Top 5 Industries That Accept Cryptocurrencies

Top 5 Industries That Accept Cryptocurrencies

Over the past few years, cryptocurrencies have attracted the attention of not only financial experts and crypto evangelists but also ordinary people. Thousands of people have started to massively invest in digital currency.

At first, digital money could only be traded. But now, a huge number of companies around the world accept cryptocurrencies as a payment for their goods and services. There are even special platforms that help you find such companies. The largest search engine is Spendbitcoins.com, with over 100,000 merchants listed. Usebitcoins.info is a similar portal with advanced features. Coinmap.org is a world map with locations where you can pay with digital money or use crypto ATMs.

There are plenty of such places in Europe, the USA, and Latin America. Even major global companies have begun to accept cryptocurrencies. You can already use Bitcoin on Amazon or eBay, pay taxes, pay for public transport, and that’s not all. Below are the industries that became the pioneers in crypto adoption.

Gambling

Online gambling was one of the first industries to adopt innovative blockchain technology. Currently, about 50% of all Bitcoin transactions are in online games. What’s more, some Bitcoin casinos like Cloudbet and Duckdice not only accept crypto, but also offer generous bonuses for it.

The global iGaming industry is expected to reach $565 billion by 2022, which is approximately $72 for every person on the planet. And cryptocurrency will essentially account for a large portion of that sum. There are clear reasons for this:

  • Cryptocurrencies make it much easier for people to access gambling from the locations where it is prohibited;
  • There are many online gamblers who simply do not want gambling transactions to appear on their bank documents. Cryptocurrency provides anonymity and facilitates money deposits and withdrawals;
  • The use of cryptocurrency and blockchain technology allows users to validate that games are safe and fair. Transactions are registered within the blockchain and powered by smart contracts. Thus, the levels of trust can be significantly increased, and there is less room for fraudulent activities.

Tourism

Experts believe that in the near future, tourists will use only non-cash payments. Moreover, they will often use cryptocurrency.

People like traveling to exotic places, where they may find themselves without access to ATMs, as well as without the ability to pay for goods and services using a bank card. It is also worth reminding that 1.7 billion people do not have a bank account today, while the number of mobile phone users around the world is steadily growing. So, crypto payments via a mobile phone may well become a solution.

Hotels, restaurants, and shops have already started accepting Bitcoin and popular altcoins. And you can find some of them at Travala, a travel booking platform. Cryptocurrency allows finalizing international payments in a matter of minutes. Moreover, crypto payments come with low fees (and sometimes, with no fees at all). So, you do not have to lose a significant percentage when converting currency into local money.

Banking

As there is no clear regulation for cryptocurrencies in the world today, most banks stick to the wait-and-see approach. Still, some banks do not remain aloof from what may lead to dramatic changes in the near future.

One of the largest private banks in Switzerland, Julius Baer, will provide its clients with access to crypto assets. It will be possible due to a partnership with one of the first cryptocurrency banks in the country, SEBA Crypto AG.

In America, USAA was among the first to pilot Bitcoin integration. The financial institution allows its customers to invest, transfer funds to a bank account, pay for insurance, and much more. Another American bank supporting cryptocurrencies is Simple. It works with various crypto-exchanges and enables its clients to buy and sell digital money. Such deposits are insured by the Federal Deposit Insurance Corporation (FDIC), which gives the investors a guarantee for the safety of their funds.

So, cryptocurrency and blockchain are taking deep roots in the world’s banking system. And this tendency is inevitable.

Food industry

At first glance, it may seem strange that blockchain and cryptocurrency are in great demand in the food industry. But this technology allows for a transparent supply chain and seamless payments. Besides, participants involved in the food supply chain can have authorized access to reliable food information. These participants are:

  • Manufacturers. With blockchain technology, there are no chances of counterfeiting a product. The transparency of the system can also push some sectors towards more ethical and responsible practices (for example, in industrial fishing);
  • Distributors. It will be easy enough to identify and remove a low-quality product from supermarket shelves. Today, it takes days or even weeks to track the supply chain of any product. With blockchain, the product verification process is near-instant;
  • Consumers. Transparency increases consumer confidence. They have a guarantee that the labels on the product are reliable and the products match the quality standards.

FMCG giants like Walmart and Nestle have already implemented this system. And you can also buy food using Bitcoin with little effort today.

Retail market                   

Every year, the number of online stores that accept crypto payments is growing. Even if some retailers are not yet ready to settle accounts in crypto, you can use many services that will handle it.

All US residents can use digital coins to buy from HomeDepot and Walmart via the Alagoria application. The ability to pay for services and goods using cryptocurrency has also been announced by Wikipedia, Expedia, Microsoft, WordPress. In addition, payment system PayPal, manufacturer of computer equipment Dell, online stores of Amazon, and many other international corporations have announced their support for cryptocurrency as a means of payment.

The number of crypto-friendly services and companies will continue growing steadily. This tendency is boosted by large international organizations that advocate for Bitcoin. Therefore, it is fair to assume that cryptocurrency is here to stay. And probably, crypto payment providers will soon be able to compete with the current leaders in the sector such as MasterCard and VISA.

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