It seems as if only yesterday cryptocurrencies were nothing more than unique investment opportunities intended to appeal to a niche marketplace. However, times are indeed changing. In the past decade, crypto has infiltrated every prominent sector, offering its unique, innovative features that attract traders and common people alike.
Tokens such as Bitcoin, Litecoin, and Ethereum are beginning to rival traditional payment methods, and some even believe that crypto transfers represent nothing less than the next digital leap forward. In this article, we will examine some sectors that have already been bitten by the cryptocurrency bug.
Tourism
Anyone who has been bitten by the wanderlust bug will be happy to learn that these types of anonymous payments are being accepted by a growing number of travel firms. The main reasoning here is that cryptocurrencies do away with geographic borders, and they are immune to foreign exchange rates that might otherwise devalue a specific currency when performing a transfer. Others feel that cryptocurrencies are more secure when compared to cash and credit cards.
Banking
It is not a surprise that a growing number of banks have opened their doors to the notion of cryptocurrency transfers. Customers can now open up so-called “hybrid” accounts; platforms that allow them to hold crypto and fiat funds within a single interface. Another interesting side effect of this paradigm shift involves the opportunity for average individuals to trade cryptocurrencies through the use of proprietary e-wallets. The only question involves future regulations that may be put into place (an ongoing topic).
Online Casinos
Another marketplace that has enjoyed a cryptocurrency boom involves online casinos and the iGaming sector as a whole. The obvious intention here is to provide customers with more flexibility when it comes to payment options; a powerful marketing tool that should attract even more players. However, not all establishments are following suit.
Major brands such as Jackpot City Casino have yet to allow cryptocurrency payments. There are actually several valid reasons behind this observation; some of the most practical including:
- Potential issues with transparency.
- A lack of centralised regulations.
- Some options are not available in certain regions of the world.
Thankfully, there are still plenty of fiat solutions that will open up a kaleidoscope of games, tournaments, promotions, and similar opportunities. A lack of crypto does not signify that the establishment in question is any less diverse in terms of end-user satisfaction.
Furthermore, we need to remember that some individuals simply wish to remain loyal to traditional options such as e-wallets, bank transfers, and credit cards. Having said this, it is clear that a growing number of casinos are warming up to alternatives.
Restaurants
Believe it or not, well-known restaurant chains such as Burger King, Subway, and Starbucks can now accommodate cryptocurrency payments. The primary goal here is to cater to the desires of a younger generation of customers. While these franchises tend to be outliers at the moment, it is a foregone conclusion that more firms will come in board in the not-so-distant future.
Conclusion
To be clear, it is not likely that cryptocurrencies will ever supersede well-known payment options. They are set to represent nothing more than “another string in the bow”. This is great news for everyday consumers who want to leverage personalised payment options with a single click.
