No matter what industry you work in, money is almost always an essential commodity. It’s what allows people to make purchases and keep companies in businesses. However, what we define as money is in a constant state of flux.
A century ago, payments would generally be made through either cash or cheque because there wasn’t really any alternative. As technology has developed, though, new means of covering a fee have arisen. This has included credit cards, online payment services like PayPal, and mobile payment services like Apple Pay.
Something else that’s been emerging as of late is cryptocurrency. Although not considered a legal tender by many at the moment, there’s increasing interest in using this digital currency as a substitute for other methods. As more industries adopt it, it’s popularity could potentially grow to the point that it becomes preferable over cash and card.
The presence of cryptocurrency could have serious implications for a lot of industries. However, many are hopeful about what currencies like Bitcoin could do for them. These five industries, in particular, already seem to be embracing it.
Gambling
Casinos used to be something that you physically had to go to when you were in the mood to gamble. Now, the internet is filled with thousands of sites all offering the same service.
This has led the remote gambling sector to amass the biggest gross gambling yield in the UK, with the online benefits evidently proving to be a big hit. Not only do these internet casinos typically offer amazing welcome bonuses and an insane variety of games, but they also allow you to pay in pretty much whatever way you’d like.
Whether you prefer to fund your gambling with a credit card, bank transfer, or mobile payment, the options are almost always there. What’s more, a growing number of them are now introducing cryptocurrency as a genuine form of payment too.
Bitcoin, in particular, is becoming incredibly popular in the online gambling scene because its faster, safer, and more secure. Those are three qualities that appeal to a lot of people, particularly casual gamblers, who may have concerns about spending their money in an online casino. If they know there’s a reduced risk by using something like Bitcoin, they may be more inclined to give gambling a go, which is obviously good for business.
E-Commerce
E-commerce was already becoming insanely popular before the pandemic hit. The convenience of buying products online meant that many customers were choosing to use this method instead of hitting the high street.
Now that COVID-19 has made the internet the main place to shop, it’s no surprise that e-commerce platforms are boosting the variety of ways that people can make purchases. Cryptocurrency is becoming an increasingly common option, with services like Shopify allowing for hundreds of different digital currencies. It’s safe to assume that at some point, every e-commerce business will provide this as a viable payment option.
Obviously, paying for products through something like Bitcoin may seem like a strange choice right now, given that the average customer doesn’t really dabble in cryptocurrency. However, that may well change soon enough, especially as you don’t have to be rich to get your hands on these digital assets.
You can get free cryptocurrency in so many ways, with the Traders Of Crypto community highlighting all the available options in one very handy guide. From airdrops to crypto competitions, the opportunities to get yourself started are numerous and readily available to everyone. The more people that get involved with these, the more e-commerce sites will start offering cryptocurrency as a standard form of payment.
Banking
This industry might be one you wouldn’t expect to embrace cryptocurrency, given that its very nature works against them. These digital assets are supposed to prevent the need for financial intermediaries, which should make banks redundant.
However, it’s for this very reason that the industry is beginning to adopt blockchain technology and work with cryptocurrency rather than against it. They know they can’t stop its growing popularity, so by embracing it now, they ensure that it doesn’t hit them hard in years to come.
Obviously, there’s no denying that blockchain technology can bring some great advantages to this industry. The secure nature of cryptocurrency, for instance, can prove beneficial for recording financial transactions. Plus, the fact that currencies remain the same across the globe means that overseas transactions become quick and seamless.
Given that changes in the banking industry tend to be relatively slow, we shouldn’t expect the adoption of this technology to become widespread for a while yet. However, the ball is already rolling, so it’s only a matter of time before more banks start embracing the future.
Travel
International travel hasn’t really been on the menu for a lot of people recently, thanks to the pandemic. However, things aren’t going to stay this way forever, and soon enough, people will be jetting all over the world for business trips and holidays.
When that happens, you can bet that some of those travellers will be choosing to cover the costs with cryptocurrency rather than another form of payment. That’s because a growing number of travel agents and accommodation providers are allowing currencies like Bitcoin and Ethereum on their sites.
Services like Expedia and Travala are already embracing cryptocurrency, aware of how it – and blockchain technology in general – can revolutionise the industry. Although most of the business done this way is for luxury travel paid for by wealthier clientele, that’s bound to change as cryptocurrency becomes more mainstream. The average person just needs to realise how accessible currencies like Bitcoin really are.
Entertainment
One of the great things about cryptocurrency is that it cuts out the middleman. This is because everything is done through a peer-to-peer network, so the currency goes from one party to another without any interference.
This can be incredibly useful for content creators in the entertainment industry, whether they be filmmakers, musicians, or even adult performers. For instance, with blockchain technology in place, people would be able to get the right amount of royalties they’re due. Many artists don’t get paid what you might expect, even if their songs are streamed millions of times a day.
Unsurprisingly, there’s reluctance from certain powers to embrace cryptocurrency, given that doing so would negatively affect them. However, there are changes already being enacted, such as the one billion XRP grant made to a content creation platform several years ago. As these actions grow in number and begin enacting change across the entire entertainment industry, they promise great things for those who are creatively – but not always financially – rich.
Cryptocurrency is nowhere near where it needs to be for every industry to start fully incorporating it. Bitcoin is still only just over a decade old, and while it might keep soaring to great heights, it’s volatility makes a lot of people nervous. That doesn’t mean it and other cryptocurrencies won’t eventually become the norm, though, especially given that blockchain technology offers so many incredible benefits. For now, the gradual adoption that we’ve seen in these five industries is the level of embracement that we should expect for the next few years. However, give it a couple more decades, and everything may well change for the better.
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