The cryptocurrency revolution is in full swing. Although relatively young compared to other innovations of our time, major industries and their leading companies are starting to buy into the idea of cryptocurrencies. Once understood by very few, Bitcoin and its brethren have grown beyond an investment gimmick.
Bitcoin has grown beyond something only the most knowledgeable investors and miners are engaged in, to being accepted by many as a legitimate payment option. Whether or not it is ready to take the next step into the mainstream is another question. But which industries are closest to making this a reality?
Online gaming and cryptocurrency industries actually share a lot in common. Beyond the obvious crossover of tech-savvy and internet-engaged audiences, the idea of purchasing with token-currency has been heavily normalized within video games for years, with numerous AAA titles building their fan bases and profits on in-game purchases such as loot boxes.
While the dangers of these in-game ecosystems and their impact of players have been much discussed, there’s no doubt that it’s an industry ripe for an injection of cryptocurrency integration.
There is one type of online gaming that has embraced cryptocurrencies with open arms though, online gambling. While not spreading industry-wide just yet, we have seen the rise of Bitcoin casinos that trade and deal solely in payments of popular cryptocurrency.
Review website onlinecasinos.co.uk include three casinos that accept Bitcoin payments within their top eight rankings, and surely we will see more follow suit in order to keep up with industry leaders.
A currency that is designed to promote visibility and transparency doesn’t feel like a natural fit for the world of gambling, and yet there is a strong sense of forward-thinking here. Further developments making use of the blockchain could cut out waiting times for deposits or withdrawals from online casinos, one of the biggest drawbacks of more conventional competition.
Soon you’ll be able to make transactions straight from your e-wallet, which gives Bitcoin-only casinos another boost of not having to ask it’s users to give over banking information in an age of security issues.
Even more so than online gambling, the buying and selling of goods just make sense as a proving ground for integration with cryptocurrencies. Despite a somewhat slow and trepidatious start, eCommerce is now catching up and finding the benefits for both businesses and their customers.
The vast majority of mainstream eCommerce CMS now either supports the use of Bitcoin through their stores or can be adapted to do so through the use of a plugin. This makes sense for existing online retailers, as it allows for further payment options for customers and safer, more cost-effective transactions without chargebacks.
While the real benefits for cryptocurrencies lie in the infiltration of existing markets, their growth has allowed for the advent of new marketplaces free from the constraints of third-party interference. Cryptocurrency only marketplaces like OpenBazaar and Forra have shown they have the potential to flip the industry on its head, eliminating transaction fees and giving sellers and buyers the best returns in more transparent circumstances.
In terms of big purchases, the property sector is one of the largest to embrace the use of cryptocurrencies. Quite remarkably to people outside of the industry, some estate agents are now listing properties exclusively in Bitcoin and other cryptocurrencies. In turn, some individuals have started to list their homes online and only accept crypto-payments.
The advantages of Bitcoin and other currencies in this market are numerous and present a chance to make the process more accessible and transparent for both parties. Blockchains have the potential to modernize the market, with smart contracts giving clarity to ownership of property.
Ever been bothered about the amount of paperwork that goes into closing a deal on a house? The liquidity of cryptocurrencies and the blockchain shortens this time and makes real estate a liquid asset.
As one of the driving sectors of the economy, to see cryptocurrencies enter the world of property signifies a growth of the format like no other. The driving power of this sector could lead to a trickle-down effect as e-wallets are more heavily embraced by regular people.
There is no doubt that these industries, despite leading the way, still have significant ground to cover before the cryptocurrency revolution breaks the mainstream. The next step is disrupting existing markets and enticing the skeptics to make the switch over to this new format.
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