As bitcoin grows in popularity, more and more online and offline businesses are beginning to accept cryptocurrency as a form of payment. And with good reason. When you use bitcoin to make purchases online or at physical stores, you support local businesses. Not third-party companies. Here are a few of the top industries that welcome bitcoin and how it is growing.
Gambling Industry
The first primary industry to embrace bitcoin was the online gambling sector. When online gambling was still illegal in many states, poker players wanted to play for real money. These players turned to bitcoin as a way of bypassing the banks and credit cards that refused to process transactions.
Lacking a centralized authority, bitcoin appealed to companies. It wanted to allow players to play using their software code. Due to bitcoin storage on a computer, there is no need for a central server. Thus, making it ideal for online gaming.
The online gaming industry also has had security as one of its top concerns. This is where bitcoin shines. Crypto sports betting features encryption and is easy to verify. Hence, it eliminates the need for third-party servers. Also, other intermediaries might compromise security. However, only players 18+ and above can play.
Travel Industry
The travel industry is one of the most significant users of bitcoin. This is whether it’s booking flights, hotels, or even rental cars. More and more companies are using this cryptocurrency. This attributes to its ease of use and the that it doesn’t have to convert into different foreign currencies. Some of the biggest names in travel include Expedia.com and CheapAir.com. Both companies have been accepting bitcoin for several years now. However, the payment option still isn’t offered on every website within their network.
For example, you can book a flight through CheapAir.com or buy concert tickets through CheapTickets.com. However, you can’t book a hotel with bitcoin by visiting either website directly.
Electronic Commerce Retail Stores
Electronic commerce (aka e-commerce) retail stores have been attracting bitcoin customers since 2013. Due to the decentralized nature of cryptocurrency, e-commerce platforms do not have processing fees associated with their transactions. Thus, it makes accepting bitcoins an appealing option for retailers.
These websites sell everything from clothing to electronics to jewelry. All of which are more expensive than books. Also, other low-cost items that many bitcoin users like to purchase with their digital currency.
Food industry
The food industry took to embrace bitcoin in the last decade. Since its introduction, restaurants, eateries, and even bars have started accepting bitcoins as payment methods. These industries benefit from bitcoin in many ways. This is especially when it comes to cost reduction.
Due to bitcoin’s decentralized nature, there are no chargebacks or refunds that have to be processed. This way, these businesses can save money on transaction fees and get paid instantly. The food industry has seen increased adoption of this payment method ever since its inception.
Final Takeaway
Bitcoin isn’t a trend anymore. It is part of society’s economic system and is worth investing in. More high industries accept this and encourage us to use it because it makes the transactions simpler, effective, and fast, making the money exchange and transfer work easily.
