Virtual currencies first emerged in 2009 when Satoshi Nakamoto published a whitepaper introducing Bitcoin. Since then, over 22,904 cryptocurrencies have come into existence — of which — 8,832 are still active.
Cryptocurrencies are widely popular as they offer convenience, anonymity, and resilience against inflation. As more and more consumers embrace crypto, businesses are left with no choice but to adapt to this change.
This number is expected to increase as new industries start leveraging crypto to their advantage. In this blog, we have compiled a list of the top 8 industries using crypto.
Several eCommerce giants, including Newegg, Etsy, and Home Depot, accept crypto payments from their websites or through third-party services. That’s not all. Many eCommerce marketplaces like Crypto Emporium allow users to purchase anything from electronics to automobiles directly through crypto.
You can also pay for your daily needs with crypto exchange platforms. They allow you to exchange crypto for gift cards from your favorite brands. Due to its wide accessibility, low transaction fees, and instant settlements, crypto can be a viable alternative to fiat currency for the eCommerce industry.
If you run an eCommerce business, you can start collecting Bitcoin payments through Speed. Trusted by over 550 merchants and businesses across the globe, Speed comes with a wide range of features to collect Bitcoin payments on the go.
The US marijuana industry has been locked out of the financial system for decades due to inconsistencies in the state and federal laws governing weed distribution. Even legal cannabis businesses are forced to hoard large amounts of cash, making them vulnerable to violent robberies.
Several cannabis business owners have already started using crypto for their day-to-day transactions. That’s primarily because crypto circumvents all the challenges they had with existing payment options. Crypto payments are not only safe and anonymous but also instant and irrevocable.
More and more users are turning to crypto for gambling as it has a lot of advantages over the traditional currency. From anonymity and accessibility to speed and lower transaction fees — crypto makes gambling profitable for users and platform developers.
Nowadays, Casino sites not only accept crypto but also offer lucrative bonuses for cryptocurrency deposits. And because cryptocurrencies are borderless, they enable site owners to attract users from across the world — even from places where gambling might be prohibited.
With a community of over 3.09 billion active players, online gaming is booming! As smartphones evolved, gaming companies started developing immersive gaming experiences that are addictive and often require players to upgrade their rank for better gameplay. Users can buy add-ons and pay for in-app purchases through crypto.
Crypto gamers can also earn virtual currencies like Bitcoin or Non-Fungible Tokens (NFTs) for winning a game. Some developers even incentivize users for watching ads and completing surveys. Players can exchange their rewards for stablecoins or fiat money via cryptocurrency exchange platforms.
Leading NGOs across the world have realized the benefits of accepting crypto donations. Many NGOs, including UNICEF, Red Cross, American Cancer Society, and Khan Academy, accept crypto donations. Here’s a full list of NGOs accepting crypto.
Accepting crypto enables NGOs to reach a global audience while maximizing the donation amount. What’s more, crypto donations are cheaper to process when compared to credit card payments. Last but not least, onboarding crypto payment gateways is generally easy and requires minimal documentation.
Crowdfunding emerged as a bridge between individual investors (pledgers) and entrepreneurs (creators) — an ecosystem that thrives on creating value for each other. For both parties, establishing trust was a major challenge. Crypto solves that by making transactions truly transparent.
Braid, a psychological horror heist film, became the first movie that was fully funded by cryptocurrency (raising a reported $1.7M in just two weeks). It even premiered at Tribeca Film Festival in April 2018.
In an interview, Mr. Peirone, the director of the film, revealed, “The reason why we used cryptocurrency is because of its underlying technology, the Blockchain: it is peer-to-peer technology that enables smart contracts at every transaction, these are also known as “if… then” contracts, which means that if the investment generates profit, then the investor will automatically receive their share.”
Today, several crypto-based crowdfunding platforms allow investors to support projects that matter to them. A few popular platforms include Gitcoin, Tallycoin, and CoinStarter. They are completely decentralized and offer users full control over their campaigns and funds.
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The global financial crisis exposed unresolved vulnerabilities in our banking systems. Many banks and financial institutions have turned to crypto to streamline, enhance, and upgrade their service offerings.
Regulatory agencies like the Office of the Comptroller of the Currency (OCC) are helping banks embrace Blockchain for crypto custody services. Banks can allow their customers to store their unique cryptographic keys associated with their private wallets. This means banks can either hold cryptocurrencies or the keys to access the wallets associated with them.
Several food giants, including Starbucks, Burger King, and Chipotle Mexican Grill, already accept cryptocurrencies. That’s not all; you can also buy gift cards for Uber Eats, GrubHub, and Just Eat through crypto.
Crypto’s divisibility and accessibility are two primary factors that make it a viable alternative to traditional currency. You can use it to buy everything from a coffee to a happy meal. If you are a restaurant owner, you can start accepting crypto at your offline outlets — offering your customers more convenience to pay through their preferred crypto wallets.
Users can now buy, rent, and watch online media by paying through cryptocurrencies. Many online streaming services like Sling TV, Feedbands, Dish Network, and Anghami Music have enabled crypto payments on their networks.
Allowing crypto payments helps companies to break geographical barriers to online streaming. Artists, on the other hand, can get global exposure and reach an even wider audience.
Traveling can be very expensive with credit/debit cards. The conversion rates and fees levied by financial institutions for international transactions are ridiculously high and not very convenient. Moreover, only people have a bank account — that’s about 69% of total adults. On the contrary, over (86.29%) people have smartphones — making them likely to adopt crypto.
Several airlines, including Virgin Galactic, accept crypto. You can also book flights via third-party websites like CheapAir.com. That’s not all. Thousands of around the world also accept crypto. With time, more and more businesses will start accepting crypto — allowing tourists to travel around with crypto.
Fiat currency has ruled for decades now. Despite their ability to store value, fiat money is inflatable and vulnerable to dictatorship as they are fully controlled by banks and governments. The million dollars you own may lose its power if the government decides to print more money. Moreover, the cost of printing and distributing money is significant and impacts the economy and environment.
On the contrary, cryptocurrencies are virtual, deflationary, and completely decentralized. They can overcome the prevalent challenges with fiat money. The day isn’t far when crypto will take over traditional currencies across all sectors. Whether you want to buy a pizza or visit Peru, you’ll be able to transact through crypto. To learn how crypto is leading the way, check out our full comparison of fiat and cryptocurrencies.
Cryptocurrencies hold immense potential to become the future of money. Even today, you can do a lot of things with crypto — from ordering a meal to buying a Lamborghini and everything in between. As crypto users grow worldwide, more businesses will become crypto-friendly, freeing the world from censorship and re-establishing trust in money.
If you’re a business owner seeking to stay ahead of the competition, sign up today with a crypto payment processor to start accepting cryptocurrency at your online and offline touchpoints.
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