With the emergence of Bitcoin in 2009, there has been a rapid growth in the cryptocurrency market. It is quite evident that the blockchain technology is revolutionizing finance and other aspects of our lives. Today, thousands of businesses worldwide use and accept digital currencies for transactions, with hundreds of thousands of Bitcoin transactions occurring daily.
At the time of writing this review, 1 Bitcoin is priced at over $21000. This value is really remarkable considering that just over a decade ago, in 2010, a bitcoin was valued at just $41. And the value is set to keep rising, with new digital currencies launching at a feverish pace.
Bitcoin and other forms of cryptocurrency offer speed, convenience, anonymity, safety, and reliability, in ways that traditional currencies can’t match. As a result, more organizations and industries are adopting these digital currencies, accelerating the growth of the market. In this review, we’ll highlight some major industries that currently accept crypto payments.
Funding Your Next Vacation
According to a recent survey, the most crypto-friendly industry is the travel industry. With an increasing demand for cryptocurrency payment options, various platforms have emerged to satisfy customers. With these innovative platforms, you can fund your trips and holidays to destinations all over the world using crypto.
Popular travel booking agencies such as Expedia now accept crypto as a payment option to process hotel bookings. Some like cheapair.com even allow customers to pay for flight bookings using Bitcoin. Bitcoin also has its own dedicated travel site, Bitcoin.Travel, which allows crypto users to plan trips using bitcoin.
Buying and Selling Properties
Cryptocurrencies offer an alternative to standard fiat currencies for people who want to sell or acquire properties. Without the limitations of cross-border exchanges, crypto users can now buy properties worldwide. There is also an increased investment in real-world assets using crypto. Both property developers and buyers are taking advantage of the blockchain, bypassing the bank middlemen and allowing for faster transactions.
One such website where Bitcoin is used for real estate purchases is Propy. There, you can find a crypto-certified agent to help you purchase or sell properties in crypto. In addition, Propy allows users to pay using cryptocurrencies through the Propy Crypto Exchange platform. The site also has an NFT platform that allows users to buy and sell real-world properties as NFTs.
Gambling at Crypto Casinos
Another industry where crypto is becoming increasingly popular is the online gambling industry. Online casinos are revolutionizing the way we view gambling with the use of crypto and modern tech like Virtual Reality (VR) and Augmented Reality (AR). VR and AR open up a vast and immersive virtual world to users, like the metaverse. Here, players can interact with one another in the form of avatars. Apart from offering crypto gambling options, crypto casinos also make use of NFTs as game tokens and rewards for players.
Since the first bitcoin casino opened in 2012, more casinos are warming up to the idea of gambling with digital coins like bitcoin, ethereum, tether and others. This is because crypto transactions are incredibly fast and seamless, allowing for quick and easy deposits and withdrawals. In addition, btc casinos found on sites like cryptocasinos.net offer players anonymity and security like never before. While some may require KYC verification and proof of funds, others don’t require any personal information at all, eliminating threats of hackers and fraudsters.
Popular retail websites like Newegg, Etsy, and Shopify are now accepting the use of crypto coins for purchases. From crafts to electronics, a wide variety of goods are now available for crypto users to buy online. Some sites like Shopify even allow smaller businesses access to this payment method once they have registered on their site. These sites are sure to gain a competitive edge in the market today.
Blockchain tech offers several benefits to these retail sites in addition to improving customer experience. Retailers can now easily track products and inventory, manage consumer data effectively, and save costs on transaction fees. Crypto also helps to minimize fraud which is common with credit card payments.
Using Crypto-Linked Cards
With the introduction of crypto-linked credit cards, making everyday purchases with crypto is now easier and more convenient. As long as the vendor accepts these cards, you can now buy goods online and in person and even withdraw cash from ATMs using bitcoin. A crypto-linked card (typically Visa and Mastercard, although other brands exist) automatically converts your crypto savings to the necessary fiat currency at the time of purchase. You only need to swipe your card in the store or use it to purchase goods and services online.
With high-level security and encryption features, these cards help to protect your funds. An additional perk is that you are rewarded in crypto rather than cashback as you spend on the card.
Making Car Payments, But not Tesla
Presently ranked as one of the world’s largest industries by revenue, the automotive industry allows using crypto as a mode of payment. In March 2021, the CEO of Tesla Motors, Elon Musk, announced on Twitter that Teslas could be purchased with Bitcoin. But in May of that same year, he backtracked on that decision, which made the cryptocurrency market crash tremendously. However, his tweet made it clear that people really are interested in purchasing cars using cryptocurrencies.
Way before his tweet, many companies like BitCars.edu and AutoCoinCars have been allowing the use of crypto to buy and sell automobiles from dealers. In addition, many gas stations allow customers to fill up using crypto payments.
Although cryptocurrencies are still in the adoption phase in many industries, the market is already making a significant impact worldwide. As more users use and invest in crypto, governments and businesses increasingly accept the technology for investment, transactional and operational purposes. With crypto being used in large and notable industries such as travel, real estate, gambling, retail, e-commerce, and automotive, more industries are certain to follow suit.
Cryptocurrency is here to stay and will only expand in the future. As a business owner or customer, the best you can do is embrace this technology now.