5 industries that are embracing cryptocurrency in 2023

The emergence of cryptocurrencies opened up a lot of possibilities for businesses across multiple industries. Its wide accessibility, decentralized nature, and resilience against inflation make crypto a better alternative to fiat money. 

Over 18,000 businesses across the globe already accept crypto. The global crypto economy is expected to reach over $12 billion by 2030 — according to a report from Beyond Market Insights.

Today, a large number of businesses across diverse sectors have started leveraging crypto’s boundless potential. In this blog, we have compiled a list of top 5 industries using crypto.

Top 5 industries using Cryptocurrency in their day-to-day operations

 1. Digital Commerce

Many eCommerce companies, including Newegg, Home Depot, and Etsy, accept crypto payments either through their websites or via third-party services. In fact, marketplaces like Crypto Emporium offer a wide range of products that users can buy using crypto.

Several crypto exchange platforms even allow you to trade crypto for gift cards of your favorite brands. Nowadays, a large number of online brands have integrated crypto payment gateways on their websites and stores, offering their users the flexibility to pay through crypto.

2. Gambling

Crypto offers a lot of advantages over traditional currency for the gambling industry: it’s faster, borderless, and anonymous. Many Bitcoin casinos not only accept virtual currencies but also offer generous rewards on crypto deposits. That’s primarily because crypto is widely accessible and is cheaper to process.

For developers, crypto is advantageous as it allows them to attract users from across the globe — even from places where gambling might be restricted.

3. Charity 

Crypto donations are instant and borderless. And because there are no banks involved, transferring funds globally is just a matter of minutes. Time and again, crypto has helped global crises — from the COVID-19 pandemic to the war in Ukraine and a recent earthquake in Turkey.

Today, leading NGOs across the globe, including UNICEF, Red Cross, American Cancer Society, and Khan Academy, have already started accepting crypto donations. Crypto donations are cheaper to process and can be transferred anywhere almost immediately. Moreover, onboarding a crypto payment gateway is way easier and requires minimal documentation. 

4. Crowdfunding

Crowdfunding fuels growth and innovation by enabling creators to build products through capital raised from individual investors. Establishing trust was a major challenge for both parties. Crypto solves that by making transactions completely transparent and offering creators the freedom to use the funds without any restrictions.

Braid, a psychological horror film that premiered at Tribeca Film Festival in April 2018, was the first ever firm fully funded by cryptocurrency. The crew managed to raise over $1.7 million in just two weeks.

In an interview, Mr. Peirone, the director of the film, revealed, “The reason why we used cryptocurrency is because of its underlying technology, the Blockchain: it is peer-to-peer technology that enables smart contracts at every transaction, these are also known as “if… then” contracts, which means that if the investment generates profit, then the investor will automatically receive their share.” 

Many crowdfunding platforms allow users to back projects with crypto. Gitcoin, Tallycoin, and CoinStarter are a few popular crypto crowdfunding platforms. They are completely decentralized and offer users full control over their campaigns and funds.

Is crypto an ideal alternative to fiat?

Fiat money has been around for decades now. While they can store value, fiat money can be inflated and is vulnerable to dictatorship as it is centralized and regulated by banks and governments.

On the other hand, cryptocurrencies are virtual, deflationary, and completely decentralized. They can overcome the prevalent challenges with fiat money. The day isn’t far when crypto will take over traditional currencies across all sectors. Whether you want to buy a pizza or visit Peru, you’ll be able to transact through crypto. 

Final words

Cryptocurrencies hold immense potential to become the future of money. Even today, you can do a lot of things with crypto — from ordering a meal to buying a Lamborghini and everything in between. As crypto users grow worldwide, more businesses will become crypto-friendly, freeing the world from censorship and re-establishing trust in money.