Cryptocurrencies have quickly found their way into the financial mainstream. Two industries, travel and fast food, are leading the way for widespread acceptance of cryptocurrencies. A study that was released in March 2022 shows how big of an impact these two sectors are having on cryptocurrency adoption.
The Travel Industry Is Leading the Way
Of the 10 most crypto friendly industries, the travel industry leads the way. According to the study, around 11.5% of companies in the travel industry accept some type of digital currency. E-commerce is second at 11.06%. Nonprofits round out the top three at 9.13%
Fast food industries, including the mega fast food chain Burger King, institutes of higher learning, and sports facilities are accepting cryptocurrencies. Little by little, more businesses are accepting cryptocurrencies, and this reflects a change in the way the public perceives cryptocurrency. It is being viewed as something that has lasting value.
Cryptocurrency Adoption Is a Growing Infant
Although cryptocurrency adoption is on the rise, it is fair to say that it is still in its infancy. For example, of all of the industries that accept cryptocurrency, the majority only accept Bitcoin. Some may accept Ethereum.
The travel sector has quickly recognized that people want to use cryptocurrency when they travel. Expedia has responded to this demand by letting customers book hotels with Bitcoin. Airlines, including Norwegian Air and Air Baltic, are allowing travelers to purchase flights with crypto payments.
Companies like Burger King, McDonald’s, and Pizza Hut have been forced to start accepting cryptocurrency as payment in the country of El Salvador. This is because El Salvador’s government has adopted Bitcoin as an official currency. Burger King is also running trials in the Netherlands, Venezuela, and Germany. KFC is doing similar trials in Canada.
Cryptocurrency in the Software and Finance World
It should be no surprise that cryptocurrency, a digital currency, has found its way into the software world. Microsoft, in fact, became one of the first adopters of Bitcoin back in 2014. Since that time, it has allowed users to purchase games, apps, and digital content using Bitcoin.
PayPal, the company that was a trailblazer for modern digital payments, also started accepting Bitcoin back in 2014. PayPal’s idea was to draw businesses to its platform. Bitcoin transaction fees were a lot lower than the 2% to 3% businesses were charged when they made transactions on PayPal using their credit card.
Overstock.com was one of the first major e-commerce stores to accept Bitcoin. Back in 2018,reporters exaggeratedly said that Overstock.com was basically a crypto company. Overstock.com is one of the biggest e-commerce stores on the planet. Its dipping its toe into the crypto pool has definitely influenced others.
Starbucks is also accepting Bitcoin. You can’t use Bitcoin to purchase beverages. However, they do allow you to use crypto as cash. Think about it like purchasing something with your frequent flyer miles. Starbucks uses a third-party digital wallet that converts Bitcoin’s dollars, allowing you to make instant payments for your coffee with Bitcoin.
Just the Beginning of a Digital Revolution
Cryptocurrency has found a permanent place in the financial industry. As more people start to purchase cryptocurrency, more businesses will accept it.
