Which Industries Are Currently Using Cryptocurrency?
Cryptocurrency is largely seen as the currency of the future. It’s a more efficient payment method: It’s faster and more secure, direct, and anonymous. Users also don’t have to deal with the hassle of banks or additional fees for usage. Plus, cryptocurrency has the potential to become a widely-used borderless currency that will boost the global economy.
Another major benefit is that it can have a more stable value over time. Bitcoin, for instance, is one of the most dependable and inflation-resistant cryptocurrencies right now, which is why it’s seeing early adoption in a number of industries. Below we’ll dive into this further, discussing several industries that are currently using cryptocurrency and how they’re using it.
The travel industry is one of the biggest cryptocurrency adopters right now, particularly in relation to online bookings. Expedia, for example, is accepting bitcoin payments for flights, hotels, and other services. However, it should be noted that they have strict terms and conditions for payments and refunds.
Another big player is CheapAir, which heavily caters to cryptocurrency users. They were one of the earliest adopters of cryptocurrency, introducing bitcoin-as-payment all the way back in 2013. They also started accepting ethereum last year to give their customers another option. Customers can use cryptocurrency to book flights, hotels, and car rentals on their site or through the Bitcoin app.
The casino industry has long been keen to take up new technology that will help them to remain competitive, improve security, and offer their customers better experiences. With this in mind, many online and offline casinos have started to accept major cryptocurrencies like Bitcoin to bring in more business, and they’ve already seen business improve with increased revenues in non-gaming activities.
In particular, land-based casinos like the D Hotel and the Golden Gate Hotel & Casino in Las Vegas are accepting bitcoin at the front desk, gift shops, and restaurants. Both casinos have also incorporated Bitcoin ATMs throughout their establishments for easy access to cryptocurrency trading. All of these moves are helping Las Vegas to follow through on its ambition of becoming a tech hub, and as a result, they’re also boosting the local bitcoin economy.
Just last year, one of the world’s biggest telecom companies, AT&T, started to accept bitcoin for bill payments through their BitPay service. For customers, BitPay is accessible directly from their online accounts or the AT&T app. AT&T is generally one of the largest companies — if not the largest company — to accept Bitcoin right now, so expect this move to inspire a lot of businesses to follow suit in the near future.
Although Virgin Mobile was expected to introduce Bitcoin a few years ago, they still have yet to offer it as a form of payment. However, Virgin Galactic, the most futuristic part of the Virgin Group, accepts bitcoin and ethereum, among others, for its space flights. As for Verizon and T-Mobile, it’s unclear how long it will take them to get on board with cryptocurrency. But now that AT&T has BitPay, you can guarantee it won’t be long if they want to remain competitive.
Like the casino industry, the retail industry depends heavily on customer satisfaction, and to remain competitive, they’re always looking for new ways to please their customers. For many retailers, that includes cryptocurrency acceptance for purchases. This not only gives customers another payment option, but it also shows that these retailers are innovative and focused on the future.
Last year, major retailers like Starbucks, Whole Foods, Crate and Barrel, Barnes and Noble, Lowe’s, Ulta, and Nordstrom started to accept bitcoin, ethereum, and other cryptocurrencies. Their focus is on mobile cryptocurrency payments through their app for improved usability in store.
Although many industries and businesses have been slow to adopt cryptocurrency, there are still many options available for cryptocurrency users. Many small online businesses around the world accept Bitcoin and other cryptocurrencies as a form of payment. With a little research, you’ll be able to find a business that will allow you to put your cryptocurrency to good use.