Sectors offering cryptocurrency as a payment method option identified in a study.

Sectors offering cryptocurrency as a payment method option identified in a study.

Cryptocurrency as a payment

CoinLedger, a tax software company, in a study conducted, found that the e-commerce and retail sectors have the biggest number of companies that are giving their customers the option to pay in crypto-currency.

More than 300 companies were identified in the study, accepting payment in crypto-currency. These companies were categorized into industrial sectors to find out which was offering the maximum options in crypto payments.

The maximum number of companies were in the e-commerce and retail sectors. They included accessories and clothing stores such as H&M, Yankee Candle, Adidas, and Etsy, an online brand.

The Food and dining industry comes in second with 54 enterprises. Chipotle, Chuck E. Cheese’s, Domino’s, and Hard Rock Café are a few examples, as are delivery services like DoorDash and Uber Eats. Different services eventually become accessible in various countries: Since 2020, Burger King Venezuela has accepted Bitcoin payments.

Luxury Retail ranks third, with 35 firms providing the service, including high fashion labels Gucci and Ralph Lauren, luxury watch store Hublot, and jewelers like Jewelry Affairs and CRM Jewelers.

Travel & Hospitality is fourth on the list, with 31 firms accepting cryptocurrency payments. Commercial airlines such as Norwegian Air and Vueling are among them, as are private jet companies such as Fast Private Jet, LunaJets, and PrivateFly. Royal Caribbean and Princess Cruises are also on the list, as are trip-planning websites like GetYourGuide.

The top five concludes with Internet and online Services firms, with 28 accepting cryptocurrencies as payment. These firms provide internet services we can access from our phones and computers, such as Google Play and Spotify, and VPN services, such as CyberGhostVPN, ExpressVPN, and FrootVPN.

Top ten industries that accept Cryptocurrency as payment

1 Retail and E-commerce.

2 Restaurants & Dining.

3 Luxury Retail 4 Travel and Hospitality.

5 Online & Internet Services.

6 Media & Entertainment.

7 Automotive 8 Gaming and Software.

9 Charitable and Non-profit Organizations.

10 Electronics and Technology.

The sectors that accepted cryptocurrency, as a payment option was identified, and it is worth observing how this phenomenon became so popular and why it continues to grow. Crypto payments provide both the buyer and seller with several benefits that traditional currencies do not:

Decentralized administration

The decentralization of cryptocurrencies, notably Bitcoin, is frequently regarded as a key benefit. It implies that no one organization like as a government or financial institution, controls the currency, decreasing the possibility of manipulation or meddling.

Lower cost of Transaction

Cryptocurrency offers substantial benefits with its lower transaction costs. This is more beneficial especially for cross border deals. Organizations and individuals can save money using this service instead of traditional banking and financial services.

Safety

Using cryptography algorithms and blockchain technology ensures that Bitcoin transactions are secure. The blockchain’s immutability means that it is exceedingly difficult to change once a transaction is recorded, lowering the chance of fraud.

Financial Inclusion

Cryptocurrencies has a scope to offer financial services to individuals who are either underbanked or unbanked, particularly in those locations where there is limited traditional banking infrastructure available.

Ownership and Control

Cryptocurrencies provide people with more control and ownership over their cash. Using private keys enables people to handle their wallets and transactions without relying on middlemen, increasing financial sovereignty.

Coin Ledger, CEO, and Co-founder, David Kemmerer said that an increasing number of organizations accept the digital currency, indicating cryptocurrency’s growing acceptance in the mainstream market. The trend is in line with the new age consumers who are tech savvy as well the benefits offered in terms of increased security and lower transaction costs.

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