In the past couple of years, the sector of crypto went from being an unpredictable asset class to gaining huge mainstream acceptance. Cryptos like Bitcoin, Ethereum, Dogecoin, and some others witnessed a sudden rise in terms of institutional and retail adoption. If you want to know details about Bitcoin, see this link.
The risk appetite of investors rose when the bull run of 2020 happened. From then, crypto payments also witnessed a huge rise in number. With the rise of cryptos to fame last year in the middle of high market excitement, the leading crypto Bitcoin made its ATH of $69, 0000.
Over the past two years, cryptos increasingly gained popularity for transactions and investments. Despite the current long-drawn bear market, crypto investments, and transactions became the finance landscape’s standard part.
On 14th January 2022, Tesla began to accept DOGE as one payment mode on chosen merchandise. Yet it is never just large institutions or retail that are becoming inclined toward cryptocurrency payments. Lately, tourism was too touched by the wave of crypto.
Cryptocurrencies in retailÂ
Cryptos gained traction in the world of finance recently. An increasing number of conventional investors let payments in crypto for clients and consumers. Bitcoin along with some altcoins has become highly accepted as consumers as well as online stores realized the prospect of digital assets.
Online merchants along with retailers have begun to accept payments in Bitcoin along with other cryptos. This is because of the increasing interest of the consumer in this space. It will allow such firms to place themselves as developing brands in the Web 3.0 and blockchain space.
In 2014, Microsoft has been one of the early Bitcoin adopters. It started to accept crypto as payment for buying apps, games, and different digital content in the Microsoft Store for platforms such as Xbox and Windows Phone.
PayPal too started to accept Bitcoin in 2014 September. It was three months before Microsoft took the initiative.
Many retailers such as Home Depot, Starbucks, Whole Foods, AT&T, and Newegg are now accepting Bitcoin and other cryptos in their stores. As per current data, till 2022, the estimated worldwide cryptocurrency ownership rate is 4.2 per cent on average. The crypto users globally are more than 320 million. Many global brands, retailers and institutions are now accepting or have plans of shifting to payments through crypto.
Cryptocurrencies in tourism
Crypto, blockchain technology and Web 3.0 have many use cases across several industries such as tourism. The industry of tourism has embraced digital currencies. This intersection of the crypto and tourism sectors gave rise to a new operations genre. It is crypto tourism.
It includes booked or funded trips making use of crypto or going to some cryptocurrency-friendly destinations. This phenomenon too includes traveling for any crypto or blockchain events, seminars, or conferences that have significantly increased in the past few months after the fallback of the pandemic.
Many airlines, travel aggregators, and tour operators have started to accept crypto payments. An announcement was made by Emirates Airlines that it will soon start to accept Bitcoin as a payment mode. Air Baltic and Latvian carriers already accept payments in crypto.
The first airline worldwide that accepted Bitcoin payments for their flight tickers was Air Baltic. This Latvian airline did it back in 2014. Now the company has started to accept DOGE and Ether too. Travala.com and Cheapair.com, these airfare websites to accept crypto payments. Also, tours and activity booking websites such as Get Your Guide started to accept DOGE payments.
These days crypto enthusiasts have started to travel to many crypto-friendly tourist destinations where there is wide acceptance of digital payments. Such destinations include places such as the Bahamas. They have their digital currency named the Sand Dollar.
Conclusion
The crypto growth as one method of payment in the past 5 years includes optimism for the coming days. Yet the current bearish market blues have hugely impacted the sector. It brought the crypto market capital down. It came down from a high of $3 trillion in 2021 to $887.24 billion. Investors were sceptical to enter the risky asset market. This was because of the huge rise in interest rates along with the bearish sentiments. But due to the long-term growth, it can be easily commented that cryptos can play a vital role to shape the future of payments.Â
