Zynga said it would start accepting Bitcoins for some of the company’s social games. BitPay is a Bitcoin service provider that offers a cryptocurrency as a way of payment.
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Zynga started testing Bitcoin payment in several of its social games on Zynga.com. This popular payment is used by businesses and even the government of Germany. Following their example, Zynga decided to allow players to use an open-source, peer-to-peer technology which relies on cryptography to control the digital currency.
Social games created by Zynga have micro-transactions that allow players to level up faster, obtain unique in-game items, and purchase other things required to complete tasks quicker than they normally would if game was played without spending a dime.
The announcement was made on company’s Reddit account about testing Bitcoin with several games including FarmVille 2, ChefVille, CastleVille, Hidden Chronicles, CityVille and Hidden Shadows. The post stated that Zynga started testing BitPay due to its rise in popularity around the world.
This seems like an attempt to attract new players as Zynga has been struggling and losing users for a while. Could be the right move since people are widely using Bitcoin which saves money in transactions.
After Zynga announced their BitPay testing, the price of BitCoin stands at above $1,000. The currency is not controlled by any country or banking authority. It exists as a software and serves as a way of digital currency that can be traded for euros, dollars and other currencies. You can buy Bitcoins with Bitcoins or another currency and save the money in your transaction. Pretty handy way of buying and selling online.
There are also concerns regarding the BitPay. Last Month the European Banking Authority warned about the potential risks of using Bitcoins. "Currently, no specific regulatory protections exist in the European Union that would protect consumers from financial losses if a platform that exchanges or holds virtual currencies fails or goes out of business," said the EBA.
The currency has been linked to illegal online activities, such as the CryptoLocker. Other concerns have risen about Bitcoin value, saying its popularity has been triggered by speculators looking to cash in on its popularity.
Bitcoin has no legal status and tracking a transaction is difficult. Whether Zynga made the right move or not is yet to be seen. Will be interesting to see how players will respond to Bitcoin payments option and if other developers will follow their lead.
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