Industries That Are Using Cryptocurrency

We look at four industries that have embraced digital coin transfers and are modeling their business models after them.

The digital coin revolution began modestly in 2009, with the appearance of Bitcoin. Twelve years later, there are over six thousand cryptocurrencies available on the World Wide Web.

That is a staggering increase, given that there was only a handful in 2013. Despite so many cryptos floating around the digital sphere, the popular belief is that the top twenty coins compromise nearly 90% of all crypto use, with bitcoin constituting 66% of the total market cap in 2020.

According to a recent report from Chinalysis, an established blockchain data platform from Singapore, global cryptocurrency adoption swelled by 880% in the last year. In Q2 of 2020, it stood at 2.5, but 365-days later, it was at 24, with data suggesting that it has notched a rise of 2,300% in less than two years.

Even more interesting is that the US and China are no longer leading this race, even though the University of Chicago claims that more than one in ten Americans invests in cryptocurrencies. India, Vietnam, Pakistan, Kenya, and Ukraine are now ahead of the pack.

These rankings show and highlight the impact cryptos have had on poorer countries, where coin adoption has helped their financial systems. Below, we look at four industries that have fully embraced digital coin transfers and are somewhat modeling their business models after them.

Online Gaming

Online gaming has been around since 1994. It sprung into existence thanks to the Free Trade and Processing Act passed by the island nation of Antigua and Barbuda. However, despite it growing continuously ever since, it got a massive shot in the arm with the invention of the smartphone, as it ushered in a new era in interactive gaming.

Around the same time as devices able to run complex games began to go mainstream, gaming operators also started opening crypto casinos. At the start, these were nothing more than rudimentary dice sites that accepted Bitcoin.

Today, they are highly-complex platforms that boast thousands of games and even allow players to go up against live dealers situated in casino-like studios.

Per estimates from Fortune Business Insight, this industry should keep swelling at an annual rate of 11% until it hits yearly revenues of $158 billion.

Social Platforms

Without a doubt, social media usage is one of the most popular online activities. In September 2021, Statista published a report stating that 3.6 billion people actively used social networks worldwide and that this figure would hit 4.4 billion in the next three years.

Of course, when people think of social media sites, Facebook, Instagram, and Twitter first come to mind. Yet, hundreds of similar services exist with different crypto monetization models.

For example, Fluz Fluz is an app that pairs social media and blockchain technology on its e-commerce platform, providing cashback deals to users who expand their in-app network. Steemit, Binded, and Sapien are just a few other social platforms that feature crypto monetization schemes. Facebook recently announced its transition to META.

The project also entails the introduction of a virtual world nearly identical to the decentralized metaverse Decentraland. So, it is only a matter of time before the social media giants adopt cryptocurrencies 100%.

The Hospitality Sector

In a world that is still amidst the grips of a global pandemic, during the summer of 2021, several hotel chains sent out press releases to inform the press and public that they are now accepting cryptocurrencies.

Amongst these was the Pavilions Hotels & Resorts, which stated that it aims to enhance the visitor experience by becoming the first international boutique hotel group to allow people to pay with digital money.

In this endeavor, it teamed up with crypto-payment gateway Coindirect so that now, all of the Pavilions’ hotel rooms can get booked securely and discreetly using over forty virtual coins.

Other well-known entities in this industry doing the same include the Kessler Collection and S Hotel & Resorts. In January of this year, Booking.com partnered with Crypto.com to deliver travel deals to users of the Crypto.com app. It should not be long before other hospitality sites/corporations follow suit.

The Retail Market

According to research conducted by CryptoRefills Labs, the developer of the popular CryptoRefills perk-collecting crypto shopping app, 70.4% of crypto-consumers like buying goods via digital coins.

Most enjoy it because they believe they are the future of payment systems, and they wish to stay ahead of the curve. Also, over half of these consumers are against currency control and find pleasure in remaining anonymous when shopping online. Though, a similar percentage complained about transaction validation fees, stating that they are too high.

Currently, several online shopping behemoths accept Bitcoin and other cryptos. Amongst these are Shopify, Newegg, and Overstock. Moreover, fast food brands like Burger King, KFC, and Subway are also doing the same.

About the Author

Shelly Schiff has been working in the gaming industry since 2009, mainly on the digital side of things, employed by OUSC. However, over her eleven-year career, Shelly has provided content for many other top interactive gaming websites.

She knows all there is to know about slots and has in-depth knowledge of the most popular table games. Her golden retriever Garry occupies most of her leisure time. Though, when she can, she loves reading Jim Thompson-like crime novels.

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