We’ve all heard about cryptocurrency and Bitcoin at some point in our lives. It became so popular some years ago, that many people started to heavily invest with crypto. Nowadays, it is best known as an alternative form of payment. Using crypto means that you don’t have to pay with actual paper money because it’s basically digital currency.
Crypto became a popular alternative form of payment after the financial crisis of 2008. People lost their trust in banks and preferred to use unregulated cryptocurrency around 2009. There are currently over 6,000 different kinds of crypto available. This is a massive jump from the few that were available 10 years ago.
Crypto use shot up by an incredible 880% in 2020 which was during the pandemic. The world was changing in more ways than one and many people could see what was coming. The new type of financial affairs is shifting markets around the world. What other industries are it changing?
Why is Bitcoin so popular as a Poker Currency?
Poker is one of the most popular card games that’s beloved by people around the world. It only became more popular with the introduction of online poker.
It became a preferred option among crypto users because the platforms usually charge minimal transfer fees to players. There are even some platforms that do not charge currency conversion fees for users when withdrawing their earnings.
Another reason why crypto is the choice of currency for players is global accessibility. Players around the world don’t need to worry about fluctuating exchange rates or international banking rules. The acceptance of crypto into the aforementioned digital platforms made it a primary, sometimes even the only choice for different gambling companies. This is the reason why some online websites are designed to offer games with special types of currencies, such as Bitcoin poker game options that are widely available on the internet.
But it’s not just poker that’s using crypto. Here are other industries and cases that are shifting to crypto.
Crypto is also popular with video games. A good example is Axie Infinity a strategy game that has attracted scores of players around the world. The game uses a play-to-earn (P2E) scheme to bring in more players and help them earn crypto.
Another good example is Gods Unchained. They Use Immutable X for their currency. It is currently one of the top P2E games in 2023. Game publishers like to partner with crypto tech because it can help attract more players and cryptocurrencies like this kind of partnership because it can boost the popularity of their currency.
NFTs (Non-Fungible Tokens) are also used in video games for in-game purchases. You can buy things that are part of the game in a way that’s integrated into the story/mechanics of the game. This has been an effective way for video game companies to earn additional revenue. The ease, speed, and security of these in-game purchases persuade many gamers to buy additional things.
Some social media platforms use cryptocurrency. But it’s not Facebook, Instagram, or Twitter, although the latter one is rumored to be keen on such an integration. Some users prefer to use these kinds of sites because they are rewarded with every interaction. It’s an easy way to earn money, especially if you have a huge social media presence. Social platforms like the examples below are not mainstream but they use cryptocurrency to monetize their platform.
Fluz is a social platform that rewards users with cashback when they pay for goods and services using the app. Steemit is a blogging platform that pays users when they post, comment, or upvote posts.
Other sites like Verasity and Sapien also use crypto technology to pay their users. Verasity focuses on video content. The platform incentivizes engagement by rewarding both the content creator and viewers.
Hotels and Hospitality Sector
Hotels and the hospitality sector use cryptocurrency to facilitate secure payments. Hotel owners realized that by providing forms of crypto as a mode of payment, they are not only attracting more customers, they are also giving them a safer and easier way to pay.
Crypto is so popular that luxury hotels are now accepting crypto for payment. The Palazzo Versace in Dubai, Chedi Andermatt in the Swiss Alps, The Pavilions Hotels & Resorts in Europe and Asia as well as Soneva in Maldives and Thailand are just a few examples of hotels accepting various forms of cryptocurrency.
Another example is the travel booking platform Travala.com which uses cryptocurrency for payment. They accept different kinds of cryptocurrency such as Bitcoin, Ethereum, and 90 other crypto options. Aside from booking flights and hotels, the platform can also accommodate bookings for other tourism activities like sightseeing and tours worldwide.
Crypto is continuing to advance and it shows no signs of slowing down. There are special tools for the crypto market analysis, but even with the naked eye, it’s easy to see that crypto is widely used as a primary payment option due to security and anonymity reasons. However, it’s likely to provide more benefits as time goes on.
It is already being used for privacy and security in terms of encryption, as an investment unit and artist royalties. Future use can include voting, data sharing, and supply chain management.