More and more companies are starting to accept payments in Bitcoin, Blockchain technology and sometimes even other cryptocurrencies. Which industries have already embraced digital currencies? Find out in this article.
Fast food is a huge industry, worth billions of dollars. The fast food industry is also a pioneer when it comes to new marketing techniques and promotions. So it is no surprise that fast food companies are willing to adapt to new technologies.
You can now pay for your Domino’s pizza with Bitcoin. Furthermore, Kentucky Fried Chicken is experimenting with accepting Bitcoin as a payment through their ‘Bitcoin Bucket’, launched in several branches In Canada.
Furthermore, there are more and more delivery platforms that offer takeaway foods for Bitcoins. Takeaway.com for example is a popular food delivery service provided in a lot of countries. They are accepting payments in Bitcoins. Or more classic payment methods if that is what you prefer of course.
The Automotive Industry
Yes, you can buy an entire car with Bitcoin. In fact, more and more automotive companies and car dealerships are starting to accept Bitcoins. Besides physical stores, there are many online car stores that accept Bitcoins. Some even specializing in and only accepting payments in Bitcoin, such as Bitcars.eu.
So why is Bitcoin so popular in the automotive industry? The main reason is the huge amount of paperwork that comes with the industry. Blockchain-based payment channels help eliminate procedural bumps. Furthermore, Blockchain provides an easily traceable way to keep tabs on payments and improves supply chain management.
Cryptocurrencies are a popular means of payment in casinos, especially online casinos. Paying with crypto allows the player to stay anonymous. The player’s data remains unknown to the casino, because there is no need to create an account. Another big advantage is that the fee for using cryptocurrencies is lower than that of traditional payment methods. Furthermore, when winning a bet, players will receive their crypto a lot faster than they would traditional money.
The most popular cryptocurrencies in the casino industry are Bitcoin, Litecoin, Dogecoin and Ethereum.
There are, however, some disadvantages of using crypto in the casino industry. A lot of players do trade their cryptocurrency for traditional money in the end. Some other players buy crypto just to gamble and have their winnings paid in euros or dollars. This does not do the value of crypto currency any good.
Tourism & travel
The travel industry is one of the largest, fastest growing industries in the entire world. Different companies in the tourism industry, such as some hotels or airports, already accept payment in crypto. Also, there are booking websites accepting payment in crypto currencies. Cheapair.com was one of the first plane ticket companies to accept payment in crypto worldwide. Booking site Travala.com even has its own crypto currency: AVA. Their own crypto is the second most popular payment method, after Bitcoin.
Furthermore, using crypto during traveling has many advantages. Tourists are using it to prevent currency conversion costs, ATM withdrawal fees and transaction fees. Crypto offers what we are all looking for when traveling: freedom.
Real estate companies are starting to put Bitcoin prices on their price lists to grab the buyers’ attention. There is the option to pay for the entire house in Bitcoin, or you could split the amount and pay half in Bitcoin, half in other currencies. This may come in handy in regards to certain tax advantages for mortgages in certain countries.
Paying in Bitcoin makes international transactions hassle-free, making it easier to buy a property abroad. Furthermore, in some cases buying a property in crypto will help evade extra taxes when eventually transferring the property.
Crypto is big and booming in the gaming industry, with many game developers creating their own crypto tokens. Coins such as Enjin Coin, XMax, WINk Cocos-BCX and Moss Coin are especially designed to be used in the industry.
Allowing in-app purchases for videogames to be paid in crypto has some advantages. Players do not have to go through a third party to process their payment, which is faster and cheaper. Furthermore, purchases can be added to the blockchain, protecting them from being erased due to technical errors or shady game developers. Besides that, blockchain technology makes it possible to share purchases between games and even between game developers. Finally, blockchain technology is very secure, making it impossible for hackers to mess with.
At this time, the technology is not a 100 % optimal. This causes transactions to take up to 10 minutes. There is some work to be done to fix this issue, but crypto’s potential in the gaming industry is still undeniable.
Adoption of cryptocurrencies
Whilst some industries are accepting crypto more and more, the overall adoption seems to be a slow process. It is clear, however, that there are some positive changes and steps in the right direction. The use of cryptocurrencies is slowly rising worldwide. We believe that more companies will accept crypto in the future. Especially when large multinationals are ready to take that step.