The 8 Most Crypto-Friendly Industries￼
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Cryptocurrency has taken the world by storm with its new and innovative way of managing domestic and international transactions. While efforts are constantly being made to improve and regulate the crypto world, it is undeniable that more and more people are getting into crypto. As crypto grows in popularity, more institutions and industries are beginning to recognize the potential of cryptocurrencies to revolutionize commercial payments.
Many industries have already taken steps to adopt crypto and other digital currencies. From technology to retail, several sectors are already embracing the new frontier by allowing their customers to pay in crypto as they would any fiat currency. In this article, we’ll talk about some of the biggest industries that are making great strides in integrating crypto and blockchain-based payments.
Travel and tourism
Previous research has shown that travel companies make up a large portion of businesses that welcome crypto payments. Currently, there are several travel agencies and airlines that accept crypto payments for bookings and ticket reservations. Some of these companies include the travel booking site Expedia and airlines such as Norwegian Air and AirBaltic.
Still, crypto has yet to adopt widespread use in travel businesses around the world. As such, some travel companies may not be able to accept other crypto formats such as Monero. If this is your cryptocurrency of choice, you should check out specific booking companies that accept Monero. Alternatively, you can store your funds in a secure Monero wallet and easily convert your coins to other currencies.
E-commerce is another big adopter of crypto, which is not shocking since this industry is largely driven by online payments. Industry giants such as eBay have already begun to recognize crypto as a means of payment as the company seeks to attract millennial and Gen Z consumers. In addition, eBay is also introducing non-fungible tokens (NFT) as another form of blockchain-based payment.
Relatedly, crypto users can use their assets to buy gift cards for e-commerce sites. Some entities accept a wide variety of cryptocurrencies as payment for gift cards used on eBay, Amazon, and other online marketplaces.
Banking and finance
Instead of thinking of crypto as competition, both traditional and digital banks are exploring ways to integrate this new market into their services. Crypto has a reputation for quick and simple transactions, so it’s clear that banks can benefit significantly from adding crypto to their service offerings. Credit card companies such as Visa already allow customers to pay with crypto payments, while PayPal has recently introduced a crypto cash register. In addition, some digital wallets include crypto exchanges in their investment services, allowing users to participate in cryptocurrency trading.
Food and drinks (food and drinks)
Many F&B companies, especially manufacturing heavy brands like Walmart and Nestle, are currently using blockchain to update their supply chain methods. But otherwise, this sector is constantly experimenting with crypto payments at the point of sale (POS) level. Companies known for crypto include large chain stores such as McDonald’s, Burger King, KFC, Domino’s Pizza and Starbucks.
As a result of the pandemic, many entertainment companies that manage cinemas and live events want to take advantage of a cashless payment option such as crypto. Recently, theater companies such as AMC Entertainment are allowing moviegoers to pay for their tickets with cryptocurrencies such as Bitcoin and Dogecoin. However, thanks to digital payment options, customers can purchase their tickets safely and conveniently without having to make skin-to-skin contact for events.
Many online games today include online events, and several games also serve NFT exchanges. Crypto payments are most common in online casino games, which is primarily due to the increased security and privacy and the decentralized nature of crypto transactions. In addition to this, avid gamers can use their crypto assets to purchase gift cards that can be used to purchase video games on prominent platforms such as Xbox Live and PlayStation Network.
Software and cloud/hosting services
Hosting services, especially VPN services, are known for their openness to crypto payments. This may be because VPN services, like blockchain technology, prioritize extreme security and privacy. However, users who want to stream entertainment that is not available in their countries can get powerful VPN services for their viewing needs using crypto. Notable examples of companies that accept crypto include NordVPN and ExpressVPN.
In addition, software giants such as Microsoft have also started accepting crypto payments for their products. You can use crypto to add funds for billing and payment if you want to get a few software updates.
Organizations and charity
In addition to buying commodities and trading assets for quick cash, you can also use crypto to donate to charity. In addition to fast and hassle-free transactions, nonprofits can also take advantage of blockchain transparency to give donors insight into how donations are being used. Given these benefits, it’s not surprising that nonprofits account for about 9 percent of communities involved in crypto transactions.
Organizations such as Save the Children, The Water Project and The Red Cross have already incorporated crypto into their donation channels. It is also interesting to note that UNICEF was the first organization under the UN to handle cryptocurrencies for funding and redistribution.
From blockchain to the world
As crypto dives deeper into the mainstream, more and more people are trying to understand and maximize their use of cryptocurrencies. From long-term investments to everyday transactions, the crypto community can leverage its assets in countless ways. And as more institutions jump on the blockchain bandwagon, it’s exciting to see more industries join the crypto hype. But while we haven’t seen full-scale adoption of crypto yet, we can always explore what we can already do with a few digital coins.
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