Cryptocurrencies have taken the world by storm, ever since Bitcoin was launched over a decade ago. The main intention behind creating a digital currency was to provide a more potent and stable alternative for fiat currencies. However, in the initial years, this could not be materialized, mainly because of lack of confidence among the masses, and excessive speculation by enthusiasts.
Nonetheless, things seem to be changing for good ten years down the line, and the mass adoption is finally taking off. Several sectors are now implementing blockchain tech on their platforms to facilitate crypto payments.
Here are four such sectors/divisions which can immensely benefit from the use of cryptocurrencies:
If cryptocurrencies are the future of money, e-commerce is the future of retail. There’s no denying the fact that e-commerce has been one of the biggest success stories of the 21st century. However, it faces certain challenges which can be eliminated by using cryptocurrencies.
The major issues which still haunt are cyber attacks on customer credit and debit cards. As per a report published in January, over 150 million such attacks were carried out in the last couple of years, and the most deadly ones are expected in 2019.
Cryptocurrencies are much difficult for hackers to attack, due to the blockchain platform. Allowing users to pay through Bitcoins or other altcoins will make life much secure for online shoppers. In fact, Chinese e-commerce giant Alibaba has already started accepting crypto payments on a few of its platforms, and the results have been overwhelming.
Video games have been among the most demanded source entertainment, especially among the youth, who are also the biggest users of cryptocurrencies. Over time, as mobile gaming is becoming popular, in-app purchases are also growing. However, they too are as vulnerable as e-commerce.
Smaller value cryptocurrencies like Ripple, TRON, BitTorrent, Dogecoin, etc can be a great way to spend money on purchasing game add-ons. Transacting in crypto will also allow users to trade tokens with other gamers. In fact, makers can also allow players to purchase coins from their application itself, which could be a great income source. There’s also a digital token called GameCredits (GAME), which is particularly focused on in-game purchases.
Global money transfers
This is probably a platform which is using cryptocurrencies the most. Use of digital tokens in global payments has been so successful that even big players like JPMorgan and Facebook were forced to launch their own digital tokens focused at cross-border transactions. Global remittances have been rising in the past couple of years, however, traditional ways of transferring money online are slow, unsecured, and cost too much.
All of these problems can be solved by using cryptocurrencies. Moreover, several platforms have emerged in the past few months, which allow instant crypto to fiat and vice versa. Realizing the potential, VISA has decided to integrate blockchain with its global operations to allow crypto transactions. Even PayPal has started to invest in blockchain.
Travel and Ticketing
Traveling is a perfect use case scenario for electronic money. Often while traveling abroad, travelers face a lot of issues while concerting native fiat currency to the foreign currency, and most often, there’s a limit too.
But since cryptocurrencies are not subjected to boundaries, they are a great alternative for tourists who don’t feel safe to carry cash with them. Moreover, using credit or debit cards in foreign countries can be too expensive due to extra charges and foreign exchange deficits, but that isn’t a case with electronic money.
Also, ticketing can be completed by crypto payments, as it can help foreign airlines avoid the hassle of forex conversion. Bitrefill recently allowed users to book flights on AirBnB via tokens like Bitcoin, Dogecoin, Litecoin, and Ethereum.