Cryptocurrencies have made headway in the economy.
Despite initial regulatory challenges worldwide, their functionality quickly captured public interest, prompting people to explore platforms and assets that best suited their needs.
This article examines how companies in various industries harness cryptocurrency’s benefits to preserve value, generate returns, and hedge against inflation.
Why Businesses Are Turning to Cryptocurrency?
During COVID-19, companies of all sizes were caught off-guard and affected by this global pandemic. This unfortunate reality had many seeking alternative ways to make money, and investing in cryptocurrencies became one such avenue for profit. At the time, countries were printing money at a rapid rate to prop their economies up and pay for emergency welfare packages, which led to rapid inflation in the years that followed. Entrepreneurs used crypto for the sole purpose of hedging against the economy and protecting themselves from the (possibly) harmful government policies.
Crypto as a Payment Solution
The uptake of digital decentralized currencies in the last decade led to more enterprises supporting them. Retail companies were among the first to start accepting crypto payments, with the major stumbling block of government regulations and tax implications. E-commerce businesses followed suit shortly after.
E-commerce and retail companies understand they can expand their market share and reach by supporting cryptocurrencies. An arts and crafts professional in Maseru, Lesotho, can easily accept digital currencies from customers when they list their products on e-commerce services. A few taps on the screen are all you need to pay for international transactions via crypto.
While there are still stringent codes that these businesses must follow to align with anti-money laundering laws, there is a sure chance of boosting the customer base using digital payment systems. Unfortunately, many of the largest e-commerce platforms will not accept digital currencies in 2024, but you can find smaller and niche services willing to accept different digital currencies. This kind of versatility makes for a more agile business that has better future-proofing.
Buying Property with Cryptocurrency
Real estate businesses are almost always willing to make it easier for potential buyers to invest in their first or newest real estate property. Cryptocurrencies offer buyers an easier and more convenient way to buy property. Some sophisticated investors keep their money in digital assets through crypto trading platforms, and accepting crypto is an easy way to do business without breaking the law. Digital currencies can power the next generation of home ownership with smoother transitions and payment processes.
Embracing Digital Currencies for Seamless Bookings
You can pay for all or most of your next vacation via crypto. Many countries and cities globally have crypto-progressive governments and policies. Hong Kong, for instance, has been a hub for crypto-centric tourism, with more than 170 Bitcoin ATMs and at least 60 crypto-accepting businesses. You’ll have no issues finding where to pay for experiences with these currencies.
Some governments are simplifying the process of vacationers paying for their experiences using cryptocurrency. Similarly, many companies in the retail sector are enabling seamless transactions, allowing customers to enjoy their experiences without relying on fiat currencies. This approach has proven highly effective, attracting dedicated investors and HODLers who prefer to avoid traditional currencies.
Enthusiasts often favor cryptocurrencies for their lower fees, fast transactions, and the absence of third-party networks in the verification process. Travelers can easily find vacation booking companies that accept crypto payments, offering curated experiences tailored to their needs.
Embracing Digital Assets in Traditional Systems
During the early days of digital currencies, traditional finance (TradFi) institutions went the extra mile to tackle this new decentralized form of finance because it indirectly threatened their businesses by offering customers more control of their assets and finances. The DeFi network allowed for the possibility of transacting without third-party systems like TradFi. The early adopters and believers of the crypto movement didn’t fall for the misinformation, but most other people, unfortunately, believed the “facts” about issues of security, lack of infrastructure, and potential for hacking and theft of private information. The unprecedented growth of decentralized finance forced traditional finance and banking players to give up on trying to fight decentralized currencies. Traditional players are embracing digital assets while incorporating decentralized infrastructure into their systems. It is safe to say that the new reality of global finance is here to stay as more adopt DeFi.
Unlocking New Revenue Streams with Crypto
The gaming and entertainment spaces were among the earliest adopters of cryptocurrencies. Many gamers were among the early believers in digital currencies, and this ecosystem is one of the biggest drivers of non-fiat currency growth. Cryptocurrencies also change the way people game and gamble on the internet. It revolutionized the space by removing many of the frictions in the ecosystem. A blackjack gamer from Surat, India, can join an online game anywhere in the world, deposit funds, and withdraw their winnings in little to no time. Online entertainment and iGaming weren’t accessible to everyone, but digital currencies are changing this reality.
The Future of Crypto Across Multiple Sectors
Cryptocurrencies are here to stay. That’s why many naysayers and long-term detractors are beginning to accept this fact. Businesses in almost every industry worldwide are turning to cryptocurrencies for fresh opportunities. Customers and end-users also need to get comfortable with the new digital currency reality because it’ll be hard to find businesses that only accept fiat currencies in the next few years. If you’re still on the fence, you can learn more about how decentralized currencies can revolutionize how you live, shop, and do business.
Adopting Crypto in Today’s Business Market
The world fought back against decentralized currencies during its early years, and in many ways, traditional powerhouses still go the extra mile to jeopardize the adoption of these cryptocurrencies and the systems they create. There is so much potential that governments and traditional institutions are somewhat threatened. Maximize the opportunities these assets provide. It is worthwhile to learn more about this asset class, find a crypto trading platform that ticks all your boxes, and start investing in those you’ve researched and believe in.
