When the first cryptocurrency came into effect in 2009, no one believed it would become what it is today. Similarly, no one expected it would impact as many industries as it currently does.
But here we are, in 2023, when blockchain and digital currency are more promising than ever. Bitcoin has become one of the most popular investment options, with thousands, if not millions, of market participants hoping to gain a substantial return on investment out of this. Today, very few individuals are entirely unfamiliar with virtual coins, not just in Europe but also in America. The digital currency has undoubtedly taken the financial sector by storm, and the fact that countries like El Salvador and the Central African Republic have recently accepted Bitcoin as legal tender is clear proof of it. In the dozen years since the launch of this phenomenon technology, it has become recognized in the mainstream, and this recognition resulted in quite a bit of change in a range of industries. That’s because it has the power to digitize, decentralize, incentivize, and secure the transaction validation process, with no need for a third party to get involved.
Blockchain’s strong encryption has made the technology the new preferred way in numerous industries, including digital advertising, manufacturing, supply chain management, healthcare, gambling, and media. Therefore, this is far from just buying Bitcoin for profit – it’s about a revolution in the financial sector as we know it and about pushing industries forward. Nonetheless, if you’re only interested in investing, we can’t blame you – this can be a very profitable business. But ensure you check the Bitcoin price chart and trading volume multiple times before taking the leap to make an informed purchase.
We can’t cover all the industries on which blockchain and digital currency have had a significant impact, but we’ll focus on some of the prominent ones at this moment.
Gaming
Gaming is probably the most affected industry by blockchain and cryptocurrency. According to Forbes, the blockchain gaming industry has reached more than $2.5 billion in investments in Q1 2022 alone, growing considerably by over 2000 percent in the last year. That’s clear proof the new gaming standards are welcomed with much applause by audiences. Not only do gamers receive more opportunities to manage and distribute their in-game finances, as well as earn real-life money out of this activity.
The rise of Play-to-Earn (P2E) games has opened doors of opportunities for players to immerse in fascinating multiverses and earn tangible rewards as they complete various missions and quests. One of the most significant advantages of the P2E model is that players finally have total control over their in-game collectibles. These collectibles generally come in the form of non-fungible tokens (NFTs) and represent everything from avatars and weapons to rare rewards like skins. And the best part? You decide whether you keep them to level up or sell them in the marketplace – you can exchange these NFTs for another crypto asset or real-life money.
The most played crypto games are Axie Infinity, Gods Unchained, The Sandbox, Evolution Land, Illuvium, and Alien Worlds, but these are not the only options. You can also immerse in some less-known games such as Fight Out, My Neighbor Alice, and Girls, Robots, Dragons.
Sports
Cryptocurrency has recently entered the sports industry, which might be both surprising and exciting. If you’re a sports lover, you may have noticed the presence of cryptocurrency logos displayed in athletes’ jerseys, halftime advertisements, or even stadiums. Well, that’s because more and more deals are made between crypto firms and leagues or sports teams. This action also encourages growth for both parties, helping them gain mass exposure and conversions and drive brand awareness. So, even though crypto has just entered the sports world, the chances for it to be a game-changer are higher than you think. One of the most prominent upsides of cryptocurrency in sports is that it allows for faster, more secure transactions so that fans purchasing sports tickets will be the first to benefit from this. Fan tokens and NFTs are other areas showing the influence of this technology on the sports industry.
Healthcare
You may wonder how it is possible for such different industries, like cryptocurrency and healthcare, to work together, and for a good reason. It does somehow sound unbelievable. But learn that digital coins can provide a more secure and rapid form of payment, facilitating thus customers’ interaction with a healthcare provider. Cryptocurrency also allows for cross-border transactions, making it possible for patients all around the world to interact with a specific healthcare provider. This kind of asset can also monetize and tokenize various items within the medical field, including drugs and PHI.
Much talk has been about how blockchain is revolutionizing the healthcare industry, providing a decentralized, secure, and effective platform for healthcare data management and allowing for more efficient data sharing, interoperability, and data security. However, some might have omitted how vital cryptocurrency is for the industry.
Tech
Although this goes without saying, the tech industry has been hugely impacted by cryptocurrency. After all, the digital currency has its roots in economics and programming. Big-name companies, including Microsoft, have started to venture into the crypto market, and some have even decided to incorporate blockchain in their business operations and accept Bitcoin-based payments.
Shopping
The shopping industry has also started to reap the benefits of cryptocurrency. This has experienced considerable change and improvement due to Bitcoin, as enabling users to pay for their desired goods or services with virtual currency has brought significant rewards to shopping outlets and online stores. But this should come as no surprise – customers will always go for whatever gives them more flexibility. The online shopping industry, in particular, has embraced payments with various virtual coins, most notably Bitcoin, Ether, and Dogecoin. That’s right – Dogecoin, that meme coin that started as a joke but rapidly went mainstream. Elon Musk accepting DOGE as a means to pay for Tesla cars has indeed made this coin known to the world, but still, can you believe that you can now buy computer and electronics products from the leading global e-commerce site Newegg? Neither do we!
It’s clear as day that crypto has a bright future ahead.
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