Investing in cryptocurrencies as any other financial asset – by buying and holding – is the most common way to earn in the crypto world. However, now that cryptocurrencies are widely used and accepted by both businesses and the government, there are many more ways to crypto integration to our daily routines
In this article, we’ll talk about the industries that are experiencing a boom due to how they implemented cryptocurrencies. These are the industries to invest in right now as they are on the rise and there’s a chance they will continue to expand and adapt as crypto becomes even more integrated in the economy.
Travel Industry
The travel industry was one of the first to implement cryptocurrency in their business efforts. It was first implemented as one of the payment options and it quickly caught on with the customer base. There are many reasons the travel industry customer base is so well-suited to payments in crypto.
First of all, using crypto allows for the payments to be anonymous and that’s an increasingly important concern in today’s world. Secondly, payments made with crypto are easy to track and the transactions are fast. They are especially useful for micro transactions of which there are many in the travel industry.
In-House Currencies
Many businesses and corporations are creating their own altcoins. Crypto has proven to be useful when it comes to making transactions safe and fast and businesses of all industries are looking for ways to cash in on that and use the benefits.
These altcoins are usually smaller in scope and scale than the ones we’re all familiar with. However, they still serve the purpose of providing fast and safe payment and storing value without having to interact with traditional banking and finance institutions.
Gambling
Online gambling was always on the cutting edge of tech developments and among the first to implement new technologies. The same happened with crypto. The best crypto & Bitcoin gambling sites are already using crypto to provide fairer games and to allow players to bet regardless of where they are based.
Crypto and Bitcoin casinos also allow players to wager without having to provide any bank information or their real names. Players are adopting the technology widely and the casinos offer most if not all of the games you could otherwise play in a traditional on-the-ground casino.
Entertainment Industry
The entertainment industry also tried to implement cryptocurrency payments as soon as they became available. The payments made in crypto are faster than those with traditional fiat currency, they are better suited to micro-payments and there are no fees involved since there are no traditional financial structures.
The entertainment industry, however, is struggling with other issues unrelated to its payment methods and isn’t always the best investment. This is the case with streaming in the first place since the market has become somewhat saturated. Other forms of entertainment are still doing good and crypto is a part of the reason why.
Food and Beverage Industry
The delivery and food and beverage industry wasn’t among the first to implement crypto. It’s not always the industry that’s forward-looking when it comes to new tech. However, cryptocurrencies have proved to be a useful innovation. This is especially noticeable from the user’s point of view in all the gift cards and promotional offers that are easier to track and delegate with crypto.
Customers can also use the benefits of blockchain technology such as the ability to pay without using traditional banks or cards. Crypto wallets are easy to set up and they are safe to use making them perfect for small and frequent payments, such as food orders.
Crowdfunding
Crowdfunding first emerged as a way for creative industries to find their way to investors without the need for a traditional middleman. It proved to be a great success as it helped fund many projects and created a bond between the investors and the artists.
The industry quickly accepted cryptocurrencies as it was another venue for raising funds. It also opened up new global markets, and provided a way for more funds to get to the creators, now when banks and cards were cut out. The first feature film was crowded with crypto in 2018. It raised over 1.5 million USD within two weeks.
Digital Commerce
The digital commerce industry always seemed to be a great fit for crypto. Its customer base is tech savvy and the industry is very competitive meaning that they are always looking for ways to make their offer stand out in terms of value.
Safety and privacy are also essential for a digital commerce business, as these are areas in which they can’t compete with big businesses. Cryptocurrency payments are solving this issue since they are putting everyone on equal footing when it comes to safety.
Charities
Charities were always on the lookout for new venues and channels through which they could get donations. They were somewhat reluctant to use cryptocurrency as they aren’t regulated and charities need to feel safe and responsible if they want to attract donors. However, some of the largest charities such as The Red Cross and UNICEF are accepting donations in crypto.
The usual benefits apply to donations as much as they do to purchases. The transactions made in this way are transparent, fast, and easy to track, and there are fewer or no fees involved since banks and cards aren’t involved.
The Banking Sector
Banking was among the last of traditional industries to accept crypto as it’s a product designed to make traditional banks obsolete. However, once the industry got regulated and cryptocurrencies became popular and even common, banks got in on it.
Banks are accepting payments and savings in crypto and many banks offer traditional banking services such as loans and credit cards against the profits and savings made in crypto. New regulations that have made banks change their mind have their upsides and downsides. Even though crypto is now widely accepted some believe it has changed the industry too much.
Healthcare Industry
The healthcare industry is another conservative and traditional field that had a hard time accepting cryptocurrency payments. It does now and it’s not only because the world has changed around them. There are actual benefits from using crypto that are unique to the industry.
For instance, when it comes to health insurance the contracts are usually so complex that most parties can’t understand them without the help of a lawyer or a team of them. With contracts made in crypto, the terms are built into the blockchain code itself. That way the terms of the deal are honored automatically as there’s no way not to do so.
To Sum Up
Investing in crypto doesn’t mean just buying and selling the coins. Instead, it’s about taking advantage of the change the crypto has caused in many other industries beyond finance. Wide crypto adoption means that more industries are making a profit and thriving and a smart investor should take note of that.
All of the industries we mentioned have started adding crypto to their way of doing business and it’s made their customer base wider and more affluent. It’s a good time to take a broader look at what cryptocurrencies are able to do and act on it.
