One of the main reasons why people own cryptocurrencies is that they intend to store them with the aim of making profits when the coins increase in value against the US dollar or other fiat currencies. Also, people want to own cryptocurrencies like Bitcoin to enable them to make daily transactions, from traveling, shopping, to paying utility bills. But how are businesses adapting to blockchain revolution in different industries? Here is how.
A lot of money changes hands in the travel industry, arguably one of the biggest globally. An estimated $1.7 trillion is spent on travel annually, with part of the payments coming from people’s crypto wallets. Some hotels allow visitors to pay for rooms using crypto, while travel agents will also process crypto payments. The number of companies now accepting Bitcoin payment is on the rise, justifying the impact of the new model in today’s business.
For the longest time, people have been over-reliant on banks to process daily payments on their behalf, from their security systems. The same banks have also been tasked with asset investments for wealth creation, with the number of bank users constantly rising annually.
However, the banking industry has faced some major challenges in recent times. Central banks have been forced to print fiat currencies to level up crumbling economies, case in point; Zimbabwe and Venezuela had to take emergency options to tackle falling economies. The case of Deutsche Bank getting caught in the infamous money laundering scandal can also not be ignored. People are starting to question the stability of the traditional banking system and will have their eyes set on alternative banking.
Cryptocurrency draws its inspiration from the fact that it is a fully decentralized and immutable system that offers the kind of transparency absent in traditional banking. Banks are beginning to take notice, for example, the Bank of America has adopted a single network centered on block-chain technology for record-keeping and authentication of personal or business data.
The question of how viable online shopping using the blockchain technology is had also been asked. More than ever, people prefer buying stuff from the comfort of their homes as opposed to trekking or driving to distant malls for shopping. The E-Commerce industry is growing fast, and 2020 could see over $4 trillion spent in online shopping. As a result, there will be a lot of cryptocurrency involvement, and that means crypto stakeholders will need to do much to make cryptocurrency adoption a reality.
As new online stores continue to pop up, shoppers will be wary of the security of their transactions, and they will be looking for the safest and most secure payment platform. Agents representing the biggest online stores like Amazon and AliExpress have diversified shopping options for customers by offering users the option to shop using Bitcoin Cash, Litecoin, or Ether.
In reality, the cryptocurrency wave is strong, but more needs to be done for the world to fully accept cryptocurrency as a means of payment. For example, the number of businesses accepting digital currencies as payment across the world has to increase for the full adoption of the new technology.