Cryptocurrency

Industries that Use Cryptocurrency – Finance Magnates

Summary

The digital coin revolution began modestly in 2009, with the appearance of Bitcoin.

Twelve years later, there are over six thousand cryptocurrencies available on the World Wide Web.

That is a staggering increase, given that there was only a handful in 2013.

Despite so many cryptos floating around the digital sphere, the popular belief is that the top twenty coins compromise nearly 90% of all crypto use, with bitcoin constituting 66% of the total market cap in 2020.

Acc…….

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The digital coin revolution began modestly in 2009, with the appearance of Bitcoin.

Twelve years later, there are over six thousand cryptocurrencies available on the World Wide Web.

That is a staggering increase, given that there was only a handful in 2013.

Despite so many cryptos floating around the digital sphere, the popular belief is that the top twenty coins compromise nearly 90% of all crypto use, with bitcoin constituting 66% of the total market cap in 2020.

According to a recent report from Chinalysis, an established blockchain data platform from Singapore, global cryptocurrency adoption swelled by 880% in the last year.

In Q2 of 2020, it stood at 2.5, but 365-days later, it was at 24, with data suggesting that it has notched a rise of 2,300% in less than two years.

Even more interesting is that the US and China are no longer leading this race, even though the University of Chicago claims that more than one in ten Americans invests in cryptocurrencies.

India, Vietnam, Pakistan, Kenya, and Ukraine are now ahead of the pack.

These rankings show and highlight the impact cryptos have had on poorer countries, where coin adoption has helped their financial systems.

Below, we look at four industries that have fully embraced digital coin transfers and are somewhat modeling their business models after them.

Online Gambling

Online gambling has been around since 1994. It sprung into existence thanks to the Free Trade and Processing Act passed by the island nation of Antigua and Barbuda.

However, despite it growing continuously ever since, it got a massive shot in the arm with the invention of the smartphone, as it ushered in a new era in interactive gaming.

Around the same time as devices able to run complex games began to go mainstream, gambling operators also started opening crypto casinos.

At the start, these were nothing more than rudimentary dice sites that accepted Bitcoin.

Today, they are highly-complex platforms that boast thousands of games and even allow players to go up against live dealers situated in casino-like studios.

Per estimates from Fortune Business Insight, this industry should keep swelling at an annual rate of 11% until it hits yearly revenues of $158 billion.

Social Platforms

Without a doubt, social media usage is one of the most popular online activities.

In September 2021, Statista published a report stating that 3.6 billion people actively used social networks worldwide and that this figure would hit 4.4 billion in the next three years.

Of course, when people think of social media sites, Facebook, Instagram, and Twitter first come to mind.

Yet, hundreds of similar services exist with different crypto monetization models.

For example, Fluz Fluz is an app that pairs social media and blockchain technology on its e-commerce platform, providing cashback deals to users who expand their in-app network.

Steemit, Binded, and Sapien are just a …….

Source: https://www.financemagnates.com/thought-leadership/industries-that-use-cryptocurrency/