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Four Sectors That Could Spell the Future Success of Cryptocurrencies

Ever since the invention of the first and foremost of the cryptocurrencies, Bitcoin, back in 2008 by the mysterious Satoshi Nakamoto, there has been much speculation about all aspects of its future. And, as each year passes, there are more and more questions that arise – even over who really did invent Bitcoin.

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There has been just as much interest in when, and even whether, cryptocurrencies, in general, will be accepted into the mainstream. There’s one school of thought that this may never truly happen. After all, part of their original objective was to operate outside of the conventional world of finance, free from government interference and regulation. So, once they become subsumed and begin to be treated like fiat currencies, it would seem that their original purpose will have been lost.

But, if cryptocurrencies are to thrive, this may be a critical moment for them to cross the divide, and some observers are speculating that if it doesn’t happen soon, it may be too late. In the grand scheme of things, becoming more normalized and widely accepted can be seen as being the necessary trade-off if cryptocurrencies are to survive and even thrive.

All in all, it’s very good news that there are signs that more and more industries are warming to the idea of adopting both cryptocurrencies and blockchain technology in a number of ways. Here are four of these sectors that could be critical to their success.

Banking

When the Bank of England recently announced that it was coming together with other financial institutions to examine the practicalities of a central bank digital currency, this sent a clear signal that major change is in the air. Banks are generally very interested in the use of blockchain as a way of speeding up transactions, as well as ensuring their security. But banks are surely also seeing the need for caution in rushing into a new currency launch, especially given the regulatory issues that have confronted Facebook’s Libra, and which very much took the shine off its launch.

Retail

Gradually, more and more retailers are starting to accept cryptocurrencies as methods of payment, including some very big brands such as certain branches of Starbucks and Burger King. The fact that Microsoft was among the very first of the major names to have embraced the new forms of payment is also very significant. However, perhaps the biggest revolution in the use of cryptocurrencies as payment methods may have arrived in the form of the Ternio Block card. This has opened up the possibility of using the same kind of debit card used for fiat currency payments, but for payments in Bitcoin, Ternio, Ethereum, and Stellar Lumens – with many more currencies set to be included in the future.

Online Casinos

As it’s a sector so well-known for technical innovation and development, the world of online casinos seems to be tailor-made for the use of cryptocurrencies. Indeed, a number of crypto-casinos have sprung up but, to date, the major online operators like Betway are yet to embrace this as a payment method. It may be that their players are satisfied enough with the wide number of payment methods that they already offer. They also have a solid reputation for fairness and probity and crypto-payments may simply go against their brand values. But, as the currencies become more widely accepted and legitimized, it could be that an increasing number of casinos will begin to accept them.

Travel

In industries where multiple currency payments are required, it would seem to be something of a no-brainer that cryptocurrencies are the logical solution. This is one of the reasons why Expedia was one of the first travel businesses to embrace Bitcoin, although just for hotel bookings, and a number of others have also since come on board. These include embrace the long list of cryptocurrencies available, then the future could be bright – and there are many people with pockets bursting with Bitcoin all around the world sincerely hoping that this will be the case.

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Guest Author

Crypto Journalist and Editor of guest articles in CoinPedia. Also, Outreach & Partnerships Manager. Contact me: Partner@coinpedia.org

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