A beginner’s guide to GameCredits (GAME) and where you can buy, sell and trade GAME in Australia.
GameCredits (GAME) is a digital currency designed to facilitate in-game payments. Based on blockchain technology, GameCredits aims to allow gamers and developers to buy and sell games and in-game items quickly, securely and privately.
If you want to buy and sell GAME as a cryptocurrency, read on to find out how.
Where to buy GAME
GameCredits is available on several popular cryptocurrency exchanges, such as:
How to buy GAME: A step-by-step guide
Here’s a step-by-step explanation of one way you can buy GAME in Australia:
Step 1. Register for an account with CoinSpot
Local cryptocurrency exchange CoinSpot allows you to buy GAME with Australian dollars (AUD). You can sign up for an account by entering your email address and creating a password, but you’ll also need to provide your full name, contact information and proof of ID before you can deposit Australian dollars.
Don’t forget to also set up two-factor authentication to provide an extra level of security for your trading funds.
Step 2. Deposit funds into your account
From the CoinSpot account dashboard, click the “Deposit AUD” link. You can then enter the amount of AUD you want to deposit and confirm the transaction, or you can deposit cash at a newsagency via Blueshyft.
At this stage of the process, it’s important to point out that many cryptocurrency exchanges don’t facilitate the exchange of fiat currency (such as your AUD) for cryptocurrency. If that’s the case on your chosen exchange, you’ll first need to acquire a cryptocurrency that’s available in a pairing with GAME, such as Ethereum (ETH) or bitcoin (BTC), and then exchange it for GameCredits.
Step 3. Buy GAME
Click on the “Buy/Sell” link at the top of the CoinSpot dashboard screen and search for “GAME”. Click on “Buy GAME” and then type in either the amount of AUD you want to spend or the amount of GAME you want to buy. You can then review the details and total cost of your transaction and, if everything is okay, click through to confirm the purchase.
How to sell GAME
The process for selling GAME is more or less the same as the buying process detailed in Step 3 above. Of course, you’ll obviously need to follow the prompts to “Sell GAME” rather than buy, while it’s also important to remember that it may not be possible to directly exchange your GAME for the currency you want.
If you’re looking for a safe place to store your GameCredits, the official web wallet is available on the GameCredits site. You can also download a wallet for Windows, Mac and Linux operating systems.
How GameCredits works
The digital video games industry attracts more than US$100 billion in revenue each year and is predicted to earn US$132 billion in total annual revenues by 2021.
GameCredits is a universal in-game token developed using blockchain technology. Established in 2016, it provides developers with a free, plug and play in-game monetisation platform.
Why would someone use GameCredits to make in-game purchases? The company claims it offers the following benefits:
- It’s instant. GameCredits can be transferred anywhere within a few minutes.
- It’s secure. Every transaction is recorded on the blockchain and can’t be altered.
- It’s decentralised. The value of GameCredits is determined by global adoption.
- It’s anonymous. Every user has their own unique address.
GameCredits also offers a number of other products and platforms, including:
- GNation. This GameCredits initiative is an online community for gamers all around the world.
- GPlay. GPlay is a mobile gaming store that rewards developers with 90% payouts per sale.
- Game.GG. This e-sports platform was listed as “coming soon” at the time of writing.
- GExchange. Still in development, GExchange will be the official exchange office of the GNation community and allow gamers to exchange GameCredits for fiat or cryptocurrencies.
Before you buy GAME: Things to consider
If you’re thinking of buying GAME or any other cryptocurrency, it’s essential that you’re fully aware of all the risks involved. Holding cryptocurrency is complicated and speculative, so make sure you consider the following factors before deciding whether or not to buy GAME:
- Supply. According to CoinMarketCap, the circulating supply of GameCredits at the time of writing (23/01/2018) was 64,355,352 GAME. The maximum number of coins is 84,000,000.
- GAME use. Players use GAME to make in-game purchases and buy games from the GPlay store, while the credits a player earns in one game can also be used in another. Developers use the currency to sell in-game items, upgrades and games.
- Availability. A cryptocurrency’s availability on a variety of exchanges allows for easy access and could potentially increase demand. GameCredits can be purchased on a relatively wide range of cryptocurrency exchanges, plus it can also be purchased via credit card, PayPal and a variety of other payment methods through the company’s proprietary payment gateway.
- New game launches. Check online forums and gaming news sites for details of upcoming games that support GameCredits. The launch of a hugely popular game that supports GAME (the cryptocurrency) could potentially increase GAME’s value.
- Industry’s potential for growth. There are some 2.6 billion gamers around the world, and GameCredits aims to become the universal cryptocurrency for all of them. The global video games industry was expected to generate more than US$108 billion in revenue and is expected to climb towards US$130 billion by 2020.
- Market competition. You should also consider whether GameCredits is well placed to take advantage of the potential growth in the industry compared to its competitors. Other gaming cryptocurrency providers include SkinCoin and Enjin.