11th August, 2021
Bitcoin and other virtual currencies have attracted a lot of attention from financial experts and ordinary people.
Today, thousands of individuals and businesses are investing in cryptocurrencies worldwide.
Initially, some people thought digital money was a passing cloud. Others thought Bitcoin was only for dark web activities.
However, this perception has changed, and people are now trading Bitcoin and other virtual currencies online.
Platforms like Bitcoin Buyer allow individuals and businesses to trade this virtual currency for money. Ideally, you can purchase Bitcoin with virtual money and start buying and selling this digital currency online.
What’s more, many companies accept Bitcoin as a payment medium. That means you can use Bitcoin to acquire services and goods.
Places like the USA, Europe, and Latin America have many merchants that accept this cryptocurrency.
Some global companies also accept virtual currencies. Also, many online platforms now allow customers to pay with this digital currency. Here are some of the industries that accept Bitcoin.
Online stores where you can pay with Bitcoin keep increasing every year. While some retailers have not settled accounts in cryptocurrencies yet, you can pay for products and services using this virtual currency in some places.
For instance, you can use Bitcoin to shop from several online stores via a third-party application.
Companies like Expedia, Wikipedia, WordPress, and Microsoft have announced that customers could pay for services and items using virtual currencies.
Additionally, PayPal, Dell, Amazon, and other companies in the retail market have expressed their support for Bitcoin as a payment method.
And the number of retail stores and companies that accept Bitcoin will continue to grow steadily as more people embrace and adopt it as a payment method. Perhaps, Bitcoin advocacy from international organizations is the primary reason for its massive support in the retail market.
Online gambling is among the first industries to embrace and adopt blockchain technology. So far, around 50% of Bitcoin transactions involve online games. Additionally, Bitcoin casinos accept cryptocurrencies while offering generous bonuses to players that pay with them.
Experts note that the iGaming industry could hit the $565 billion mark by 2022. And this is around $72 for every individual on earth. Cryptocurrency will undoubtedly account for a significant percentage of this sum.
• Blockchain technology and cryptocurrency use allow individuals to validate that casino games are fair and safe. Blockchain registers transactions while powering intelligent contracts. And this increases trust levels while reducing space for fraudulent activities.
• Cryptocurrencies enable individuals to access gambling from any location, even in places where governments prohibit such activities.
• Some online gamblers don’t want their bank documents to feature gambling transactions. Bitcoin allows such individuals to maintain anonymity while gambling at online casinos.
Many experts argue that tourists will eventually use non-cash payments. What’s more, cryptocurrencies will be their preferred payment method.
When travelling to different places, tourists realize they can’t access ATMs. What’s more, they are unable to pay for services and goods using their bank cards.
Essentially, over 1.7 billion individuals don’t own bank accounts. At the same time, mobile phone usage increases steadily across the world. That means most people might eventually pay with Bitcoin via mobile phones.
Many restaurants, shops, and hotels already accept Bitcoin and other virtual currencies. Bitcoin enhances international payments finalizing within minutes.
What’s more, paying with virtual currencies reduces the fees. That means you don’t lose funds when converting Bitcoin to fiat money.
Since virtual currencies have low or no regulation across the world, some banks maintain a wait-and-see approach. Nevertheless, some banks are aloof from Bitcoin, yet it might cause dramatic industry changes.
On the other hand, some banks allow clients to access crypto assets easily. Julius Baer, a private Switzerland bank, is an example of such a bank.
USAA was also the first bank in America to pilot virtual currencies integration.
Virtual currencies are undoubtedly here to stay. For this reason, their adoption and acceptance in different industries keep growing.
What’s more, payment processing companies like Visa and MasterCard will probably incorporate Bitcoin in their service offerings.