The use of cryptocurrencies has grown worldwide to over 300 million global users. Advantages include security, transparency, speed and privacy. However, despite its popularity and the benefits it offers, the uptake of crypto among business sectors has not been uniform. Here is a look at which industries have embraced cryptocurrencies.
Banking and financial services
Cryptocurrency has been a disrupter in banking and financial services. The advantages of crypto in banking include cheaper and faster money transfers, as digital currencies eliminate the need for third-party intermediaries in transactions between two parties. There is also an argument that they enhance stability, as they sit outside financial institutions, meaning that the failure of a single large bank would not trigger a crisis. However, the price volatility of cryptocurrencies and their legal status remain concerns.
Online and mobile casinos have embraced cryptocurrencies as a way to eliminate or vastly reduce fees and to offer customers additional flexibility in how they wager and cash out. Some players also see cryptocurrency as offering an extra layer of security, as by wagering using cryptocurrency, users can avoid having to share bank or credit card details. Instead, if people want to play Pachinko on bitcasino io’s new website, they can simply deposit bitcoin in their online account.
Another sector which is seeing benefits from embracing crypto is travel and tourism. Considering the multiple transactions a traveler makes before departing, offering a more secure and traceable payment option makes sense. Elements of a trip from airline tickets and car rentals to hotel bookings and tours can be booked via a single, transparent system. Going further, the blockchain technology that powers crypto offers additional benefits, such as tracking luggage.
Even though retail has not been as quick to embrace cryptocurrencies as some other sectors, there are signs this is changing, at least among some retailers. Tag Heuer and Gucci are among the big-name luxury brands that now accept crypto payments. Among more mainstream retailers, the benefits of accepting cryptocurrency payments include ensuring they continue to appeal to a younger customer base. While some retailers are resistant to crypto in the short-term, others are adopting a longer term view that digital currencies are now a feature of the payments landscape.
As with retail, crypto is gaining traction in the education sector. While, initially, crypto was mostly accepted as philanthropic donations, Wharton School of Business at the University of Pennsylvania and New York City’s King’s College are among the institutions that now accept certain digital currencies for tuition payments. With universities and colleges mostly catering to a younger market segment and with an ongoing need to shore up their finances, it is maybe not surprising that the education sector is at least open to crypto. Similar to the travel industry, in addition to cryptocurrency, educational institutions are seeing benefits in blockchain technology for enhanced record keeping.
While still in their infancy, cryptocurrencies are appearing on the radar of companies and sectors as they attempt to stay current with customer demands and to embrace the benefits offered by digital currencies and blockchain technology.