We have all been hearing for years that cryptocurrencies such as Bitcoin, Ethereum, and Binance are the future of international currency. However, we have mostly seen a series of strange crypto booms and busts and a few oddball cryptos like Dogecoin making headlines.
Nevertheless, several industries are leading the way in terms of crypto use, acceptance, and innovation. Here is a look at three of the top industries that have been driving crypto use and normalisation for the last few years.
The financial services sector has had a mixed relationship with cryptocurrencies. At first, many financial services analysts were sceptical of cryptos and wanted them to be kept far away from the platforms where other assets were being traded.
However, that sentiment has now completely shifted, and many cryptos are used not just as currency but instead as yet another financial instrument to be traded. This shift has led a number of crypto experts and commentators to decry the change as crypto has a fading utility as an actual currency.
Regardless of how the experts may feel about the situation, cryptos are now firmly a part of the financial services industry. One only needs to look at trading platforms to see just how popular cryptos are as a trading instrument.
Gaming leading the way
It might surprise you to learn that the online casino and sports betting industry is actually leading the way in terms of cryptocurrency acceptance and use. Many gamblers prefer to make their deposits and withdrawals in cryptocurrency because of the enhanced online safety and security of using crypto compared to more traditional banking methods. Many gamblers are also taking advantage of the enhanced levels of privacy afforded by crypto to circumvent geo-blocking technology in their home state.
The online gambling industry has expanded exponentially over the course of the last ten years, and there are now hundreds of different online casinos for gamblers to choose from. Casinos such as Casino Bonus Code are taking steps to stand out from the crowd by offering innovative payment methods such as crypto.
Increasingly, eCommerce platforms are accepting cryptocurrencies as a way to make purchases online. One of the factors that held crypto back for so long was the volatility of many of the different currencies. A quick browse through the headlines of any crypto site will show you that volatility is baked into the currencies as booms and busts are a regular occurrence.
However, crypto wallets such as Coinbase, BitPay, GoCoin, and CoinPayments simplify the process of paying for something with crypto by providing users with the security, organisation, and familiar structure of a wallet.
It is a sign of the continuing success of cryptos that some of the biggest eCommerce tech companies have recently introduced crypto-friendly features. Companies like Shopify, WooCommerce, and BigCommerce all now have features that allow for crypto to be used for making purchases online. This points to the increasing normalisation of cryptos.