Currently, there are many thousands of businesses and chains where using cryptocurrency to pay is an option. Crypto hasn’t overtaken traditional payments in all industries, but some of them are pretty close, with some, like the gambling industry, taking crypto to the next level and making it much more mainstream.
Certain types of businesses have become connected with crypto in that they have been early adopters of the decentralized methods of paying. Similar things have happened with huge names such as Elon Musk, whose companies have flip-flopped on taking cryptocurrencies, but there was a time when you could’ve directly bought a Tesla using Bitcoin.
Crypto-Based Businesses
Many businesses have already shown that they can thrive using crypto as the main payment method, allowing people to make payments conveniently using their mobile devices and digital wallets.
The casino industry has been one of the fastest to catch on and there are crypto casinos that deal in Bitcoin and other cryptocurrencies. Modern online Bitcoin casino brands show what a demand there is, and the match-up of crypto and the gambling industry makes a lot of sense.
People who play casino games are often early adopters of technology such as cryptocurrencies, so there are millions of people who prefer to use Bitcoin for their transactions, meaning a large market of people who can potentially sign up for these Bitcoin casinos.
Bitcoin is the most common cryptocurrency to be accepted by many brands, as it is the biggest in terms of being a household name. Most people have heard of Bitcoin, and tens of millions hold and use the currency, too. In the gambling industry, Bitcoin can provide a fast way to make payments, and often the transaction happens quicker than a traditional, flat currency.
Anonymity is another reason why so many gambling companies are offering this option to players as not all of them want to give a lot of details to the casinos where they are playing. Anonymity is a valued feature for some players and they can’t get this with banks involved, as they need to provide things like their address for verification. Low fees are another factor associated with crypto, meaning it may make sense for both the casino and the player.
Casinos may even offer specific crypto games that aren’t necessarily playable elsewhere, from certain developers. “Crash” games are one example of this.
The wider gaming industry has also started to accept cryptocurrencies to varying degrees, too, and though Steam used to accept Bitcoin directly, it switched to a partner organization, BitPay. BitPay is popular in a lot of different industries as it gives the flexibility to allow people to pay in the currency or crypto they prefer, and it can then convert this money into other cryptocurrencies and allow people to receive funds in the currency they prefer, including dollars.
More Household Names Embrace Crypto
Globally-renowned businesses are switched on to the fact that cryptocurrencies are going mainstream. We may not be a long way away from businesses being able to benefit from going crypto-only. Over half a billion people use crypto assets in some way – the demand is there for certain industries, but it makes sense for some businesses to provide numerous payment methods.
Gas stations, for instance, tend to offer traditional payment methods to make sure that they are offering flat currency methods for traditionalists, but more and more businesses are using services like BitPay to allow more payment methods.
Crypto makes more sense for some online businesses such as casinos, but other businesses may wait, or provide more than one way for people to pay. BitPay and crypto payment providers mean that companies get the utmost flexibility, and so do customers.
Among the BitPay merchants, people will find businesses such as BTC Wine, a company that offers people the chance to pay for wine using different cryptocurrencies. BTC Wine shows the way some industries are evolving. Household names like Abercrombie and Fitch can also be found in the directory, showing that businesses with a huge history are using modern methods.
Crypto-Only Businesses
Casino brands are paving the way for crypto-only, but other industries may also choose to encourage people to use crypto based on the fact that it is convenient, faster, and just because they may prefer to hold crypto.
Payment methods are something that customers usually really value, and they may want to take advantage of multiple different ways of paying at different times, so it is possible that some businesses will accept numerous methods, but we live in interesting times and many online businesses can take crypto only and thrive.
As time advances, expect there to be even more cryptocurrency-based businesses, crypto wallets, and businesses that serve as middlemen to provide a way to pay in whatever currency people want, are also making the payment industry more flexible.
