4 Industries Where You Can Use Crypto Outside Of Trading
Cryptocurrencies used to be only seen as investments similar to stocks – something to be bought, sold, and traded according to the market’s trajectory. Due to the recent crypto crash, though, cryptocurrency trading has slowed down in the past few months. That said, despite this bearish market, these digital coins continue to be popular in many countries across the world. In fact, up to 32% of respondents from Asia, Africa, and North America shared that they’ve used crypto for transactions across various industries. Therefore, aside from just the usual asset trading, crypto is now widely accepted by a host of diverse sectors, further increasing their use and recognition.
If you’re a crypto enthusiast looking to maximize the use of your digital assets, here are some industries to explore:
The great thing about crypto becoming popular is that people can now buy things with it – especially when using leading currencies such as Bitcoin. For example, people can buy goods from eCommerce giant Amazon through third-party wallets. This eliminates the need for things like credit cards for online purchases. Companies like Microsoft and AT&T similarly allow these digital coins to be used for direct payments. Through these digital currencies, consumers need not bother with online banking or fiat money to access the goods they may need. Some companies even offer incentives for crypto payments, although these are fewer today given the crypto crash.
Among all industries, the iGaming sector has always been a big supporter of crypto. More specifically, online poker has been an early crypto adopter, with the first instances of crypto use dating back to 2014. Since many gaming providers consider crypto the key to online poker legalization, most platforms allow crypto for player transactions. This includes using crypto for bankroll funding and cashouts. For players, this means using their digital assets while avoiding the typical financial middlemen that make these transactions slower and more costly. Additionally, since decentralized crypto is beneficial for the broader iGaming industry that wants to bypass current jurisdictional limitations, many players can receive bonuses for using crypto.
Using cryptocurrencies has also lent a hand to the art world. Aside from transforming the consumption of digital art through NFTs, many big art galleries now accept crypto as a viable form of payment. Auction houses like Christie’s and Sotheby’s were some of the early adopters of these digital coins within the elite art world. The latter even held live bidding for two Banksy pieces (Trolley Hunters and Love Is In The Air), taking payments in Ethereum. Other galleries like the Gagosian now also accept Bitcoin, Ethereum, and USD Coin. This makes art more accessible for those that have already invested in cryptocurrencies.
Another way people can use crypto outside of trading is by expanding their life within the metaverse. This is a form of virtual reality that allows people to live in a wholly digital environment. Today, it is gaining popularity as people realized over the past two years that it is essential to have digital spaces to work and collaborate in. When this virtual reality comes to fruition, cryptocurrencies will be the main way to transact. People can use these coins to purchase goods like clothes and even homes within the digital realm, so spending it within the metaverse is another way crypto can be valuable.
At the end of the day, cryptocurrencies are assets. Outside of trading, crypto investors uncomfortable with simply hodling their coins are better off using them to maximize other exciting industries.