No longer just a concern for the super-techy amongst us, cryptocurrencies are on the way to breaking into the mainstream. While we still have a way to go until the regular Joe is paying for his coffee with Bitcoins on the way to work, cryptocurrencies are more prominent in the international conversation than ever before. That is, in large part, down to the role of some key industries that adopted integration with cryptocurrencies early. So, which industries are these and how has this decision changed them?
5 Industries Embracing Cryptocurrencies
For many, the mysterious nature of both gambling and cryptocurrencies make them a natural fit for each other. Others would question how the regulations in the gambling industry would ever allow the introduction of such a new, volatile form of currency. In reality, the gambling industry has been one of the biggest adopters of cryptocurrencies even if there is still a long way to go.
The vast majority of this integration has come in the form of online gambling. Bitcoin-only casinos have popped up across the internet in recent years, in a much more common trend than major casinos accepting cryptocurrency payments industry-wide. Some of the top online casinos have started to embrace this new form of payment though, including many of the top ones listed on Online Casinos. You can read their guide to learn how bitcoin works with casinos.
There is an enormous amount of money going around the world of sport. Soccer, in particular, is one of the most profitable worldwide, and one of the first to really embrace the idea of cryptocurrencies.
Some of the largest stadiums in the world are now testing the use of cryptocurrencies as a payment method. Portuguese soccer team Benfica are also allowing their fans to make purchases of club merchandise using some cryptocurrencies.
The top English soccer league, the Premier League, also signed a sponsorship deal with traders eToro, in which all payments are being paid to the league entirely in cryptocurrencies.
The real estate industry feels like one too large and heavily entwined with national economies to even try experimenting with cryptocurrencies, but it has actually been one of the biggest adaptors and lead to some of the biggest stories concerning this payment method in the last few years.
There have been both cases of individuals selling their house and only accepting offers made in cryptocurrency, as well as realtors listing properties that accept cryptocurrency as a payment option. This has, obviously, caused a stir within the market and is something we expect to see more widely accepted in the sale of higher-end properties in the coming years.
Blockchain technology also promises to rid buying property of a lot of unnecessary paperwork, giving both buyers and sellers a more transparent and holistic view.
Like real estate, food manufacturing and selling feels like an industry too large to pioneer the use of cryptocurrencies.
Fast-food is one sector of the industry in particular that adopted the use of cryptocurrencies early. In 2018, major fast-food brand KFC got in on the action by launching the Bitcoin bucket in Canada, later hinting they would soon be accepting new payment methods regularly. Fast-food delivery portals such as pizzaforcoins were set up directly to accept Bitcoins and other cryptocurrencies as a method of purchasing from hundreds of fast-food brands across Europe and the United States.
Again, sharing similarities with the real estate industry, the food world is expected to be most heavily impacted by the use of blockchain. This technology will add a sense of transparency to the process of food manufacturing, making the auditing process simpler and allowing restaurants, supermarkets and individuals to have a better understanding of where their food is coming from.
The phrase ‘When Lambo’ has become one of the biggest in the world of cryptocurrency, used by early-adopters as a way to discuss and describe a possible price surge. Rather than just leaving Lamborghinis as an aspiration for Bitcoin miners to work towards, the automotive industry has made in-roads into cryptocurrencies by themselves.
Some manufacturers, particularly sports cars ones like Aston Martin and Ferrari, have allowed customers to purchase cars using cryptocurrencies. It goes beyond the purchase of these classic brands though, as giants of the industry are trailing the adoption of these currencies.
Don’t expect the regular car buyer to start saying ‘When Lambo’ any time soon, although they may be driving away from the dealership having opened their e-wallet.
There are lots of advancements for both major and minor industries to make before this payment method goes fully mainstream. However, to get to the point we currently find ourselves is in large part down to the efforts of these industries.