In the past decade, cryptocurrency has taken the world by storm. It may have emerged as an underground trend, but it has since exploded into the mainstream and is now accepted as legal tender in a select number of countries. In addition, it has also infiltrated numerous sectors on a global scale. Continue reading to find out which industries have jumped on board the cryptocurrency train and are embracing a brand-new way to pay.
E-commerce
As one of the fastest-growing industries of the past decade, e-commerce has undergone a number of dramatic changes. With a wide range of payment methods to choose from, customers can pay for goods and services with credit cards, debit cards, e-wallets, bank transfers, and even cryptocurrency. For example, consumers shopping around for products on Shopify can take their pick from over 300 digital currencies including Bitcoin, Litecoin, and Ethereum. By doing so, they can benefit from speedy transactions, low processing fees, and no chargebacks.
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Online gaming
In addition to e-commerce, the online gaming industry was one of the first industries to adopt cryptocurrency as a valid method for depositing and withdrawing funds. Bitcoin, in particular, is fast becoming one of the most popular digital currencies due to its capacity to facilitate faster transactions and provide an extra layer of safety and security for experienced and inexperienced players alike. When it comes to wagering on the latest slots at a top-rated online casino, such as GGPoker, slow withdrawal speeds should be the last thing on your mind. By opting for an online gaming platform that accepts cryptocurrency, you can benefit from a streamlined user experience from start to finish.
Banking
When it comes to assuming which industries are embracing cryptocurrency, banking may not necessarily top your list. This is because digital assets have been designed to counteract the need for physical currencies and, in the simplest of terms, render banks redundant. But instead of working against cryptocurrency and blockchain technology, a growing number of banks have made the decision to work alongside any emerging trends and incorporate them if and when they can. By doing so, they are less likely to be hit hard by its ever-expanding popularity in the long run. In addition, cryptocurrency may also be able to assist with the process of recording financial transactions and streamlining overseas transactions.
Travel
As the travel industry continues to make a gradual return to business as normal, consumers are looking for new ways to pay for their trips abroad for work or pleasure. As a result, a growing number of travel agencies and accommodation providers, such as Expedia and Travala, have adopted digital payments in the form of Bitcoin and Ethereum. As consumers become aware of how accessible and beneficial cryptocurrency can be for a wide range of daily and luxury purchases, it has the potential to revolutionise the travel and tourism industry for decades to come.
Entertainment
As a content creator in the entertainment industry, blockchain technology can have a dramatic impact on the process of receiving royalties in a timely manner. With no need for third-party intervention, the entire process can be completed in a matter of minutes. This was further highlighted in 2019 when Ripple granted 1 billion XRP to content creation platform Coil in an attempt to encourage widespread adoption of cryptocurrency within the entertainment industry.
With cryptocurrency continuing to infiltrate a number of sectors on a global scale, many are already benefiting from the wide-reaching benefits of adopting digital currencies on a permanent basis. This includes the e-commerce, online gaming, banking, travel, and entertainment industries.
