Industries Where You Can Get the Most Out of Your Cryptocurrency

Little by little, cryptocurrency has gained legitimacy over the past 15 years. Prominent cryptos like Bitcoin have moved from the fringe to the mainstream because of the ease and safety cryptocurrency provides in financial transactions. Yet, crypto isn’t quite accepted everywhere, which means users are always on the lookout for the best places to put their cryptocurrencies to good use.

Travel and Hospitality

What are the odds that you’d be able to pay for your dream vacation with cryptocurrency? A decade ago, that might not have seemed realistic, but in today’s world, it’s not out of the question. In part because the travel and hospitality industry needed a boost following the COVID-19 pandemic, many hotel chains started accepting digital currency. Countless chains have partnered with Coindirect and similar platforms, allowing them to accept dozens of virtual currencies. Even third-party sites are working with crypto platforms to enable this type of payment for people who are booking hotel and resort vacations.

Banking

While most would expect traditional banking and financial institutions to be hesitant to accept cryptocurrencies, some of them are starting to come around. Banks in all corners of the world are now accepting Bitcoin and other prominent cryptocurrencies. These financial institutions are starting to recognize the benefits and security that crypto and blockchain technology offer. They also don’t want to lose the business of people who have invested a lot in cryptocurrencies. Therefore, we are seeing an unlikely marriage between traditional banks and new-age cryptocurrencies.

Online Betting

The rise of online betting platforms has mirrored the rise of cryptocurrencies in many ways. Therefore, the connection between the two is natural. Both online sports betting platforms and online casinos have made a point of accepting cryptocurrencies for users making deposits. Keep in mind that these platforms have countless transactions every day, so they need to make sure everybody’s funds are safe and secure. Therefore, allowing transactions with cryptocurrencies is a good idea. This trend can actually be seen in all corners of the globe, as Canadian online casinos and sportsbooks throughout the world are willing to accept a wide variety of payment methods, including various cryptocurrencies.

E-commerce

If you make a lot of online purchases, it’s a safe bet that you’re able to make at least some of those purchases using cryptocurrency. There are dozens of e-commerce sites that have adopted crypto as a viable means of payment. This includes massive online retailers like Etsy and Newegg that reach huge audiences and offer an endless selection of products. Buying gift cards from countless brands is also easy to do using various cryptocurrencies.

Suffice it to say that there aren’t many products left that you can’t purchase online using cryptocurrency. It’s just a matter of finding the seller, which is also becoming much easier. It’s getting to the point where new e-commerce companies pop up, knowing from the start that they need to make crypto payments an option.

Cannabis

Companies in the cannabis industry have faced a lot of financial challenges in recent years. Even with cannabis products becoming legal in many states, there are different laws in different states that sometimes make it difficult for businesses that sell cannabis products to use traditional financial systems. Out of necessity, the cannabis industry has turned to cryptocurrency and blockchain technology to circumvent these problems. Crypto payments are safe and decentralized, making it possible to accept payments without the backing of a traditional bank.

This has allowed some cannabis businesses to thrive despite challenging regulations and explains why crypto has become the preferred payment method for many of them.

Charity and Crowdfunding

Last but not least, anybody who enjoys paying it forward can do so with the help of cryptocurrencies. There is a long list of charitable organizations that accept Bitcoinand other cryptocurrencies as payment when accepting donations. Not only are crypto payments more secure than some credit card transactions but they are cheaper to process, meaning more of the money that’s donated goes to the actual charity. By accepting cryptocurrencies, NGOs can reach out to more people and get donations from all over the world. For crowdfunding endeavors, the same principles apply. Transactions made to crowdfunding entrepreneurs with crypto are safe and secure, allowing investors to feel comfortable giving money to those who need it. This has made it easier for those who go the crowdfunding route to get the money they need to launch their projects.

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Talmas Lomla

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