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For well over a decade, cryptocurrency adoption has been on the rise. But in some ways, it has been a slow and steady process because some industries have been quicker to give crypto a chance than others. However, most of the industries that have adopted crypto have been pleased with the results. They’ve been able to reach new consumers and grow by embracing this technology. Let’s take a closer look at some of the industries that have benefited from their embrace of cryptocurrency in recent years.
E-Commerce
It makes sense for e-commerce platforms to embrace cryptocurrencies. Since their business is almost entirely online, accepting crypto payments is a natural fit. It’s easy for most e-commerce sites to add prominent cryptos like Bitcoin to their list of possible payment options. In fact, if they utilize processors like Coinbase Commerce or BitPay, all kinds of digital currencies can be accepted. Of course, not all e-commerce sites have expanded payment options to include crypto. However, major retailers like Shopify and Overstock have made the leap to crypto, staying ahead of the curve. Not only does offering crypto as a form of payment make things easier for consumers, but it can also help e-commerce businesses stand out from competitors that have been slow to adopt crypto. For some customers, that can be a key differentiator that decides where they do their online shopping.
Online Gaming
The fit between cryptocurrencies and online casinos is a natural one. The two industries have started to take off at virtually the same time, becoming mainstream together. All you have to do is look at the online casino games list to see the wide array of options available to online casino players. It’s a testament to how far this industry has come. Part of the success of online casinos is because they have been proactive in adopting new technologies like blockchain and crypto. Given all of the financial transactions taking place at online casinos, it’s wise to use blockchain technology to keep those transactions safe and secure. That has made it easy for many casino platforms to accept crypto for deposits and withdrawals. By using crypto, online casino customers can have their transactions processed much faster while also trusting that their funds will be safe. Features like that have helped online casinos to build trust with customers and grow their user base.
Financial Services
A big reason why crypto has continued to grow is that the financial services industry has embraced it. Some of the biggest names in finance, including the likes of Goldman Sachs and JPMorgan, can be considered crypto-friendly. Those types of institutions allow their customers to trade cryptocurrencies, which says a lot about how far crypto has come. Obviously, having the biggest names in finance jump into the crypto pool has given blockchain technology and cryptocurrencies legitimacy. At the same time, major companies in the financial services industry wouldn’t make crypto trading available if it weren’t good for business, so the benefits cut both ways.
Real Estate
On the surface, the real estate industry might be one of the last holdouts concerning cryptocurrency. However, this traditional-heavy industry has started to be reshaped by blockchain technology and cryptocurrencies. Granted, this is happening industry-wide because large-scale change tends to take time. However, top real estate companies in major markets are starting to see the benefits of smart contracts using blockchain technology and accepting cryptocurrencies to complete real estate transactions. These technologies have helped to speed up the process of buying and selling property. This allows realtors to conduct even more business because so much of the bureaucratic red tape has been removed. This is good news for both realtors and those who are buying and selling homes.
Travel
The adoption of cryptocurrency is also making things a little easier for the travel and hospitality industry. It’s become particularly important for international travel. Booking travel, lodging, and entertainment across international borders can be a complex process, especially when currencies have to be exchanged. However, crypto simplifies much of that because there is no need to exchange one currency for another. This is why many prominent travel companies have started to accept crypto as a form of payment. Not only does it simplify things, but it also helps to process payments faster. This makes customers happy because they can make travel plans quicker, while the companies providing travel services get paid quicker, too. It’s another example of cryptocurrency creating a win-win for both businesses and consumers within an industry.