Over the last few years, the cryptocurrency craze has seen unprecedented growth that shows no signs of stopping. The value of assets like Bitcoin, Ethereum, Tether, and Binance Coin has increased considerably.
As a result of the massive popularity, an ever-growing number of companies are jumping on the bandwagon of cryptocurrency purchases. Businesses like AT&T, PayPal, Overstock, Travala, BMW, and Etsy accept Bitcoin as a payment method for their products and services. Similarly, crypto-asset owners are becoming more confident about spending them across multiple industries.
But it’s not only large corporations that capitalise on cryptocurrency purchases. Small-sized enterprises and merchants can also benefit from the lower fees and faster processing, thus preparing for a digital future. Undoubtedly, the crypto trend is here to stay. So, the earlier you embrace technological advancements, the better your competitive edge.
This article walks you through the development of digital assets and where you can make cryptocurrency purchases. It also lists the increasing number of industries that have adopted cryptos as payment means.
Crypto In The Last Decade
With a brief timeline of over a decade, digital currencies have left a significant impact on the world of finance and trade. Here are the most memorable moments in the development of crypto.
- 2008 – Satoshi Nakamoto started his pioneering Bitcoin project.
- 2009 – Satoshi succeeded in mining the first block and launched the Bitcoin network.
- 2010-2013 – In the period of market formation, the Bitcoin value underwent a few ups and downs. Competitive crypto assets like Litecoin emerged.
- 2014-2015 – A few security breaches forced creators to improve cryptocurrency safety against hacking.
- 2016-2018 – Novel blockchains and crypto-assets appeared, and more traders accepted the global trend. Bitcoin’s value skyrocketed and hit $10,000.
- 2019-today – The market cap surpassed $2 trillion in 2021. It has become less fluctuating, with cryptocurrency purchases more evident than ever. We are yet to reveal the massive potential of digital assets as more industries take the plunge.
Where Can You Spend Your Crypto?
You’ve obtained some Bitcoin, and now you wonder if you can put those digital assets to use. The encouraging news is that you can purchase many products and services online and in-store. Consider the providers below when you have cryptocurrency purchases in mind.
As a dominant US mobile service provider, AT&T first accepted Bitcoin in 2019. Unlike other mobile carriers, AT&T customers can select BitPay (a third party processor) as payment means for their bills. Other satellite TV and Internet service providers that allow paying monthly subscriptions with cryptos include Dish, Bitrefill, and Ynotek.
Many merchants on Etsy take Bitcoin for their products. Once the vendor customises the payment settings and sends a wallet address to the buyer, the customer can execute the payment. Moreover, sellers can link various crypto wallets to get paid.
The prominent US retailer Overstock enables cryptocurrency purchases on its website. The company is among the first to accept transactions in several cryptos, including Ethereum, Dash, Litecoin, and Bitcoin Cash. Other online stores that take Bitcoin are Rakuten, Newegg, Shopify, and BitPlaza.
Cheap Air is a US online travel agency that approves crypto payments for booking domestic and international flights. Currently, the company offers ten cryptocurrency payment choices. Destinia, Expedia, and Bitcoin.travel are also crypto-friendly. Alternative Airlines, for instance, claim that they accept over 70 different crypto assets to book flights.
Like airlines, many travel booking sites such as Travala process cryptocurrency purchases. On top of that, they are way cheaper than mainstream booking platforms. Today, almost 80% of all bookings made on Travala are in crypto.
The e-wallet provider enables US clients to purchase, sell, and store cryptocurrencies on its website. The PayPal app allows purchasing four crypto assets: Bitcoin, Litecoin, Ethereum, and Bitcoin Cash. When checking out, users should select crypto at the available online stores.
Which Cryptos Are Being Widely Accepted?
The number of cryptocurrencies today is overwhelming. The latest figures speak of over 18,000 different cryptos in existence. However, not every asset is equally active or valuable. Here are the most appreciated digital currencies today:
The first cryptocurrency runs on a blockchain or ledger that logs all transactions on a complex network of computers. Moreover, Bitcoin is the most secure and traded digital asset ever. Its value skyrocketed from £370 in May 2016 to over £28,000 in February 2022, resulting in a growth of 7,600%.
Favourite among developers, Ethereum is a crypto asset and a blockchain platform. Its potential is extensive, such as for smart contracts and non-fungible tokens. Like Bitcoin, Ethereum has seen tremendous success. Its value jumped from £8 to almost £2,000 from April 2016 until February 2022, or 25,000%.
Tether is a stable asset backed by fiat currencies like pounds, dollars, and euros. As a result, its value is more consistent and suitable for cryptocurrency purchases. Hence, investors and traders wary of the extreme volatility risks prefer USDT.
Bitcoin Cash is a peer-to-peer electronic cash system that aims to become sound global money with fast payments, micro fees, privacy, and high transaction capacity. In the same way that physical money, such as a dollar bill, is handed directly to the person being paid, Bitcoin Cash payments are sent directly from one person to another.
Which Sectors Are Leading The Crypto Acceptance Trend?
The scope of industries profiting from crypto-mania grows at an accelerated rate. People today use digital assets to make cryptocurrency purchases when shopping for cars, jewellery, groceries, and other services. Here’s a non-exhaustive list of sectors at the forefront of blockchain technology.
- Finance and banking,
- Casinos and gaming,
- Travel and airlines,
- Retail Industry,
- Food industry,
- Automotive manufacturers and services,
- Online media and marketing,
- Software and hardware manufacturers.
GoCrypto Makes Cryptocurrency Purchases As Easy As Ever
Whether you’re a start-up or a middle-sized company, acknowledging the vast potential of cryptocurrencies is vital. So, if you want to stay abreast of the novel trends, GoCrypto can become your partner in introducing crypto payments.
Moreover, taking cryptocurrency purchases means you care about your consumers’ needs. So, besides generating profits and upscaling your business, you create value for money.
Contact GoCrypto to tailor a solution that takes all payment means, including cards, digital, and crypto. Accept the challenge and stay one step ahead of the competitors.
Join the GoCrypto community on Telegram!