Cryptocurrencies continue to become more mainstream, with many industries now accepting different cryptocurrencies for everyday purchases. Here’s a closer look at this trend, which bodes well for the future of cryptocurrencies.
Since their launch over a decade ago, cryptocurrencies have gained their fair share of fans and critics.
While most commentators acknowledge the potential for huge gains displayed by cryptocurrencies, including Bitcoin, one of the downsides of this asset class has been its wild price fluctuations and the limited number of retailers that would accept it as a standard payment method.
In the last two years, however, the situation has changed radically.
Here’s a detailed look at some of the many sectors where cryptocurrency is becoming the mainstream currency for transactions, from restaurant meals to luxury supercars.
Cryptocurrencies are being adopted by a wide range of industries.
A reliable currency is characterized by two characteristics: it is a good store of value and can be used for transactions without the need to convert it into an intermediary currency.
Cryptocurrency is increasingly ticking both of those boxes, with recent reports highlighting its use in a variety of industries that previously only accepted traditional currency, credit cards, and eventually electronic payments and Chambers of Commerce Guidelines I recommend it to several industries.
This is good news, especially since opinions on different cryptocurrencies are still a bit mixed. The supposed volatility of the cryptocurrency market has always been a point of criticism for some, with these same people often highlighting aspects such as memecoins to support their argument. These memecoins, such as Dogecoin or Shiba Inu, are often considered wild cards within the industry due to their erratic value and speculative nature.
Although volatility is an inherent part of the industry, to some extent, risks can be minimized through smart investments. The appeal of memecoinswhich are often considered wild cards within the industry, are becoming more common, over more consistent periods of time. For example, Dogecoin, initially launched as a joke, has seen increasing adoption and integration into mainstream platforms and transactions.
This could be a microcosm of the industry as a whole, where cryptocurrency is making strides as a payment method:
Catering and entertainment
According to a recent report from BitPay, 72 restaurant and food businesses in North America have adopted cryptocurrency as a payment method this year, and their international counterparts have followed suit, in some cases even being ahead of their time.
- In the US market, Chipotle, Domino’s and Chuck E. Cheese now accept cryptocurrencies as a standard payment method.
- The lucrative home delivery sector is following suit, with Uber Eats and DoorDash allowing cryptocurrency payments this year.
Further, examples such as Burger King Venezuela, which switched to Bitcoin payments in 2020 to combat rapid currency depreciation and hyperinflation, show that this phenomenon extends well beyond the borders of developed countries and is likely to become a global trend. crypto payment gateways will only further this transition towards alternative assets in the future.
Luxury products
High-end retail brands are keenly aware that their customer base, particularly among the younger demographic, often includes many active cryptocurrency traders.
This economic intelligence could be a factor behind their adoption of cryptocurrency over the past two years, with many high-fashion brands now accepting alternative currencies.
- Gucci, Ralph Lauren and watchmaker Hublot currently accept Bitcoin for payments, and more brands are likely to join as the trend gains momentum.
- As for the jewelry industry, companies like Jewelry Affairs and CRM have already announced that they will accept Bitcoin this year.
This indicates that the industry is realising that cash and credit card policies can be limiting in terms of expanding the customer base to include younger, more affluent customers.
Online games
The lucrative online gaming industry is a natural fit for cryptocurrency payments, with pay-per-download transactions and in-game purchases being denominated in Bitcoin and other cryptocurrencies across a wide range of gaming platforms.
Online casinos have also been quick to follow this trend, with crypto game Casinos are growing in popularity as deregulation progresses around the world. Traditional and emerging markets are discovering the joys of gambling on slots, table games and poker, while home entertainment is gaining popularity thanks to increased access to the internet.
Cryptocurrency casinos offer a distinct advantage to traders who wish to convert their crypto winnings into virtual casino chips to enjoy the relaxation of online gambling with the prospect of increasing their holdings even further with a lucky win.
Previously, cryptocurrency holdings had to be sold for fiat currency, with a bank transfer or credit card being used to fund casino accounts. The ability to use cryptocurrency directly for this purpose is not only more convenient, but also saves a significant amount of money on transaction fees.
Vehicles and automobiles
Staying on the theme of cryptocurrency traders in the high-income bracket, several automakers, including the famous Italian sports car manufacturer Ferrari, are starting to accept cryptocurrency as payment for vehicles.
Ferrari, like Porsche and Lamborghini, is an iconic brand and status symbol favored by successful cryptocurrency traders, who have also been avid collectors of Rolex and Audemars Piguet watches over the past decade.
The automaker’s announcement that it will now accept cryptocurrencies could represent significant savings for traders, who will no longer need to sell their crypto assets for regular currency before purchasing vehicles priced well above $100,000.
Travel and Hospitality
Travel and leisure have been among the biggest beneficiaries of the post-pandemic “revenge travel” trend, which has seen millions of consumers relieve pent-up demand for air travel and hotel bookings after years of lockdowns and restrictions on movement.
Once again, the high-income bracket is leading the trend, with private jet charter companies like LunaJets and luxury cruise providers like Royal Caribbean accepting crypto payments.
Conclusion
With cryptocurrencies now accepted by major retailers at various price points, especially at the high end, there is no doubt that cryptocurrency has become a mainstream asset.
Despite the fluctuations in the value of Bitcoin and other crypto assets, retailers are putting their faith in cryptocurrency and the purchasing power of successful traders as they seek to attract a new generation of customers.
We expect to see this trend grow in the coming years as competitors realize the benefits of accepting crypto payments in addition to cash, credit cards and other electronic payment methods.
Number of views of the publication: 59
