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Current Markets Adapting Cryptocurrency

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There are a variety of markets that are starting to incorporate cryptocurrency in some way. Since the start of cryptocurrency in 2009, there has been a growing interest in digital currencies and blockchain technology, as well as, an increase in the number of businesses and organizations accepting cryptocurrency as a form of payment. Additionally, the value of various cryptocurrencies has fluctuated greatly, with some experiencing significant growth while other have seen significant declines. Despite the fluctuations, the overall trend has been towards increased acceptance and mainstream adoption of cryptocurrency. Some examples of markets that accept cryptocurrency, include:

Retail markets

Various retailers are beginning to accept cryptocurrency as a form of payment, either in addition to or instead of traditional forms of payment like cash or credit cards. Some businesses are accepting cryptocurrency directly, while others are using payment processors that convert the digital currency into a fiat currency before the transaction is complete. An example of a business accepting cryptocurrency directly is, an online retailer that has been accepting Bitcoin as a form of payment since early 2014 (they were an early adaptor of Bitcoin). 

Other retailers that are more commonly known such as, Microsoft and Shopify, use third-party payment processors like BitPay and Coinbase to accept cryptocurrency on their platform. Crypto debit cards are another way that retailers can accept cryptocurrency as payment. These cards are linked to a crypto wallet and can be used to make regular purchases, just as a regular debit or credit card would. 

Gaming and gambling markets

Some online gaming and gambling platforms are starting to accept cryptocurrency as a form of payment and/or allow players to use digital currencies to purchase in-game items or participate in virtual casinos, here are just a few examples of how cryptocurrency is moving into the gaming/gambling industry:

  • Online gaming platforms: Some online gaming platforms, such as Steam and Xbox, have started to accept Bitcoin and other cryptocurrencies as a form of payment for in-game purchases and DLCs (downloadable content).
  • Online casinos: Some online casinos are now accepting cryptocurrency as a form of payment, allowing players to use digital currencies to place bets and play games. These casinos often have their own custom cryptocurrency or accept a variety of digital currencies. Some examples of viable online poker sites who accept cryptocurrency are Ignition and Bovada Poker rooms. 
  • Crypto casinos: A new type of online casinos that only accept cryptocurrency, these casinos use blockchain technology to ensure fairness and transparency. They also offer provably fair games and instant payouts to players’ crypto wallets.
  • Sports betting platforms: Some sports betting platforms are starting to accept cryptocurrency as a form of payment. This allows players to place bets on sports events using digital currencies.

Investment markets

Cryptocurrency is becoming an increasingly popular investment option, with many people buying and selling digital currencies through online platforms. One of the most common ways is through the use of cryptocurrency exchanges. These are online platforms that allow users to buy and sell digital currencies, similar to how stock exchanges allow the trading of stocks. Some popular platforms include Binance, Coinbase, and Kraken. 

Another way investment markets are accepting crypto is through the use of crypto-related financial products such as ETFs (exchange-traded funds), these funds track the performance of a basket of cryptocurrencies or blockchain related companies, and can be traded on traditional stock exchanges. 

Additionally, some investment firms and banks are also starting to offer crypto investment products and services such as crypto custody, and crypto loans. 

Real estate markets

Some real estate companies are starting to allow customers to purchase properties using cryptocurrency.

It is important to note that the cryptocurrency markets are highly volatile and are subject to sudden changes in value. It is important to consult with a financial advisor if one is thinking of investing in cryptocurrency.

  • Direct property purchase: Some real estate companies and individual sellers are beginning to accept cryptocurrency as a form of payment for the purchase of properties. This can include both residential and commercial properties.
  • Cryptocurrency-based real estate investment trusts (REITs): Some companies are creating REITs that allow investors to purchase shares in a trust that holds a portfolio of real estate assets and pay for the shares using cryptocurrency.
  • Platforms that facilitate crypto-real estate transactions: Some platforms, like Propy, BitOfProperty and REIDAO, are connecting buyers and sellers of real estate properties to facilitate transactions using cryptocurrency.

It is important to remember that while cryptocurrency can offer benefits such as faster transactions, and in some cases, a way to bypass traditional banking systems, the high volatility of crypto prices can also be a downside, and it is important to consider the risks and benefits before using crypto as a form of payment in real estate markets. But none the less, the more the world adapts to cryptocurrency the more likely it is that more businesses and industries will adapt and start accepting it as a form of currency.