Although cryptocurrency has been around for decades now, it has still taken a little time to become widespread. Most people are aware that cryptocurrency exists and an increasing number of people trading cryptocurrencies and investing in them in the hopes of making a profit. However, the adoption of cryptocurrency as an alternative to traditional currency has been a very slow and gradual change. Over the past couple of years, however, there are some industries that are opening up to the idea of cryptocurrency as a method of payment and they're having huge successes. These are some of the industries at the forefront of bolstering cryptocurrency's status as a viable means of payment.
The Entertainment Industry
The entertainment industry is often an early adopter of new technology, predominantly because that's how they make their money. Most people have a natural curiosity about the 'latest thing', so it only makes sense that this industry is the one to introduce crypto to the masses. Netflix is heading up the charge in more ways than one. Their documentary Trust No One: The Hunt for the Crypto King, introduced a whole new crowd to the world of crypto in a television show that was both informative and easy to follow. In the beginning, the documentary may have been a little too simple to follow for those already in the know, but by the end, there were some real revelations on the world of crypto. As well as this, they have invested heavily in their own cryptocurrency, the tokenized stock FTX and although it's not available on the Coinbase app or Coinbase Wallet, it is still sought after. As well as this, it is possible to pay for your Netflix subscription with a gift card that you can purchase with crypto.
The increase in providers making it possible to pay with cryptocurrencies is particularly noticeable in the world of gaming. This review on Spin Casino shows the importance of accepting multiple payment methods. This not only means that people from around the world can enjoy playing at the same online casino, but the fact that they use Neteller, which is a payment system accepting cryptocurrency, also means that the conversion rates are a problem of the past and that people can choose to pay and play anonymously. Particularly within the online casino realm, anonymity is important to players, enabling them to enjoy their hobbies without needing to share that information with their friends, colleagues, or anyone else for that matter.
The Tourism Industry
Alongside the entertainment industry, the tourism industry has readily adopted cryptocurrency too, in more ways than one. The tourism industry has made particular use of blockchain technology, which would never have come about if it wasn't for crypto. Airlines are using blockchain technology to schedule take-offs and landings, enabling them to fit in more and increase revenue, as well as show their customers up-to-date flight information. On top of this, they are using blockchain technology to automate their ticketing and refunds procedures to as greater an extent as possible, freeing up the time of their staff for more important matters.
Finally, Alternative Airlines are offering customers the opportunity to pay for flights exclusively using cryptocurrency. Alternative Airlines works as a middle man, allowing customers to pay them in crypto and in return buying them their flights from companies that might not be crypto compatible just yet. The company receives great reviews across the board and works with more than six hundred different airlines to deliver unparalleled service to its customers.
The Catering Industry
Crypto often goes hand in hand with the higher ticket items, but in the case of the catering industry, the opposite is true. The catering industry has long been a supporter of crypto entering the mainstream, in fact, as almost all crypto enthusiasts will know, the first-ever bitcoin payment took place within the catering industry. Papa John's was the company to accept the bitcoin payment, of 10,000 BTC in early 2010. This bought the lucky customer two Papa John's pizzas and at the time would have been worth around $41. It goes without saying that these pizzas would be pretty expensive nowadays, with the price after conversion being more than $400 million. Much as it might have been a smarter move to hang onto those bitcoins, if it wasn't for this transaction then the currency may never have taken off and reached the heights it has today.
Interestingly enough, another heavy hitter in the catering industry, KFC, has also been accepting bitcoin payments. KFC Canada created a special Bitcoin Bucket, which customers could pay for exclusively using the cryptocurrency. This offer was open in 2018 and received quite a lot of media attention. Whether it was a clever marketing ploy, or a genuine attempt to familiarise customers with crypto, we may never know.
