August 27, 2021, | AtoZ Markets – Cryptocurrencies have been the talk of the town ever since Bitcoin arrived on the scene over 10 years ago. These digital payment systems are unique because they do not rely on financial institutions to verify a customer’s actions, rather they function with a public ledger called blockchain that allows users to make secure and reliable transactions in half the time. Thanks to these advantages, a variety of industries around the world are being positively impacted by the cryptocurrency market. In this article, we take a look at a few examples of what this looks like.
Banking and Payments
In today’s digital era, traditional banks are being overrun by financial crypto enterprises that streamline these types of virtual money payment processes for interested customers. Many financial institutions, fintechs, and major investment corporations now believe that cryptocurrency is the future of how people store and exchange money. Some benefits include faster processing times, lower or zero transaction fees, and enhanced security. These forward-looking entities will only continue to expand as more banking clients look to integrate cryptocurrencies into their daily financial routine.
A multi-billion-dollar industry that is experiencing steady growth on a global scale, the online casino sector was one of the first to embrace cryptocurrency technology and solutions. In the same way that payments with crypto are quick and safe in banking, so too are they for players inside these online gaming universes. However, while many operators are adopting crypto-based payment services, there are other leading providers who have tailored systems set up for players to utilize that may not involve depositing and withdrawing with digital money. Regardless of the way a customer pays, nowadays anyone with a reliable internet connection can access a casino gaming platform in the virtual world if they are within the legal parameters to do so. And as more legislation is passed and approved by lawmakers, a wider availability of services may lead to the further expansion of cryptocurrency gaming sites.
Ecommerce stores are also being influenced by cryptocurrencies. Here, a selection of online retailers have been embracing the technology as a means of payment for several years now. By dealing with digital money such as Bitcoin, these virtual merchants open up their doors to serve different types of modern customers and their shopping needs. Additionally, besides just eCommerce sites, some physical retailers such as car dealerships, furniture stores, and jewelry shops have been known to work with cryptocurrencies depending on the place. Whether the retailer is a small, privately owned business or a larger one with several different locations, a crypto-based payment system can carry major benefits for vendors.
Non-cash payments in the tourism industry are extremely mainstream, but what about solutions for cryptocurrencies? Because any single trip requires a customer to make a variety of transactions from booking a hotel to paying for a rental car, eating out at restaurants, going on excursions, and more, crypto payments have made their way into the industry as a means of facilitating faster and cheaper transactions with lower commission fees. Cryptocurrencies in the tourism industry are serving a new generation of travelers that are looking for more convenient alternatives to traditional payment methods.
The average smartphone user has approximately 80 apps downloaded on their mobile. While they may only use around 9 of these in circulation, they are still a huge part of the modern mobile holder’s daily routine. This is why cryptocurrency solutions for popular mobile apps is becoming more and more widespread nowadays. For example, one of the most common services that user’s have downloaded across the board are apps for online dating. Here, crypto solutions offer autonomy and lower commissions which open up more doors for singles who are eager to find long-lasting relationships. In other areas as well, the mobile industry is working more with cryptocurrencies than ever before, with a mission to revolutionize app development and availability.