The recent three years can be considered a new era of cryptocurrency. These decentralized currency types became convenient and simpler for most parts of society. If five years ago, digital currencies mostly existed in financial markets and investments; today, you can use them in most sectors such as gambling, banking, health care markets, and others. You can also use digital currencies as daily money instead of fiats if you use platforms that accept cryptos.
Will it substitute real physical money in the future? Absolutely no! Physical currencies can not be fully substituted, not because they are traditional currencies but because of their essential role in every industry. Even though cryptocurrencies are more comfortable, only some have a good internet connection or enough education to use crypto. Fiat will always be the main type of currency, and after that comes cryptos.
This is only for the social usage of money. When it comes to industries and businesses, the situation is complicated. This will be our main discussion topic in this article. More specifically, we will outline the top industries that significantly changed after digital currencies’ massive popularity. The industries we think are more affected by cryptocurrencies are:
- Sports betting;
- Financial services;
- Human resources.
Sports Betting
Sports betting and the whole iGaming industry are significantly affected by cryptocurrencies. These changes are mostly positive as they improved the quality of customer service and possibilities for betting and gambling. Sports betting, especially online, has always been very popular. Everyone loves to support their favorite teams, so why can they not get the profit for guessing the result? It is a great way to make knowing sports enjoyable to watch and profitable to bet on. Online betting regulations and the accessibility of currencies have always been the main challenges. Platforms needed to have as wide a choice of currencies as possible, to increase the number of users. But currency availability and regulations from a government still needed to be improved for bettors.
Cryptocurrencies solved this problem as it is decentralized and is not under the regulation of any government or private institution. Everyone can use BTC, LTC, or any other crypto for betting from anywhere. With these commonly used currencies, there are popular places for bets with other cryptos. In recent periods, the popularity of usdt betting sites as well as ETH and DOGE betting, has increased significantly.
To encourage new and existing users, most sportsbooks offer massive bonuses to customers. Mostly everywhere available welcome bonuses and VIP clubs, where you can get extra crypto prizes if you use certain digital currency for betting. So, how has crypto affected the sports betting industry? It increased accessibility, popularity, and profit.
Financial Services
It is pretty clear that the financial and trading industry was the one that changed the most after the massive appearance of cryptocurrency. Today trading with crypto and using it in different financial services are getting more and more popular than ever. All of this is because of the decentralized structure and its benefits. Crypto transactions are secure and anonymous, making them attractive to people who want a safe way to store their money without the risk of government interference. Additionally, cryptocurrencies are highly liquid and can be bought and sold quickly on exchanges around the world.
Furthermore, fees associated with cryptocurrency trading tend to be lower than traditional banking methods due to the need for intermediaries such as banks involved in processing payments. Finally, many people find comfort in knowing that their funds are not tied up by centralized authorities, which makes them feel more secure about their investments when using crypto for financial services.
So how has it impacted the financial industry? Pretty positively. It is important to increase demand and accessibility from society, which encourages financial platforms to develop their services and to become more interesting for potential users. It also increased future prospects as crypto is getting more commonly used.
Human Resources
Using cryptocurrencies by employees or HRs is still a new trend and mostly connects to salary types. More specifically, people prefer to be paid in crypto instead of physical money in some industries. The sports industry was one of the first industries to accept employees’ requests. In the USA, many popular sportsmen, mostly from NBA and American football teams, prefer to get a salary in crypto.
In addition, cryptocurrency payments provide a secure, anonymous, and fast payment method that both employers and employees can use. This new trend is beneficial for the human resource industry as it reduces costs associated with traditional banking fees, eliminates delays caused by paperwork processing, provides greater financial transparency for all parties involved, and ensures the privacy of employee information.
Additionally, paying salaries in cryptocurrency saves companies time on payroll processes. Overall this new trend is proving very advantageous within the human resource industry as it provides cost savings while increasing efficiency throughout payroll processes.
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- I'm a professional digital marketer with over 7 years of experience in the field. I create well researched content related to finance, cryptocurrency, stocks, forex and metaverse related articles.
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