Although Bitcoin was developed in 2009 and Ethereum followed it closely, cryptocurrencies became famous around 2020, when there were more than 9,000 digital coins on the market, and their number has since increased considerably. Cryptocurrencies gained popularity after the pandemic affected thousands of people’s jobs, and they needed to find ways of making more money to be prepared for any unfortunate events.
Therefore, cryptocurrency exchanges broadened their services and the number of coins provided. For example, you could buy Ethereum on Binance without fuss, but other less-known digital currencies, such as Solana or Shiba Inu, were also available two years ago.
But cryptocurrencies aren’t used only by individuals as a store of value. Companies from different industries leverage them to appeal to a certain target audience that is steadily growing.
Let’s find out what these sectors are.
The gaming industry and the rise of governance tokens
The gaming enterprise is always one step ahead of other sectors, as numerous players worldwide exist. So, it was no doubt that cryptocurrencies would enter this area, too, since in-game payments are common and traditionally done through digital transactions.
Specific digital coins have been created for games, whether on the blockchain or not. Still, using cryptocurrencies in decentralized games is more common since the ecosystem works more efficiently. This way, you only need to connect your digital wallet to the game and will be able to make purchases easily and fast.
Some of the best gaming tokens come from decentralized games like the Sandbox, Decentraland, and Axie Infinity, which have started to gain influential value in the gaming sector.
The travel sector greatly leverages the use of cryptocurrencies
Traveling can sometimes be strenuous, considering all the payments and documents that must be taken care of. This issue is the most prominent in flight companies when refunds for lost flights are often ignored forever. However, using cryptocurrencies can provide an easier and more efficient way of operating these businesses.
Therefore, companies started accepting crypto payments for tickets and other travel-related services and products to attract more diverse customers and offer wider means of payment. Using digital coins for these transactions also ensures enhanced security and lowered exchange fees. At the same time, it’s more time-efficient for the transaction to be processed compared to traditional methods.
As the crypto sector improved, you can now use mostly Bitcoin, but sometimes other coins are accepted too, to pay for flights, hotels, and transport to and from the accommodation to the airport.
Education saves on transaction fees with cryptocurrency
There are many more payment necessities in education than we think, and sponsors are important for universities and schools. At the same time, the support students offer through their tuition fees is essential, but it is placing too much of a responsibility on unemployed scholars.
But with cryptocurrencies, developers can help teachers create learning platforms and ecosystems through which students can be incentivized for their work and efforts. This system could also help them pay their tuition faster and with less financial strain.
Accepting cryptocurrency payments is also beneficial for students and parents willing to access this transaction.
Cryptocurrencies revolutionize the banking sector
Current banking services and products are overwhelmed by the economic state of the countries they operate in. That’s because financial institutions have become less reliable for people who can’t afford to open a bank account.
We can take the example of El Salvador, the first country to have made Bitcoin legal tender. Here, only 36% of the population owns a bank account, which doesn’t allow the rest of the citizens to benefit from taking loans or storing their income somewhere safe. But with Bitcoin, this is possible only by owning a smartphone and accessing an internet connection. Still, the situation in El Salvador is more complex, and the country needs to settle on a real goal of accessing cryptocurrencies.
There’s proof that cryptocurrencies can become the new banking system. This decentralized and efficient way of allowing people to handle their money can make considerable differences in developing countries.
Entertainment can thrive with crypto payments
In the entertainment sector, there’s a constant flow of money for films, music, and other forms of content, from which some of the newest are NFTs. Regardless of the country, people will always pay for movie and music streaming services to benefit from a larger content library.
Of course, cryptocurrency payments can be introduced in this sector to leverage faster and more secure transactions. For example, the sports and betting sector has already improved with cryptocurrency transactions, but other businesses accept such payments, such as Chess.com, GameStop, Hulu, and Spotify. These features allow a more select audience to put their coins to work while saving on their fiat money and work salary for what’s more important.
Of course, fashion, electronics, and online stores are included here, but a larger number of organizations are accepting Bitcoin and Ethereum.
Payment platforms provide better services with cryptocurrency
Payment platforms are among the most important businesses for companies that leverage online payments and transactions because they’re the direct bridge between the customer and the company. However, it may happen for some of them to have system failures and not accept payments or have a breach that exposes people’s information.
This would be almost impossible if these platforms approached cryptocurrency payments since blockchain features that work through encryption make it incredibly difficult to break the system. At the same time, customers don’t need to include all their data when purchasing an online product or service; they only use a digital wallet to perform the transaction. Considering this,
VISA created crypto-linked cards operating through payment-enabled mobile devices or physical cards. The business also collaborates with Bitcoin and Ethereum developers for further projects.
Final considerations
Cryptocurrency and blockchain have numerous use cases and have been introduced to sectors like healthcare, business, and education. With the help of encryption and smart contracts, companies can benefit from fast, easy, and secure payments, and customers won’t have to introduce all their information for such transactions.
