The financial revolution that brought cryptocurrencies less than two decades ago has attracted people from all walks of life — from government officials to industry leaders, cryptocurrency evangelists and ordinary citizens.
Virtual assets such as Bitcoin, Ethereum and Dogecoin are no longer trading assets according to Become a means of settling transactions. Which industries have significantly embraced cryptocurrencies? How are they adopting digital assets? Please find the answer in the paragraphs below.
Online gambling is one of the pioneer industries to adopt the emerging asset class. Today, online gambling accounts for a large portion of all bitcoin transactions. What’s more, casinos like Cloudbet and Duckdice not only accept Bitcoin as payment, but reward users when they present their currency.It’s Safe to Say Bitcoin Adoption is the Cause of Casino Gaming Live Casino Blackjack is Popular.
Now, here’s the good news about the massive incorporation of cryptocurrencies into the gambling industry. The global iGaming industry is worth $300 billion. Virtual assets will play a large part of this, as digital payments are an excellent way to make transparent payments safely and securely.
Many banks are taking a cautious approach to the asset class due to the chaotic global cryptocurrency regulatory landscape. However, some banks have already pioneered the adoption of digital assets as a settlement tool for various transactions.
Julius Baer, one of the largest private banks in Switzerland, is an example. Julius Baer Partners with Swiss Pioneer Crypto Bank SEBA Crypto AG, so that customers can access their encrypted assets. USAA is another pioneer in the adoption of Bitcoin in the U.S. banking industry. The US-based financial services company allows its clients to make investments, transfer funds to bank accounts, pay for insurance and more.
Simple is another U.S. bank that allows customers to hold and trade cryptocurrency deposits. Other U.S. banks that support cryptocurrencies include Revolut, Ally Bank, Bank of America, Goldman Sachs, Juno, and Wirex. While the future of cryptocurrencies in traditional banking may be unclear, cryptocurrencies and blockchain are definitely taking root in the banking world.
Tourism is one of the industries that has seen a significant increase in the adoption of cryptocurrencies. Financial experts predict that non-cash payments such as cryptocurrencies will soon become the mainstream method of payment settlement.
Popular hotels, restaurants and shops around the world have begun accepting cryptocurrencies. Travala is a travel booking platform that allows users to book hotels, flights and houses using Bitcoin. Globally known food apps like Uber Eats, DoorDash, and GrubHub also accept food orders paid for in cryptocurrencies.
More than 3.8 billion people worldwide have bank accounts, and More than 7 billion people use mobile phones. While visiting the exciting sights of a foreign destination, it’s easy for a tourist to run without an ATM or cash in case of an emergency. However, they are more likely to have a mobile phone. This makes crypto payments via mobile phones a more viable and trusted solution for tourists.
Fast Moving Consumer Goods (FMCG)
The fast-moving consumer goods industry is another industry that has seen more adoption of cryptocurrencies. The use of Bitcoin and other altcoins enables FMCG companies to facilitate transparent supply chains and seamless payments.
FMCG giants such as Nestle, Unilever, and Walmart have implemented a system that allows users to pay for groceries using Bitcoin. With minimal effort, manufacturers can use blockchain technology to prevent others from counterfeiting their products.
The transparency that comes with manufacturing and distributing products using blockchain technology increases consumer confidence and increases brand loyalty.
The number of digital stores that accept cryptocurrency payments continues to grow every year. For example, HopeDepot and Walmart in the US help Americans with their Alegoria applications.
Other retail giants such as Expedia, Microsoft, Wikipedia, and Amazon have adopted crypto payments as a settlement system for their users. In addition, PayPal, Dell, and many other international organizations have adopted virtual assets as a means of payment for users.
Cryptocurrencies are used across the globe, from gambling to retail, food companies, banking and tourism. The good news, however, is that these industries simply paved the way for others to follow. We can expect more industries to accept virtual assets such as cryptocurrencies in the future.