The use of digital currencies worldwide is growing, as evidenced by the most recent report issued by Chanalysis. The report indicates that cryptocurrency usage statistics have experienced a significant spike in volumes with the start of the pandemic. The most recent bull run of major digital currencies like Bitcoin and Ethereum in early 2021 has also added to crypto popularity. The report indicates that in the period between the end of Q2 2020 and the end of Q2 2021, global adoption of digital currencies has increased considerably, reaching over 2,300% since Q3 2019 and over 881% in the last year.
Such level of adoption is indicative not only of active trading on the open, decentralized market, but also of considerable levels of daily spending with the use of digital currencies. The variety of decentralized financial services available on the market is fast-tracking the adoption of cryptocurrencies as a means of payment among major retailers and is bootstrapping user engagement.
Crypto adoption is also being advanced by major payment gateway providers acting as off-ramps for converting crypto into fiat. Major retailers are among the leading adopters of cryptocurrencies. The leading ones are integrating digital currency conversion into POS terminals and accepting Bitcoin and other top coins as means of payment.
Among the biggest names in the retail industry accepting Bitcoin is Microsoft, which has taken a positive stance towards crypto since 2014. The IT giant allows users to buy software and hardware for Bitcoin and other top coins. Another retailer – Overstock – is leading the way in crypto payment acceptance across its chain outlets. Home Depot, Starbucks, Burger King, Whole Foods, NewEgg and other retailers are among the crypto-friendly powerhouses that accept Bitcoin and offer favorable promotions to crypto users.
The online gaming industry is becoming a hotly contested arena for cryptocurrency payments as an entirely new gaming sector is emerging in the form of GameFi. The latter is based on Play-to-Earn mechanisms that revolve around cryptocurrencies for purchases of in-game content. Such games also reward users with unique NFTs or in-game crypto for achievements while allowing them to exchange earnings for fiat.
Next-gen social networks on the blockchain are also set to skyrocket crypto usage levels. Decentralized social networks like Fragma offer users rewards in cryptocurrencies for generating content and allow them to donate crypto to bloggers and spend digital currencies on unique avatars and other services.
Travel companies like Travala and CheapAir are also taking positive stances on cryptocurrencies, allowing travelers to buy tickets and even book hotel reservations for digital currencies. Among the accepted list of currencies are Cardano, Bitcoin, Ethereum and other lesser coins like Doge.
Automakers are also taking a positive stance on crypto, as Tesla has repeatedly announced its acceptance of Bitcoin as a means of payment for its automobiles. This trend has been passed on to partner PayPal, which has started accepting Bitcoin-related transactions in early 2021.
With the increase in digital currency adoption levels, the solutions for facilitating related transactions are also emerging in full. Some services like the Embily crypto bank card provider allow users to take advantage of convenient debit cards that can be shipped free of charge or ordered online. With its embedded automatic conversion and lowest-on-the-market commissions, Embily is the ideal solution for users in Europe who rely on crypto-assets for daily purchases and cashouts at ATMs.