Despite cryptocurrencies’ substantial rise in prominence in recent years, we are still a long way from being able to use Bitcoins to complete everyday purchases. For this process to become a reality, large industries need to commit to cryptocurrencies and get behind their potential. There are some that have already done just that, even if they’ve not heavily publicized it, playing an important part in there rise. Here are just a few doing interesting things.
You would think the world of online gambling and cryptocurrencies sit at odds with one another. While they both come from somewhat mysterious and shrouded backgrounds, gambling has traditionally been quite rigid in its rules, playing by a specific set of rules that wouldn’t necessarily allow for new forms of currency. Despite this, unstable and untested currencies such as Bitcoin have found their place in the world of online betting and casinos.
The advent of cryptocurrencies in online gambling actually owes a lot to online gaming, where ‘token’ payments have been completely normalized and integrated into most AAA releases in some fashion. While the dangers of this practice on players have been well-noted and discussed, it has opened the door to alternative ways of paying to play. This transfers over to online gambling, which has also seen a significant rise in the last decade thanks to the ease and availability of games and odds across major websites and apps.
There have been two major avenues for cryptocurrencies venture into the world of online gambling. While many of the best betting sites used for sports gambling, such as the ones listed here, don’t allow players to use Bitcoin and other alternative currencies, many casino game websites have embraced it as an option.
Alternatively, Bitcoin only casinos have also sprung up, giving players additional benefits such as reducing waiting times for deposits and withdrawals.
The world of sport is absolutely awash with money, particularly at the top of international games. This willingness to take money from any available avenue makes sport a perfect candidate for integrating cryptocurrencies.
Although, the fashion in which it has embraced these advancements has been quite unique in comparison to other industries.
The soccer world has been willingly fertile ground for cryptocurrency experimentation. Numerous advertising deals have been established for leading English clubs with crypto-trading companies, including a high-profile deal in which sponsorship money has been paid from eToro in Bitcoin.
Beyond sponsorships, some soccer teams have found more practical uses for cryptocurrencies within the game, such as Gibraltar United, who promised to start paying its players in cryptocurrencies.
Although this is yet to fully come into fruition, and complications within the game caused by the coronavirus may have put a stop to this venture, it is an ambitious project that teams are no doubt going to be influenced by.
Similarly, the Turkish side Harunastaspar made history in 2018 when they completed the first purchase of a player by paying the full transfer fee in Bitcoin.
Expect a more common implementation of cryptocurrencies in sport to be payments within stadiums and the alternative currencies being used to stop ticket-touting, a problem plaguing major sports and events.
There’s no industry where the merits of cryptocurrencies are more transferable than ecommerce. Buying and selling goods using Bitcoin and its digital brothers and sisters just makes sense and feels like a natural evolution point for the world of digital retail. Despite a trepidatious start, the industry is beginning to catch up and see the benefits cryptocurrencies offer both retailers and customers.
Although you may not know it, a significant portion of mainstream ecommerce CMS now either support the use of Bitcoin on stores made using their platform or can be adapted to do so through the use of community-made plugins.
This easy fix is particularly important for small scale ecommerce stores who usually get their start using these platforms, as it offers customers additional payment options that are not only safer but cost-effective and without chargebacks thanks to blockchain technology.
Cryptocurrencies will never truly find their place in the mainstream until they infiltrate existing markets. However, crypto-based stores offer a new way for enthusiasts to shop in a more transparent manner.
Cryptocurrency only marketplaces such as OpenBazaar and Forra offer an online retail experience free from constraints of third-party interference, showing potential to flip the industry and the way people look at online shopping on its head.
They have eliminated transaction fees, giving both retailers and customers better returns in more transparent circumstances. If these websites can be looked at by the general public as legitimate, regular stores will have to embrace new currencies to keep up.
These industries and key companies within them may be leading the way, but there is significant work to be done to normalize the practice of paying with cryptocurrencies. A lot of these examples have seen alternative models pop up within existing industries. To break into the mainstream, in-roads need to made into the biggest players.