fbpx
Connect with us

Cryptocurrency

5 Industries Where the Use of Cryptocurrency is Hugely Popular

Published

on

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.

  1. 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.

  1. 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. 

  1. 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.

  1. Insurance

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. 

  1. 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. 

Conclusion

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.

Stanley Gatero is a writer at Disrupt Magazine. He covers topics concerning technology, entrepreneurship, news, and sports. He is an avid traveler.

Become A Crypto Expert

Categories

Recent Stories

Trending


Copyright © 2022 Disrupt ™ Magazine is a Minority Owned Privately Held Company - Disrupt ™ was founder by Puerto Rican serial entrepreneur and philanthropist Tony Delgado who is on a mission to transform Latin America using the power of education and entrepreneurship.

Disrupt ™ Magazine
151 Calle San Francisco
Suite 200
San Juan, Puerto Rico, 00901

Opinions expressed by Disrupt Contributors are their own. Disrupt Magazine invites voices from many diverse walks of life to share their perspectives on our contributor platform. We are big believers in freedom of speech and while we do enforce our community guidelines, we do not actively censor stories on our platform because we want to give our contributors the freedom to express their opinions. Articles are not commissioned by our editorial team, and opinions expressed by our community contributors do not reflect the opinions of Disrupt or its employees.
We are committed to fighting the spread of misinformation online so if you feel an article on our platform goes against our community guidelines or contains false information, we do encourage you to report it. We need your help to fight the spread of misinformation. For more information please visit our Contributor Guidelines available here.


Disrupt ™ is the voice of latino entrepreneurs around the world. We are part of a movement to increase diversity in the technology industry and we are focused on using entrepreneurship to grow new economies in underserved communities both here in Puerto Rico and throughout Latin America. We enable millennials to become what they want to become in life by learning new skills and leveraging the power of the digital economy. We are living proof that all you need to succeed in this new economy is a landing page and a dream. Disrupt tells the stories of the world top entrepreneurs, developers, creators, and digital marketers and help empower them to teach others the skills they used to grow their careers, chase their passions and create financial freedom for themselves, their families, and their lives, all while living out their true purpose. We recognize the fact that most young people are opting to skip college in exchange for entrepreneurship and real-life experience. Disrupt Magazine was designed to give the world a taste of that.