Cryptocurrency in The Modern World – from Large Companies to Gambling
Even if you are not tech-savvy you mustn’t have missed headlines about cryptocurrency. Now that the currency has surpassed the CAD70,000 mark, it is not only avid financial risk-takers who invest in cryptocurrencies – it has become mainstream. You may have heard about Elon Musk investing billions in Bitcoin but it is not just the CEO of Tesla who sees opportunities in virtual currencies but a bunch of other large companies in Canada and all over the world.
In this piece, we will discuss what companies accept crypto payments with Kevin N. Cochran, an iGaming expert from Canada.
The list of online casinos that accept crypto deposits grows every day and in years to come, we expect to be able to pay with Bitcoin and other virtual currencies in most of them. There are already several free spins no deposit Canada casinos where Canadian players can deposit in cryptocurrencies.
Cryptocurrency in gambling is becoming increasingly popular because of its many advantages. It offers players complete anonymity because with crypto payments they don’t have to verify their identity to play casino games. It also comes with enhanced security since the users have to have a private key that needs to match its public key counterpart to confirm each transaction in the blockchain database. On top of all this, crypto payments are instantaneous and usually come with absolutely no transaction cost.
The only problem with casinos accepting crypto payments is the legislation. As cryptocurrencies are still relatively new, licensing bodies still have problems overviewing them. Therefore, cryptocurrency in online casinos that are licensed in Europe is often not accepted. However, this is about to change, as one of the most reliable gaming authorities, the MGA is starting to license crypto casinos.
If you are interested in other predictions about the future of gaming, you can read about it in the previous link.
It is not only the tech-savvy industries that deal with cryptocurrencies today. Travel giant Expedia is now accepting Bitcoin and 30 other cryptocurrency payments through its crypto-friendly booking platform Travala. You can use the cryptocurrency you invested in to book hotel stays, flights, vacations, or car rentals.
Two airlines joined the list as well: AirBaltic and LOT Polish Airlines. AirBaltic was in fact the first aviation airline to accept Bitcoin back in 2014 and since then it has processed over 1000 transactions in the virtual currency. LOT followed suit a year later.
The Hong Kong-based hotel chain Pavilion Hotels & Resorts is one of the latest companies to accept crypto transactions. While they don’t operate hotels in Canada or the USA, you can stay in Pavilion Hotels in Amsterdam, Rome, Madrid, and Lisbon or take a tropical vacation in Thailand, the Philippines, or Bali.
If you are still not convinced that you can trust cryptocurrencies, perhaps knowing that one of the largest software companies in the world accepts them will change your mind. You can top up your Microsoft user account with Bitcoin and pay for a variety of services including Skype and Xbox Live.
You can now pay for your latte with Bitcoin. Coffee giant Starbucks has had an extensive trial period whereby customers could use the new Bakkt app to pay for their purchases at stores of the chain.
The app’s creator confirmed that half a million people signed up for the program to test the digital wallet so it is clearly a hit.
Earlier this year, Tesla claimed that they would accept Bitcoin payments for vehicle purchases in the USA after Elon Musk invested $1.5 billion in the virtual currency in February.
However, the decision was later put on hold and to be started once more than 50% of tokens are mined using renewable energy.
International insurance giant Axa is now accepting Bitcoin payments from its Swiss customers for all non-life insurance policies. The decision was followed by local market research that showed that a third of all respondents already invested in the cryptocurrency or were going to do so.
Today, you can pay for products or services at several large companies including the above-mentioned ones. Cryptocurrencies are becoming widely accepted around the world and the trend seems to continue in the foreseeable future.