Multiple industries, ranging from finance to airlines, are embracing cryptocurrencies as payment means. They allow customers to use digital currencies for various products and services. Indeed, getting paid in cryptocurrency for a host of transactional and investment purposes is a massive hit.
Figures support the fast growth and presence of crypto. Its total market capitalization accounts for over $237 billion at the moment. The blockchain market is likely to reach $23.3 billion by 2023. Yet, as fascinating as these numbers are, they don’t reveal the impact of these technologies on the economy.
Though buying and selling crypto has become a mainstream concept, spending options fall behind. This disparity may be due to the high volatility of cryptocurrency and the reluctance of people to cross the new frontier. In-depth knowledge can help both businesses and clients open up to new ventures.
This article will give you an insight into the development of crypto and its dominance across the world. We will also explore the upsides of digital assets and consider why companies should accept getting paid in cryptocurrency.
Brief Crypto History
Though the timeline of digital currencies is far from lengthy, the impact on various industries is immeasurable. Let’s check a few cornerstones in the development of crypto.
- 2008 – Satoshi Nakamoto begins work on the Bitcoin project.
- 2009 – Nakamoto mines the first block of the Bitcoin network.
- 2010-2013 – The market starts to form, and Bitcoin prices face several ups and downs.
- 2014-2015 – Several major cryptocurrency exchange hacks are evident.
- 2016-2018 – New blockchains with their cryptocurrencies emerge and give way to a global phenomenon.
- 2019-present – The market becomes more stable with multiple opportunities for crypto payments. Digital assets face unprecedented potential and success.
Where Is The Crypto Space Most Dominant?
Today, Bitcoin (41%) and Ethereum (over 22%) comprise almost two-thirds of the crypto market. However, new coins have started to appear and gain popularity. Solana and Polkadot are two such examples.
As for countries, Nigeria has proven to be the most open nation to getting paid in cryptocurrency. More so, Nigerians (32%) aren’t alone in their rapid adoption of what was highly unfamiliar until recently. Vietnam (21%) and the Philippines (20%) make a strong showing, too.
Turkey stands fourth on the latest Statista’s list with 16%, and the same percentage was observed in Peru. Switzerland (11%) has the highest number of European residents that sell or buy crypto. The most powerful world economies finish off the top-ten list. The figures are as follows:
- India: 9%,
- China: 7%,
- US: 6%,
- Germany: 5%,
- Japan: 4%.
The cryptocurrency revolution continues to impact various sectors. More and more companies, like Tesla, Expedia, Starbucks, and Amazon, have accepted getting paid in cryptocurrency. Here are a few of the most prominent industries where crypto takes a significant share.
Finance And Banking
Many investors lose opportunities due to the rigidity and outdated structure of the finance sector. Thanks to the cryptocurrency era, the banking industry has undergone multiple changes. Giants like MasterCard and Visa have introduced crypto payment schemes and loyalty programs. Moreover, PayPal users in the US can also buy, hold, and sell cryptocurrencies.
Casinos And Gaming
The casino sector is a game-changer in accepting digital assets as a payment method. Trusted gambling platforms like Bspin take Bitcoin and allow players from across the globe. Moreover, sites like Bitstarz and 7Bit Casino support a range of cryptocurrencies. As for gaming, in-game assets are super attractive.
Travel And Airlines
Expedia is a renowned travel agency that introduced a crypto-friendly booking platform. Clients can book over 700,000 hotels with more than 30 different cryptocurrencies. Also, companies like airBaltic and LOT Polish Airlines allow Bitcoin as a payment option.
Music And Art
Artists and musicians were under the tight grip of producers for decades. Thanks to crypto, content creators can now cut intermediaries and benefit directly. XRP, among others, is a trendsetting cryptocurrency that helps various artists sell content.
Cryptocurrency – The Key Benefits
Every breakthrough in the history of high-tech carried certain risks and prospects. Crypto is no exception. Ultimately, we can all witness that getting paid in cryptocurrency is advantageous, and here’s why:
Instant Settlement Times and Low Fees
Though many invest in crypto for price appreciation, others use it as a medium of exchange. Bitcoin and Ethereum transactions cost from nickels and dimes to several dollars. Other cryptocurrencies transfer for pennies or less. More so, crypto payments settle in seconds or minutes, unlike bank wire transfers that cost more and take several days.
Getting paid in cryptocurrency is highly popular due to the privacy at stake. Transactions are pseudonymous and don’t require identifying information. Hence, many users prefer crypto over fiat currency transfers with third-party payment processors.
Decentralized cryptocurrencies are secure payment means with high hash rates. As a result, stealing digital assets is technically impossible. Incidents of crypto hacks usually come down to individuals making mistakes.
Why Consider Getting Paid In Cryptocurrency?
Over the last few years, crypto has been rapidly invading the realm of payments. Below are several reasons why your company should accept digital assets.
- Fraud-proof transactions stored in a public ledger.
- Encrypted coin owner identities.
- Currency decentralization means only you own it;
- Easy, real-time, and safe money transfers.
- Strengthened control over your capital.
- Options for individuals who don’t have the right to use traditional exchange systems.
- Access to new capital and asset classes through tokenised traditional investments.
Elly Can Help You Accept Crypto
No doubt your company should appreciate the vast potential cryptocurrencies bring. Elly can help you stay abreast of the latest trends and grow your business by accepting digital assets. Getting paid in cryptocurrency is the future of any enterprise that strives to meet the needs of consumers and generate profit. Elly can do precisely that. By incorporating all payment means into one solution, you can stay one step ahead of the competition and create value for money.