How Bitcoin Has Affected Various Industries

Bitcoin is an electronic virtual cryptocurrency that can only be obtained and used through the World Wide Web. It is a new payment instrument — it has penetrated many areas of business. And it’s not just about IT-related companies: banks, retail chains, and hotels are interested in bitcoin. But one of the most promising industries for virtual currency is online gambling.

The most advanced and adventurous business owners have already converted their online casinos into BTC casino sites. Blockchain is also finding use now, serving as the infrastructure for the digital transformation of many processes. The list of bitcoin entertainment is growing. For example, it is becoming increasingly convenient to use BTC to pay for goods online when shopping online.

Financial Sphere

It used to be believed that cryptocurrencies could only be used for online transactions. However, with the development of finance, new decentralised products are emerging: crypto-loans, bill payments in coins, and more. PayPal was also one of the first to recognise bitcoin as a payment instrument, adding support for cryptocurrencies to its wallets.

Financial Solutions

A recent World Bank report noted that 1.7 billion people do not have proper access to financial services and therefore cannot manage their money. In such circumstances, cryptocurrencies can come to the rescue. Financial solutions based on distributed registries are developing the most.

If you look at it from the outside, the main purpose of a bank account is to store and transfer funds. Despite the volatility of cryptocurrency markets, bitcoins can fulfil the same function. Users with a smartphone will be able to store their funds and make transactions without any restrictions. In other words, with the help of BTC, it is possible to create one’s own personal bank.

Tourism and Entertainment

A trip to the sea or the mountains can now be paid for in bitcoin. Offers for flights, hotel reservations and car rentals for cryptocurrency are still relevant. Other companies that deal in cryptocurrency tourism include the following:

  • Greitai is a popular search engine for flights, hotels, and cars.
  • Travel allows booking flights, hotels, car rentals, tours, related activities and planning trips by paying in BTC.
  • Travala is a hotel booking portal that offers more than 500,000 hotels to choose from.

Crypto Cashback

The website Hotelgo24 with a collection of hotel rooms around the world does not yet accept payment in bitcoins but offers a bonus system in cryptocurrency. After a successful booking, each user receives a reward in bitcoins. The amount of the cashback depends on the BTC exchange rate on the day of booking and reaches 5%. Customers also have the option to transfer the bonus coins to a charity.

Shopping

A lot of enterprises around the world accept bitcoins for the payment of goods or services. Coinmap is a special service for finding shops that can take crypto. Such places abound primarily in the USA, Latin America and Europe. Digital money has even started to be accepted by big brands such as KFC, Subway, Overstock, Microsoft, Starbucks, etc.

Artificial Intelligence

Today, interest in artificial intelligence, like bitcoin, is growing rapidly across a variety of industries. Blockchain can be used as the basis for decentralised trading platforms and coordination platforms for various artificial intelligence components. These include data, algorithms, and computing power.

This could facilitate entirely new levels of innovation and scale in the use of artificial intelligence. Bitcoin would also make decisions more transparent, explainable and trustworthy. Given that all data in a blockchain is publicly available, artificial intelligence could be the basis for ensuring its protection and privacy.

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