Cryptocurrency is increasingly extending its reach into a wide array of industries, with bitcoin enjoying a 66% value increase between February 2021 and October 2021. Originally created to enable people to make payments over the Internet, today, it plays an important role in sectors such as real estate, art, tourism, banking, food, retail, and more. In what ways is cryptocurrency becoming an everyday fact of life and what is its future outlook?
The Sectors in which Cryptocurrency is Making Its Presence Felt
Some of the sectors in which cryptocurrency is flexing its muscles the hardest include financing and real estate. Recently, it has become possible to use cryptocurrency to make a mortgage downpayment. Financial institutions are increasingly opening their doors to bitcoin and enabling clients to use cryptocurrency to serve as collateral for a crypto loan. This type of loan has a lower interest rate and offers same-day funding. It additionally does away with credit checks, though if the value of the borrower’s crypto falls, they may be required to pledge more of their cryptocurrency. The fact that the world’s most serious institutions are now viewing cryptocurrency as a reliable source of funding and investment indicates the extent to which crypto is here to stay.
The Mysterious Appeal of Cryptocurrency
One of the reasons why crypto is booming in specific industries is that it enables owners to use their money without their transactions being reflected on bank documents. As such, it is often the prime choice for industries such as iGaming and online gambling. Currently, around half of all Bitcoin transactions are carried out in online games, which is testimony to the ease and practicality offered by crypto. Not only are transactions kept private, but cryptocurrencies enable players to access games from otherwise prohibited locations. It also helps new gamblers and gamers ensure they are playing a trustworthy game that is kept secure by virtue of being on the blockchain.
Cryptocurrency in Everyday Life
More and more retail establishments are accepting payments in cryptocurrency. Just a few major companies that do so are Microsoft, Home Depot, Starbucks, Whole Foods, Tesla, and KFC (albeit only in Canada). Cryptocurrency is also becoming necessary for those wishing to buy or sell NFTs (non-fungible tokens such as blockchain-backed digital artworks). The NFT sector alone is huge, with the most expensive design selling for a whopping $532 million (a CryptoPunk piece). It isn’t only the rich and famous who are investing in NFTs, of course. Gamers, too, are creating a big demand for items such as digital sports trading and gaming cards. Some companies, like ZedRun, are building amazing virtual racing systems featuring NFT horses. Because NFTs can be anything (ranging from a Tweet to a video snippet, drawing, or digital artwork), they are attracting a large percentage of buyers who are becoming increasingly accustomed to paying for their purchases with cryptocurrency.
Cryptocurrency is a fact of life that is growing from strength to strength as more sectors embrace it. From financing to mortgages, retail to food, numerous industries are opening their doors to the benefits of bitcoin. Cryptocurrency is now an everyday fact of life, necessary for hobbies and investments like NFTs, which now make up a multi-million-dollar industry.