Microsoft, Starbucks, Whole Foods, and Twitch all share one thing—they’re major US brands that accept crypto. Most of these companies accept Bitcoin, the world’s biggest cryptocurrency.
Bitcoin launched in 2009 at a price of under $1. Today, it’s worth over $26,000 (at press time). But that’s not the point. Crypto’s growth in the US is linked to its unique capabilities
- Peer-to-peer payments
- Fast and Low Fees
- Blockchain Technology
Blockchain is one of Bitcoin’s best features. It’s a decentralized ledger of records. It keeps records permanently albeit transparently. No one can alter data stored in this ledger, which is why it’s so beneficial to certain industries.
In this article, we’ll focus on US industries that could change for the better thanks to cryptocurrencies.
Crypto has been beneficial to e-Commerce stores in nearly every way. By accepting Bitcoin, shopping sites attract a new target market of crypto owners. They also expand their reach on a global level—Bitcoin works in every country.
Beyond acquiring new clients, Bitcoin’s blockchain provides e-Commerce stores with a way to track and record their stock efficiently. Storeowners can work with supplies to monitor shipping and logistics easily.
Another advantage of crypto is that it reduces credit card fraud. Chargeback fraud costs the average American business $200 per case. With crypto, businesses can sell their products without worrying about chargebacks.
Crypto does not support chargebacks. Of course, this is a slight inconvenience to crypto users. They must be careful not to send funds to the wrong addresses. However, it’s an excellent feature for minimizing fraud for online businesses.
The video game industry has been supporting crypto since 2014. Microsoft was the first major gaming business to accept Bitcoin. Over time, more gaming brands like Twitch embraced crypto.
There are several reasons why crypto and the video game sector work seamlessly. First, gaming is dominated by young tech-savvy people. And young people into technology love crypto.
Crypto owners like to spend their funds on things they love. And this is why crypto support is important. If you own Ethereum and want to support your favorite Twitch streamer, it’s easier to send them some ETH.
Sadly, far too many video game businesses still oppose crypto. Nvidia, for example, is constantly slamming Bitcoin. This is even though the company makes millions of dollars selling BTC mining graphics cards.
Nvidia aside, blockchain technology adds tremendous value to the gaming industry. Think about play-to-win games like Decentraland and the Sandbox. These games help you make extra money online.
The online gambling sector is constantly evolving. It embraces new technologies to expand. In the US, iGaming is an $8.5 billion industry. Around the world, remote gambling generates over $70 billion per year.
Crypto is one of the reasons online gambling is growing fast in the US. It provides a convenient way to fund your casino account. And this is particularly important for people who love casinos located overseas.
Let’s say you want a generous bonus to play slots. You can receive up to 10 Ethereum coins when you join top Ethereum casino sites. And considering one ETH costs $1600 at the time of writing, 10 ETH coins are a generous reward.
Bonuses aside, gambling with crypto saves you time and money. The fastest cryptocurrencies process payments in less than a minute. What’s more, they charge low “mining fees.”
Another way crypto benefits iGaming is that it can be used to create fair games. Blockchain technology works like a canvas for creating decentralized apps. Some developers use it to create slots and RNG roulette games.
Banking and Finance
When Bitcoin came out in 2009, most banks dismissed it as a fad that would soon die. More than a decade later, some of the biggest banks in the US use the blockchain to complete transactions securely.
As already states, the blockchain helps businesses store data transparently. This data can be verified using timestamps. But it can’t be altered. This makes the blockchain an excellent place to store digital records.
When it comes to payments, banks also know that traditional wire transfers can be slow and costly. If a bank wants to send $1 billion from New York to Sydney, it can save time and money by using crypto.
This is the reason Ripple cryptocurrency exploded when it first launched. Ripple was collaborating with banks left right and center. Then it got into trouble with the Securities and Exchange Commission (SEC). And it’s yet to resolve the issue.
With that said, some of the best banks in the US also let you deposit money on gambling sites. Of course, banks are more convenient for withdrawals. They can handle large payments.
Like the crypto industry, the online trading sector had a tough time growing during its early days. Back in the ‘90s and early ‘00s, most banks rejected payments involving online brokerage firms.
The accusation was that online brokers were scams and didn’t educate traders about the risks of trading. Fortunately, e-wallets made it easy for these firms. And with Bitcoin now being a popular payment option, trading sites will be around for a long time.
Crypto is an excellent payment method for online brokers because of its borderless transactions. Let’s say a Forex Trading site based in New York accepts players from every country in the world. Bitcoin is the only payment method that provides seamless payments globally.
Most online businesses can benefit greatly from crypto. The SAAS industry is no different. For starters, the blockchain can help startups acquire funding. The founders upload their revenues on the blockchain. And then they use smart contracts to earn funding.
On the other hand, SAAS companies can easily expand with the help of crypto. Bitcoin is available for use in any part of the world. This means Software as Service startups can work with customers from any continent.
As we mentioned, crypto helps fight fraud. As such, SAAS businesses can reduce losses by avoiding credit/debit companies. However, they can add confidence to their customers by providing money-back guarantees.