TMCnet Feature
October 22, 2019

Four Industries That Were Changed Dramatically by Bitcoin

Until a couple of years ago, Bitcoin and the world of cryptocurrencies were a limited territory, known mostly to geeks. Nowadays, there are millions of people who are using them in their daily lives, one way or another.

The many advantages of BTC pushed it to the mainstream and there were plenty of online industries that embraced the technology. Let’s take a look at the four of them that benefited the most by the introduction of Bitcoin.

The Startup Industry

The popularity of Bitcoin brought us the ICO madness of 2017 and 2018. Plenty of startups were launched and created their own coins that you could buy with Bitcoin and other payment options.

Unlike classic startups, the process was easy for people who had crypto and millions of small investors could essentially buy part of the company directly, in the form of altcoins. Plenty of legitimate businesses took full advantage of the opportunity and financed their ideas through crypto.

Unfortunately, there were many scams too, as well as people who weren’t looking to invest but to speculate. There were pump-and-dump schemes and other similar issues which were one of the reasons that the price of Bitcoin dropped.

Despite the problems, it is clear that many startups now have a much easier path to potential small investors. We will most likely see more of the same in the near future.

The Online Gambling Industry

There are plenty of countries with restrictive online gambling laws. Most of them don’t bother their citizens but try to block the industry by stopping the traditional banking providers from processing payments from and to gambling sites.

The decentralized nature of Bitcoin made it the perfect solution and many operators online are using it. Some of the biggest US sports betting sites have embraced not only Bitcoin but other cryptocurrencies as well.

Furthermore, according to the reports of different companies in the sector, more than 50% of their US customers use BTC or some of the other coins as a preferred payment option.

The influence of crypto is slowly spreading outside of the off-shore gambling sites too. Many of the big players in the industry are working on the implementation of Bitcoin and we will see more and more casinos, poker sites, and bookmakers on the internet accepting it.

The Online Shopping Industry

One of the most obvious examples of an industry that was changed by Bitcoin is online retail. There are plenty of websites that sell various products and services on the internet that have benefited from cryptocurrency.

It offers a convenient, fast and cheap way to send money to a person or business, unlike some of the more traditional alternatives. On top of that, the whole process can be anonymous for its users that often simply need to send BTC to the address provided by the seller. There’s no need to add personal data or credit card information that could later be stolen.

Online Charity

You will be surprised by the effects of Bitcoin in the area of online charities. There are plenty of websites on the internet that are part of non-profit organizations and serve various causes like supporting the poor, helping people with mental health issues and all kinds of noble goals.

Many of them have integrated Bitcoin and are reaping the benefits. A lot of people who are interested in donating don’t want to share their details and go through the complicated process of sending money. The cryptocurrencies solve this problem by providing an address to all that want to support a certain charity.

Hundreds of organizations are doing it and even Unicef now accepts Bitcoin and Ethereum. The technology has provided a huge boost to plenty of charities that are trying to make the world a better place.

Final Words

As you can see, Bitcoin is not simply a new currency or an investment opportunity. It’s a tool that has already changed the world and will continue transforming various industries in the future. Especially since there are other cryptocurrencies based on similar principles that are making their way to the mainstream as we speak.

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