Bitcoin. It’s been a very hot word these past few years. The cryptocurrency invented in 2009 wasn’t an immediate hit but managed to pick up steam, and six years in more than 100,000 businesses made it available for their clients, including giants such as Microsoft and Dell.
If you’ve been living under a rock and in need of an explanation, Bitcoin is a form of digital money that’s based entirely on person-to-person transactions, with no banks or institutions standing between the two parties as they exchange currency. It relies on a technology system called blockchain that keeps this digital money safe in a digital wallet.
The use of Bitcoin makes transactions faster, cheaper, and easier when compared to those that include cash or cards. Below are a few industries that have decided to adopt this new payment method and have experienced growth because of it.
Online Casinos
Online gambling is a booming sector, with annual revenues estimated to reach $95 billion by 2025. And, the leading force in the charge and move to the digital sphere are online casinos. These platforms offer huge libraries of slots to pick from, as well as live table games, and video poker. They feature perfect mobile compatibility, convenience, and premium customer support.
Any online casino has multiple payment methods on hand for its customers to use, and more and more feature many cryptocurrencies. While withdrawals using bank transfers and cards can take up to days, with cryptocurrencies, the casino rewards are immediately moved from the player’s casino account to his e-wallet. It’s a safe, and secure way to pay and play at online casinos. Plus, Bitcoin allows players to track the number of bets they’ve placed on the platform through blockchain.
Hospitality Industry
The hospitality industry is all about customer satisfaction. This means whatever makes life easier and more comfortable for the paying customer, hotels, and restaurants must accept and implement. The popularity of payments via cryptocurrencies at these establishments is rising. Many big travel companies such as Expedia are also accepting this method of payment.
Subway was among the first companies that started accepting Bitcoin, as the famous sandwich shops started accepting bitcoin as early as 2013. Though, this decision was not made by the corporation, but by the franchisors. Today, people can google for bitcoin restaurants and can find a list of eateries that are bitcoin-friendly. Many food delivery services have hopped on the bandwagon to get with the times. Takeaway.com is one such European service.
E-Commerce
Almost 2 billion people worldwide shop online. 63% of all shopping begins online and nearly half of customers shop via their smartphones in-store. These are staggering numbers but it is our new reality. There is no fear associated with online shopping, anymore. People know how to stay safe when purchasing items online.
Thus, adding cryptocurrencies as a trusted mode of payment is becoming mandatory for most online businesses that want to survive in the competitive marketplace. Big-name brands such as Walmart, Target, Amazon, and Nike, know this and they have accepted Bitcoin.
For even more tech news, click right HERE.