6 Industries That Helped Bitcoin Become Mainstream
Ever since the meteoric rise of Bitcoin a couple of years ago, the concept of cryptocurrencies has become mainstream. There are millions of people who have invested in Bitcoin or other coins, as well as a ton of day traders.
While the hype and the hope for a quick buck certainly helped the cryptocurrency grow, they are not the only reasons. The advantages of Bitcoin make it a good match for a number of industries that have instantly implemented the technology.
The fast and anonymous payments, the low fees, and other benefits of using Bitcoin instantly attracted the attention of many websites and business owners. Today, we will take a look at six large online industries that quickly embraced Bitcoin and helped the rise of the cryptocurrency.
It’s hardly shocking that you can go to many web stores nowadays and buy various goods with Bitcoin. If you are in the online retail business, you want to give your customers as many options to pay as possible. That increases the chances of the user to find a suitable payment method and complete the purchase.
Adopting Bitcoin was a no brainer in e-commerce and many online shops have even gone further and have implemented other, smaller coins like Ethereum, Dash, Ripple, and more.
While some of the biggest players on the market like Amazon or E-bay still don’t accept Bitcoin, you can buy gift cards using the cryptocurrency in many places. At the same time, the smaller websites see this as an unexplored niche which is another reason for them to use Bitcoin.
One of the industries that look the most suitable for Bitcoin users is online gaming. These companies are constantly striving for innovation and their main target group are young people who spend a lot of time on the internet.
Considering the fact that geeks were the early adopters of Bitcoin, it’s hardly a shocker that the two groups often overlap. Most of the people who believed in cryptocurrency as a concept in the first place are passionate gamers.
You can use Bitcoin for both microtransactions in various freemium games or to buy full games.
Another natural fit for Bitcoin is the online gambling industry. The laws in certain countries, like the USA for example, are restrictive and prevent the customers from using traditional payment options like credit and debit cards, e-wallets, and others for gambling transactions.
One of the best ways to get around that would be to use Bitcoin. Another reason why cryptocurrency is so successful in the world of online sports betting, poker, and casino games is the speed of the withdrawals.
If you request your cash through wire transfers or credit cards, you could end up waiting for a week or even more. If you decide to use Bitcoin, you can often receive your money within a day or two. It’s a fast and convenient option that is now available in many sportsbooks, poker rooms, and casinos.
For those of you that are interested, you can learn more about Bitcoin here.
Technically, charity is not an industry, but we still decided to include it on the list. The reason is that a lot of online charities and non-profit organizations were quick to implement Bitcoin and give their supporters an easy way to donate money.
They could also stay anonymous and skip any boring registration or payment procedures. You can simply copy the BTC address of the organization and send money.
The list of charities and NGOs that accept Bitcoin is endless and includes many popular causes. A good example is the Human Rights Foundation that fights the violation of human rights all over the globe.
You can support many similar websites with Bitcoin and this has been one of the underestimated reasons why cryptocurrencies provide value to the users.
With so many people investing in Bitcoin long term and others involved in daily trading, it was obvious that many exchanges will embrace the cryptocurrency. Initially, you would mostly have access to Bitcoin trading in shady platforms that are not regulated and have no license whatsoever.
Joining them was risky and we saw many go down and steal the money of their customers. However, the enormous attention they received pushed the licensed and already popular exchanges online to find a way to add cryptocurrencies. Fast-forward a couple of years and you can use the services of many of those exchanges today.
Cloud Services and Hosting
Bitcoin is one of the biggest innovations of the 2010s and it would be weird if the companies who provide cloud services, online hosting, and other similar solution were not among those that would add Bitcoin.
You can buy various subscriptions and support your website or store any data, paying with Bitcoin today. Furthermore, many companies in the industry actually work with other cryptocurrencies as well.
What Does the Future Hold?
Many predicted that Bitcoin would go to zero and while this is still possible, it looks like the cryptocurrency is here to stay. One of the reasons are the industries we already mentioned.
By adding BTC to their portfolio, they provided the crypto holders various ways to actually use their money to buy goods and services, find some entertainment, or even support a cause they believe in.
But what about the future? It seems like Bitcoin is going to grow even more and there are a number of other industries that look set to adopt the virtual currency.
One of the biggest fast-food franchises in the world Subway is experimenting with Bitcoin, while you can visit Expedia and book a hotel or a restaurant with BTC. Other companies will even give you the chance to buy a car with Bitcoin.
It’s only a matter of time before we see the cryptocurrency in other places as well. Multiple countries have ATMs that allow you to buy and sell BTC, so the number of users will only grow in the next couple of years.