In spite of the fact that the government is still in a dilemma to use cryptocurrency or digital currency in the economy at large, several industries have already started using it for various purposes and reasons.
If you look at the wake of the Crypto Big Bang, you will notice that there is a lot of use of Bitcoins and Shitcoins. There are thousands of forms of new cryptocurrencies emerging in the market and all of these have diversified this ever growing cryptocurrency market. Today, the internet uses blockchain technology and crypto rampantly making it to be the hottest trends in this modern era.
However, over the past several years of its use, there are several industries that have experienced disruption in their services due to the introduction of cryptocurrencies as a resource of transferable value.
The effects in the finance industry
The banks still hope that the crypto hype will pay off after the emergence of cryptocurrency.
They already deal with almost any kind of crypto exchange platform and even develop one
. As of now, it has already disrupted the operation and has changed the entire finance industry. This is because of several reasons such as:
- More people are now beginning to get access to different banking facilities as well as transferable digital assets
- The effect is highly noticed in the people who live especially in underdeveloped regions and countriesand find their access to traditional banking limited.
The apps used for using the digital currency
serve as the invaluable tool for several businesses that have the means to store value and transfer the assets
flawlessly across borders. This has incited the recent flood of digital wallets through the world.
In addition to that, there are several prominent banks and financial institutions that are improving their services and update their systems to better their operation in order to complement the emergence of the cryptocurrencies.
- Several banks have announced starting a Bitcoin trading desk along with their basic operations to deal with the cryptocurrency market and this new asset space that may mark the future fintech trends.
- Most of the major banks have already heard about or seen the numbers that the companies using this digital currency are putting up. It is these rising figures that raise the concerns of the banks that they might be overtaken by these companies in the near future. It is for this concern that banks feel that they must also get into this marketplace.
Therefore, in the near future, you can expect a lot of changes in the finance industry coming your way with the emergence and rapid movement of cryptocurrencies
especially when adoption to it by the financial institutions becomes the more common and only alternative.
The changes will however result in complete disruption in the process and will reach a point where tangible changes in the traditional financial landscape will be required inspecific areas to improve its efficiency and increase its accessibility.
The bottom line is that more users will have access to the banking services than ever before. This means that the power will once again be gravitating back to the consumers.
However, banks are very cautious with its approach and will not take any drastic step until the hype pays off and shows the desired results, just like its consumers will not take out a loan without understanding the pros and cons of it or go for negotiating their debts with the banks without going through the debt settlement reviews or consulting with a reputable credit counselor.
The food industry
The food industry is not left far behind as they too are ‘hungry’ for crypto. You will be surprised seeing at the growing list of major food companies and corporations who have now started to accept cryptocurrencies as a mode of payment for their products and services.
However, there are still a few companies who have not joined the bandwagon yet even after the growing acceptability with several brand-name businesses. There are several reasons to it.
- As it is observed over the recent past years, Bitcoin and a few other leading altcoins still are somewhat volatile. Prices can move up and down by hundreds of dollars in just a matter of minutes.
- It also depends largely on the exchange sentiment of the business and the other users.
- It is also felt that the world news has a significant effect on such a behavior for a few specific companies.
- In addition to the above, there is also the high risk of the value of purchases depreciating.
All these factors and apprehensions have pulled back several business owners as they are hesitant to apply crypto-based purchases in their business rather stick on to their current and traditional payment systems. This is the primary reason that you will notice a gradual emergence of cryptocurrencies in the food industry as well just as in the banks and other financial institutions.
Sports and gambling industry
Sports, e-sports and the gambling industry have also experienced the effects of the emergence of cryptocurrency.
- However, the gambling sector seems to be the future digital money where use of bitcoins and other altcoins are so common and extensive.
- As for the world of e-Sports that has quickly gained legitimacy is another fastest growing industry where several crypto-based platforms have linked fans from all over the world directly to the players. The users are allowed to deposit the tokens into a wallet and then earn more after participating in any of the wide range of challenges such as NBA, NFL, and MLB. As there is no extra fee and there is a complete direct player-to-player action, it seems that the crypto-based platforms may very well be the future of online sports betting.
- Cryptocurrency has also made its way into professional sports as well. The intersection of sports and crypto allows the coin to take advantage and market itself among the thousands of fans and followers of the specific sports organization with whom it has an agreement with.
What does all of this signify about the future of cryptocurrency?
Well, it is bound to get integrated into many industries to become the future of global trade and finance.
Marvin Power is a freelance writer who has been writing for various blogs. He has previously covered an extensive range of topics in his posts, including Business, Technology, Finance, Make Money, Cryptocurrency and Start-ups.