In recent years, the cryptocurrency market has evolved from its status as a peripheral component of the global economic system, to becoming a key financial vehicle for the exchange of goods and services across a vast network of industries. In the notes below, we explore which sectors have most readily embraced the crypto-revolution, and review the extent to which the use of digital currencies has impacted specific types of businesses.
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Perhaps we’ve seen the most proactive approach within the gambling industry, with online casino visitors often able to use cryptocurrencies to facilitate the act of depositing, betting, and withdrawing funds.
There are also a variety of digital currencies which have been specifically developed for gambling use, such as Enjin Coin, WINk, Cocos-BCX, Moss Coin, XMax, and CWV chain, which can all be securely acquired through blockchain channels. These currencies are able to fund most gaming activities, but we see substantial amounts being spent on modern verticals, such as ‘live’ table games at online casinos. These types of games – which include the likes of live roulette, live blackjack, and live baccarat – see players tap into a live stream hosted by a croupier, and place bets on the outcome generated by a physical roulette wheel or set of cards. This replicates the experience of playing ‘in-person’ at a bricks-and-mortar casino but also enables users to enjoy the ‘traditional’ version (i.e., not typical online versions, which use RNG algorithms to determine outcomes) of these games from their smartphone device.
The nature of trading environments has also materially changed since the introduction of cryptocurrency, with a host of crypto-specific transaction platforms having emerged across the financial sector over the last decade or so. We see crypto traders – with variable success given the current volatility of the market – utilising online marketplaces such as Binance, CEX, Kucoin, and Coinbase to buy and sell digital assets. As payment for connecting vendors to potential purchasers, these platforms charge a nominal fee per transaction.
Indeed, the trading sector has witnessed the rapid expansion of this market up close, having provided a stage for the arrival of Bitcoin in 2009, and facilitating transactions tethered to over 22,000 reported different cryptocurrencies since then.
Although these industries may be the most obvious choices when attempting to illustrate the staggering growth of crypto usage, there are plenty of other contexts in which digital currencies are being readily used. Consumers can now purchase a vast range of products via crypto-based payments, with companies operating across hospitality, entertainment, travel, and banking industries (amongst others) having updated their POS systems to accommodate these types of transactions. In some countries, we even see cryptocurrencies used within the healthcare sector.
Given the current trajectory of the cryptocurrency market, which is predicted to grow by approximately 14% by 2027, it seems inevitable that our list of engaged industries will increase significantly in the coming years. A significant opportunity for many businesses awaits….
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