Cryptocurrencies have been around for quite some time. However, until recently they were seen as a relatively niche market. In recent years, the use of cryptocurrencies has become more mainstream, and more industries are now beginning to establish platforms that allow them to accept payment in bitcoin and other major digital currencies.
The online gambling industry is one sector that has been ahead of the curve, with many an online casino set up for accepting cryptocurrency payments. Approximately half of all bitcoin transactions take place in payment for online gaming. There are multiple advantages to the online gambler of using cryptocurrencies, including greater data security, anonymity online, and the ability to access online gambling services even in areas where it is prohibited.
The beauty industry has also begun taking steps to embrace digital currency payments, with brands such as Wake Skincare capitalizing on the boom in cryptocurrencies and adding Coinbase to its checkout services. This allows customers to pay for their beauty products using either bitcoin or Ethereum, two of the most popular forms of cryptocurrency currently available.
The office-sharing start-up WeWork, which is backed by SoftBank, began partnering with CoinBase in 2019, facilitating payments in a select number of cryptocurrencies through the Bitpay app.
Bitcoin and other cryptocurrencies are no longer on the fringe of finance. They are rapidly becoming a commonly accepted form of payment with many companies, from start-ups to huge global brands. Customers of Visa can now make payments to settle their accounts using cryptocurrencies. PayPal launched a crypto checkout early in 2019 and Tesla Inc. allows car purchases made in digital currency.
The tourism industry is ripe for cryptocurrency engagement, which would allow travelers to access funds from even the most remote areas. Cashless payments have rapidly become the norm for many travelers – adding cryptocurrency into the mix allows payments to be made securely via mobile phones in areas where access to an ATM or payment via card is restricted.
The food industry is another sector where blockchain technology and cryptocurrencies are being implemented. Industry giants Nestle and Walmart have already implemented blockchain as part of a process to improve supply chain transparency and increase quality standards. With blockchain systems in place, customers can be assured that their purchases will be of the standards detailed on the label. Several major food companies have implemented payment systems that allow cryptocurrency payments for the weekly shop.
As cryptocurrency becomes more widely understood, more and more retailers, banks, and websites are introducing payment services that include cryptocurrency. Microsoft, Wikipedia, and Amazon are just a few of the online giants that already have systems in place, and it seems likely the trend will continue. With many of the world's largest companies and multiple start-ups already jumping on the crypto bandwagon, it seems likely that the rest of the industry will shortly be following.