It’s been a while since crypto disrupted the world of online payments. Businesses have been accepting Bitcoin and, later, other cryptocurrencies since roughly 2013. Understandably, online entertainment was among the first ones to join in on the fun. Some of the players of the entertainment industry that are happy to accept crypto as a payment method are online casinos, video gaming, and sportsbooks. But the list keeps growing.
Online casinos were one of the cryptocurrency pioneers in the entertainment sector. The gambling industry offers lots of casinos that accept Bitcoins, including many of the industry’s leaders. Bitcoin, Bitcoin Cash, Ethereum, Litecoin, Dash, and even more obscure cryptocurrencies have been a common payment method among gamblers for years now.
The benefits of using cryptocurrency for online gambling are hard to overestimate. As is always the case with crypto, they include no or very low payment fees, high speed of transactions, and, obviously, value. Most importantly, however, using crypto to pay in online casinos gives players anonymity. This is perhaps the top reason why so many of them opt for cryptocurrency in place of traditional payment methods.
One of the concerns that people new to crypto have is the tech side of the process. Luckily, tutorials on how to pay for online gambling with cryptocurrency are available online.
Video Games and Twitch
One thing in common between the video gaming and cryptocurrency industries is their love for innovation. The alliance between the two goes way back. Although not every vendor of video games accepts crypto, there are quite a few of them.
If you are interested in platforms where you can use crypto to buy the newest game for your console, check out Bitrefill, Keys4Coins, or Joltfun. Bitrefill requires players to buy a gift card, but the other two allow direct crypto purchases.
Twitch is another gaming-focused platform that accepts payments in cryptocurrency. It is a service that gives gamers an opportunity to broadcast themselves playing for viewers to enjoy. Twitch not only allows subscribers to support their favorite players with donations in crypto but actually offers a discount for doing so.
Another segment of the entertainment industry that accepts crypto is sports betting. It is a rapidly growing part of the online gambling market. Sports bettors want to keep up with the latest trends, so it makes perfect sense for them to allow gamblers to pay with crypto.
The main advantages of betting with cryptocurrency are the same as in casino gambling — privacy and safety. Also, there are convenient supportive apps that help punters and offer generous bonuses for using crypto. Sportsbooks are all for eliminating third parties akin to banks, so they make sure to encourage betting with Bitcoin. Everyone likes free money, and they know it.
Here comes the least expected item on this list. Sure, there is nothing surprising that the gambling and video gaming industries accept crypto. But now, even respected art auction houses are joining in on the trend.
When Sotheby’s, the best-known art broker in the world, announced that it would hold an auction for Banksy’s Love Is in the Air, it also encouraged payments with crypto. The art industry has accepted NFT payments for a while, but only for digital artwork. This is the first time when art lovers can buy a physical artwork with crypto.
By the way, Love Is in the Air was eventually auctioned for almost $13 million.
Subscription-Based Streaming Services
The next step for the entertainment industry is to allow subscribers to use cryptocurrency to pay for streaming services (the likes of Netflix and Spotify). This has not happened yet. For now, the only way to use crypto to pay for subscriptions is by buying gift cards, which is a little less convenient compared to direct purchases. Let’s hope streaming platforms will do better in the future.