Fans of the popular online video game Fortnite now have the opportunity to buy the game’s merchandise with Monero (XMR).
The news first appeared on January 1, 2019, with Reddit users visibly excited about it, and that included Riccardo Spagni, a lead developer on the Monero platform.
He tweeted that having XMR as a payment option for Fortnite merchandise was a “cool” thing.
As noted on Reddit and in other crypto circles, Fortnite’s move to accept Monero payments is an indicator that adoption of cryptocurrency is gaining traction. And with its 200 million active user base, Fortnite may just provide the much-needed footing.
A measure of Fortnite’s popularity came to the fore last year when U.S. teens picked its v-bucks and crypto as Christmas gifts, by-passing traditional preferences in gift cards, cash, and gas money.
Privacy concerns ‘keeping bitcoin off Fortnite’
Some Twitter users have wanted to know why the blockbuster game wasn’t accepting bitcoin. It turns out to be due to concerns that bitcoin does not offer what privacy-eccentric Monero offer- transaction privacy.
While Fortnite does not currently consider adding bitcoin as a payment method, plans are underway to have Lightning Network (LN). According to Riccardo Spagni LN is seen as capable of restoring a bit of Bitcoin’s privacy.
Spagni added that Fortnite had shown great interest in Lightning Network, and that “[they] were pushing hard to get them to add [it] to the list.”
He added that the online video game operator has several options on the table, even though Monero was the first onto the list. The other options include “bech32-enabled Bitcoin.”
Privacy is currently one of the top concerns for cryptocurrency and online users, given the widespread cases of hackings.
Also on most people’s minds is how safe their data is after disconcerting news and reports that social media platforms like Facebook were selling its users’ data to third-party entities.
The furor that has greeted Facebook’s numerous scandals regarding the misuse of personal details of millions of its users is affecting the social media giant’s efforts to recruit top crypto and blockchain talent. The reason could be that public trust in the company has sunk to its lowest levels.
According to Alex Heath, a reporter with U.S.-based financial news channel Cheddar, many people have lost all trust in Facebook as a brand, “especially people in the crypto and blockchain world.”
Most of the people in the crypto industry move into it because they disapprove of centralization in mainstream companies like Facebook.
The U.S. plans to track privacy coins
The challenge privacy coins like Monero and Zcash has given the U.S. government agencies that want to track them has led to calls for public input on how it can be done.
Privacy-centric coins have gained a lot of users in the last couple of years because they provide full anonymity for the user as well as the transaction process.
That has had the U.S. Department of Homeland Security (DHS) seek to develop a framework that would make it possible for government agencies and law enforcers to track and carry out forensic analysis of transactions processed on privacy blockchains.
The framework is being seen as an essential tool that will help prevent the use of crypto in illicit activities, including in money laundering and the financing of terrorism.
Disclaimer: This is not investment advice. Cryptocurrencies are highly volatile assets and are very risky investments. Do your research and consult an investment professional before investing. Never invest more than you can afford to lose. Never borrow money to invest in cryptocurrencies.