The industries that are embracing cryptocurrency to the fullest extent

When one begins researching the emergence and normalization of cryptocurrency, it is impossible not to have flashbacks to the early days of the internet. Millions of spectators, from pundits on television to newspapers to everyday people, believed that the internet was going to be a fad, primarily providing functions such as electronic mail. Considering how much of our lives are utterly dependent on computers, cell phones and the internet – it is hard not to feel silly when thinking of people’s hesitation early on in the process.

Today, Web 3.0, the blockchain and cryptocurrencies are experiencing a microcosm of this same hesitancy. Arguably, the reluctance is not as widespread, but Bitcoin and its fellow cryptocurrencies need to demand legitimacy. Earlier this year, US President Joe Biden signed an executive order which instructed the US Treasury Department to analyze blockchain technology and “address the implications of the growing digital asset sector and changes in financial markets for consumers, investors, businesses, and equitable economic growth.” While it is reassuring that they are investigating the market, even the White House is unsure of how this digital industry will shape the future of the US and global economy. Luckily, more and more industries are starting to take note of everything that cryptocurrency systems can deliver.

An entire industry has grown around celebrating the potential of crypto. Top companies are beginning to integrate different cryptocurrencies into their ecosystems, while others such as OKX have developed monitoring software programs to keep investors updated on their assets. These types of companies all approach crypto with their own specific lens and help resolve various doubts about the phenomena of crypto and blockchain.

Online gaming

One such industry is the online gaming and casino world. Adoption of this technology is terrific for both consumers and gaming networks. Consumers are able to develop a deeper trust for their favorite websites and casinos because those built on the blockchain and using crypto are inherently more transparent. After all, all the information is stored and accessible. For companies, there are incredible security advantages to cryptocurrency that traditional banking lacks. Additionally, as crypto casinos are founded, digital wallets and crypto accounts hosted on the casino platform grow in popularity, resulting in strong customer retention and return rates. Thanks to the high satisfaction rates for consumers and hosting platforms, online gaming has exploded in the last decade, with billions being processed every year.

Travel

An industry that surprises most people when talking about the emergence and acceptance of cryptocurrencies is the travel industry. It seems as if traditionalists in this industry had become accustomed to the typical practice of contacting your bank to withdraw foreign bills or accessing an ATM in the destination country to acquire the necessary funds. However, when one thinks of the unreliable currency exchange market and security concerns around using ATMs, it is surprising that more people have not sought out other payment methods. Hotels and airlines have started to adopt cryptocurrencies such as Bitcoin and Ethereum as payment for services and goods. This standardization will significantly benefit an industry that has often been subservient to the exchange rates of fiat currency.

Donations

The next time you think of donating to charity, do not be surprised if the not-for-profit accepts cryptocurrency. It is becoming increasingly popular for agencies like these to encourage donations in cryptocurrencies. Charities that are susceptible to government surveillance or exist in countries that are theoretically hostile to their mission statement are the most concerted in their effort to adopt coins that exist on the blockchain. The security and privacy afforded by this donation method are highly sought after.

E-commerce

Finally, the commercial industry which has surpassed the most with its adoption of altcoins and cryptocurrency is e-commerce. As e-commerce is literally an industry built and sustained online, it seems like a natural progression for these companies to advocate for the adoption of cryptocurrencies. Behemoth companies such as eBay have even started exploring the potential of accepting Bitcoin. Especially in the e-commerce industry, crypto will undoubtedly become the norm.

Novices and industry experts alike can both see that the adoption of cryptocurrencies is in the best interests of most parties. These coins provide a level of security and privacy that most types of fiat currency or traditional banking do not. As we enter the next age of the internet and fintech, those who fail to adopt these new methods will quickly be left behind. At the very least, developing a rudimentary knowledge of crypto and altcoins is increasingly sensible.