker activity. While the very nature of how blockchain works, by using decentralization, consensus, and cryptography ensures that transactions are basically tamper-proof, hackers have still found ways to defraud the system over the years. These are a few ways the system is vulnerable to hackers:
- Phishing is one problem, in which scammers send bogus emails in an attempt to get wallet key credentials from crypto users, and it’s also essential to stay vigilant about protecting sensitive information.
- There’s also a chance that one miner or a large enough group of miners could eventually gain control of more than 50% of a network’s mining power. In that case, they’d gain control over the ledger.
- In other situations, hackers can access real-time data as it’s being routed between internet service providers.