Best 10 Industries Today That Accept Cryptocurrencies
Cryptocurrencies are already available for service and goods purchasing. Over 100000 operators accept them and merchants in the US, Canada, Latin America, and Europe.
- Private and Traditional Banks
The banking system splits between completely unengaging cryptocurrencies or adopting digital money.
Banks that trade in cryptocurrency:
National Bank of Canada
In 2018 it started implementing blockchain technology and deposit certificates.
United Services Automobile Association (USAA)
This bank allows the use of cryptocurrencies for:
- Transferring funds between your bank accounts
- Insurance payments
- Investing, etc.
SEBA Crypto AG
SEBA Crypto AG, the first Swiss cryptocurrency bank, collaborates with Julius Baer, a private bank in Switzerland.
Other banks allow crypto-exchange:
- Bank of Canada (Canada)
- Goldman Sachs (US)
- Simple Bank (US)
- Wirex (UK)
- Fidor Bank (Germany), etc.
- Retail Businesses
The retail market is perhaps one of the most accessible industries to cryptocurrencies.
- Home Depot
- Dell, etc.
Cryptocurrency payments in the retail business are based on converting digital coins into traditional methods.
Flexa digital networks allow businesses to accept cryptocurrency payments through digital scanners without additional hardware.
This is a designated digital payment application explicitly designed for US retail shopping, like Home Depot and Walmart.
- Online Casinos
Some of the best websites in the industry consider the use of cryptocurrency to be a good fit for them as a business because it accommodates vital player needs such as:
It offers a safety guarantee
Blockchain technology and smart contracts leave little room for financial or identity fraud due to the decentralized nature of blockchain.
Flexibility is essential
Cryptocurrency payments allow for flexibility in terms of player location as gambling sites may deny access to players from specific areas.
It provides discretion
Digital coin transactions do not appear on any bank statements or official documents.
- The Food Industry
The use of digital coins is beneficial to all parties involved in the food supply chain.
Payments are fast and secure with cryptocurrency, which benefits any customer in a rush.
The blockchain system makes it easy to verify the quality of the purchased products, which reassures customers of label transparency and accuracy.
Blockchain enables instant identification of specific products, which is particularly essential to the food distribution parties.
Food suppliers and manufacturers like Nestle will protect their patented products from counterfeiting with the help of blockchain.
They also benefit from instantaneous and secure financial transactions.
- Hospitality & Tourism
Payments become easier for tourists-inclined businesses:
- It allows tourists to pay anywhere;
- Businesses can accept transactions securely and quickly;
- Both businesses and tourists can save up on fees, as crypto payments often have none.
It can be for tourists to use specific cards in foreign countries, so crypto payments solve that.
Booking agencies are turning to blockchain technology to ease the streamlining process between flights.
Bitcoin can now be used on
- Virgin Galactic
- Surf Air
- ETravelSmart, etc.
While most companies that accept crypto are newer airlines, digital coins can also be used on bus networks.
ETRavelSmart, the Indian portal for bus booking, uses Unocoin to facilitate Bitcoin transactions.
- Computer Software
Most software companies have adopted cryptocurrency trends.
Ever since 2014, Microsoft accepted Bitcoin and other cryptocurrencies for:
- Windows Phone, etc.
Similarly, the streaming video platform Twitch reinstated its crypto service in 2020/
The platform offers a variety of crypto-options, such as Ether, Bitcoin Cash, and Bitcoin.
- Alternative Payment Systems
E-Wallets may now be used in cryptocurrency trading.
The most well-known electronic alternative payment methods are:
- Skrill Moneybooker
These payment services can convert traditional funds into crypto, the purchaser will not own cryptocurrency, but can exchange it.
Nonetheless, e-Wallets will still impose transaction fees.
- Renewable Energy Companies
Renewable energy providers are currently looking into blockchain technology.
Thus, consumers can buy into such programs with the use of cryptocurrency.
Some worldwide examples include:
- US: The Brooklyn Microgrid;
- Estonia: WePower;
- South Africa: The Sun Exchange;
- Spain: Acciona Energy and Iberdrola;
- Australia: Power Ledger, etc.
The issue remains that cryptocurrencies consume excessive amounts of energy in order to be mined.
- Business Analytics
Consulting firms are increasingly concerned with cryptocurrency trading.
The use of cryptocurrency and understanding its trading patterns can open new doors for businesses.
Crypto-trading platforms enhance other tools such as social media or cloud-based data centres to gain insight into what customers of a specific business need.
In this way, it increases customer satisfaction, and thus, its success.
Digital coins prove useful in an increasing number of industries based on two main principles:
- Their trading system;
- Blockchain technology.
These two ideas make them fast, secure, and flexible enough to meet transactional needs within many markets.