Crypto has been a hot topic in the past couple of years. And its biggest star is naturally Bitcoin, the main attraction and most recognizable currency in the world of crypto. People from all around the world were interested in the stories of mining it, and what is it exactly. Bitcoin in its essence represents a form of payment, it is a virtual currency that people use as money with all its benefits.
Bitcoin is under no one’s control, not one man, group, or corporation, and in that way, it represents an open-source peer-to-peer (P2P) technology. Nobody is its owner, and everyone can be its user. Those and many more attractions that Bitcoin offers, make it appealing to various industries that implement it in their business.
The following are the ones that benefit from this globally recognized cryptocurrency.
Online Casinos: the Gambling Industry Rising Star
The gambling industry is currently one of the fastest-growing industries in the world. Data shows it is recording impressive numbers. It took over all the biggest world markets and represents one of the most popular pass times in the world. Cryptocurrency casinos were a factor in that, naturally.
A list of the best bitcoin casinos in Malaysia can be found in this helpful guide. And you will want to check them out, as their offer is a unique one. Websites for gambling attracted so many people due to their easy approach and excellent user experience. The collaboration between Bitcoin and online casinos represents a natural one, and here are the reasons for that.
Bitcoin Casinos Attraction and Benefits
The collaboration between Bitcoins and online casinos, as Spock from Star Trek would say, is only logical. That cooperation created so-called Cryptocurrency casinos, specialized online casinos that accept only cryptocurrencies as payment methods. They do so because of the benefits for both players and casino owners, which are numerous.
Bitcoin payments in this type of casino provide players with increased anonymity and in that way protect their personal information. Due to that, the security of the players is strengthened. And with the directness of transactions between casinos and gamblers, transactions are much faster, and the fees are significantly lower.
A large number of big companies, that are recognized as eCommerce giants, such as Home Depot for example, recognized the appearance of Bitcoin as a payment method and quickly established it as a legitimate payment option. These companies either included it on their websites or allowed it through third-party services.
As online shopping is appealing to younger generations, it was a perfect fit for these industries as Bitcoin payments were accepted by the same group of consumers. Even some transaction companies included Bitcoin as a payment option and act as a Bitcoin collection service for eCommerce companies.
As the banking systems displayed their imperfection in various global financial crises, financial institutions incorporated Bitcoin as their service offering. Banks are now allowing their users to store their cryptographic keys in their accounts.
Even nations are allowing Bitcoin as payments for state and public services, with rumors that Liechtenstein will soon follow the Switzerlands example. When a globally recognized financial investment company such as J.P. Morgan integrates Bitcoin as a payment method, we can expect others to follow very soon.
The expansion of streaming platforms is also present, as Netflix, Amazon Prime, HBO Max, and many, many more are fighting for viewers. The content they offer is excellent, but it is not only about content. Since the viewers are all around the world, Bitcoin is perfect as a universal payment method for all of them.
And as we mentioned in the digital commerce section, these are the services for the younger audience, which is already interested in paying with Bitcoin.
Some of the globally recognized medical institutions started to accept Bitcoin as a payment method from their patients for medical services. For example, one of the planetary popular medical services is in South Korea, as their hospital in Seoul allowed Bitcoin payments using digital wallets. It is easy for patients to pay their medical bills with a simple click on their phone.
Tourism and Traveling Industry
One of the industries that was hugely impacted by the coronavirus crisis is this one. People were not allowed to travel, and the impact was enormous. Hotels were empty, flights were grounded, and attractions missed their visitors. That is why when things got back to normal, they used any means necessary to attract their customers back. That is why today, you can book all these things online with Bitcoin.
Food and Beverage Sector
As we mentioned the ease with which customers can pay with Bitcoin, it is no wonder that the companies from this industry accepted it as payment. Famous shops like Starbucks or Burger King already incorporated it into payment methods, but the main business that pushed Bitcoin payments is food delivery service.
Uber Eats, Just Eat, and others found it easier to collect the payment in this way, and the customers were overjoyed.
The gaming industry was always popular, but the advancement of mobile gaming development created an unprecedented mania with customers. We all remember a certain game addiction, like Candy Crush or Flappy Bird for example, which used micropayments to extract money from players. By some research, mobile gaming attracted more than 3 billion active players by now, and all those games offered add-ons.
In some cases special weapons, upgrades for armor or vehicle, even directly increasing the rank of their avatar for money. The companies from this industry accepted Bitcoin very fast for that type of transaction.
Raising Money for Awareness
When we are talking about raising money for charity, we can all agree that every means to accumulate funds should be implemented. No matter if the subject of the charity is a disease, natural disaster, or anything else. People should be allowed to help the less fortunate ones. That is why many worldly renowned organizations like Red Cross, UNICEF, and others accepted Bitcoin as a method to contribute.
People are investing a lot in self-education. And that is notable, same as the behavior of colleges that accepted Bitcoin as a payment method. Several US colleges have declared that they want to help their students with paying for educating themselves in those institutions.
By using the already explained benefit of Bitcoin, students will save up to 3 percent in transaction fees if they pay in this way. This represents a way to help young people.
Even though unfamiliar to some, Bitcoin represents a globally recognized currency, much like the US dollar or Euro. With technological advancements improving our lives every day, why shouldn’t it be easier for us to pay more easily? When you add other benefits that Bitcoin offers such as smaller fees, faster transactions, and anonymity, you don’t need to be an expert to see, Bitcoin is here to stay. And we should inform ourselves to make the most of it.