The use of cryptocurrency is gradually gaining ground in the financial market. Many industries have become open to making and accepting payments through blockchain technology primarily because of its reliability. Regardless of the industry in question, digital assets like Bitcoin, Ethereum, XRP, ADA, and the rest now play a significant role in transactions. They offer a modern and cutting edge means of conducting businesses that fiat money doesn’t. Apart from transactions, there are other applications of the products of blockchain technology, e.g. writing smart contracts, building networks, and more.
According to Michelle H. Thomas, an iGaming expert, the reason behind the immense popularity of digital assets is the rate at which large amounts of money can be transacted with no hassle while still guaranteeing the safety and anonymity of the users. This explains why these digital assets have found their way into the online gaming industry. For instance, it would be hard to find an online casino that doesn’t accept Bitcoin in the current world. This is because many players crave these digital assets and what they represent.
This article further highlights the importance of virtual assets and five industries where cryptocurrencies are most popular.
- Online Casino
Blockchain technology has successfully found its way into the gambling industry. In Canada and globally, there are several crypto casinos for gamblers who want to enjoy casino games and win real money anonymously. Using crypto in online casinos protects the bettor’s identity and financial activities while reducing the risk of monetary theft to the barest minimum. Every gamer who loves to wager on poker, blackjack, and all other notable casino games does so in order to win a huge amount of money and stay off complications that may likely erupt from it. Therefore, the use of crypto as a means of payment becomes the go-to option to play, enjoy, and win casino games without fear of being compromised.
As a bettor, it is imperative that you are aware that not all online casino sites accept blockchain technology for transactions. If you want to play at a crypto casino, the first step you should take before settling for a site is to check whether they accept the digital assets or not.
- The Entertainment Industry
Another industry where digital currency has become hugely popular is the entertainment industry. Entertainers like musicians, comedians, actors, and actresses now accept payment for shows through various popular cryptocurrencies like Bitcoin and Ethereum. It’s pertinent to note that irrespective of the activity or the volume of transactions, you can easily settle things through crypto payments.
In the entertainment industry, the use of digital currency has become so popular that celebrities now serve as ambassadors, as they always discuss the importance of using it through their social media handles and encourage everyone to get on the train as it’s hugely beneficial.
- Traveling and Transportation Industry
The use of digital currency has found a home in the traveling and transportation industry. The popularity of blockchain technology has made it possible for anyone who wants to go on a vacation or road trip to Canada or any other country to use cryptocurrency as a means of payment, irrespective of the traveling agency.
You no longer need to worry about getting a new credit card for every country you enter. Using these digital assets also helps means you don’t have to worry about FOREX for your international transfers as you can make all transactions through this universal means of exchange.
Many years ago, when questions like where is crypto used comes up, once can quickly think of the answers, but that has changed now. In the insurance industry, cryptocurrency has become hugely popular and accepted for transactions. The essentiality of insurance can never be overemphasized, especially in the 21st century, where nothing is guaranteed. Hence, the need to purchase protection against unexpected loss; of life or properties.
There are countless insurance industries that accept cryptocurrency in Canada. Also, there is the insurance of several decentralized “coins,” albeit with strict terms and conditions. However, it’s pertinent to have basic crypto knowledge to venture into the field.
- Real Estate
When applied to real estate transactions, blockchain technology not only makes the conveyance process more efficient but also eliminates the necessity for the exchange of money, which is why it is so popular.
In real estate, huge amounts of money are being transacted regularly. The adoption of digital currencies as a means of transaction in this sector is a smart decision. Aside from the fact that its transactions are faster, more secure, and safer, there are other benefits like privacy when buying properties.
Technology has come to stay, and as time goes on, blockchain technology will take over the financial industry. Notably, the popularity of decentralized blockchain technology, otherwise known as cryptocurrencies, is not limited to the 5 industries mentioned above. It is finding its way into the fabric of several other sectors in the world, and its acceptability is directly proportional to the benefits derived from using it.
In the industries mentioned above and every other sector where cryptocurrencies are hugely popular, the most common reason for their popularity is that the digital assets are decentralized, and although traceable, they offer a higher degree of privacy than transacting with conventional banks.