Connect with us

Crypto

Which cryptocurrencies are most used across different industries?

So which industries use crypto the most, and how does implanting a crypto payments solution help manage challenges in those industries?

crypto currency bitcoin price fluctuations
Image: Unsplash

With Bitcoin making headlines again thanks to breaking all-time highs, the public interest in crypto is growing for the first time since 2017. 

Cryptocurrency seems like a foreign concept to many people that are new to it. However, it’s a relatively simple system to use once you understand the basics of processing transactions. 

Most people see cryptocurrency as a speculative asset. In other words, they only purchase it to see gains in their investment. In late 2017, people took out second mortgages to buy Bitcoin at the height of the bubble. 

However, over the last three years, Bitcoin and crypto saw many new uses emerge for the esoteric currency. From the smart contract functionality of Ethereum to the stable coin security of Tether, crypto is growing in its uses online and in the real world.

It’s easy to process transactions using your phone, and Bitcoin ATMs are popping up in countries around the globe. 

So which industries use crypto the most, and how does implanting a crypto payments solution help manage challenges in those industries? 

Bitcoin (BTC)

Bitcoin is the granddaddy of crypto. When Satoshi Nakamoto wrote the protocol in 2009, we doubt he had any idea of the behemoth it would become. In 2010, someone famously paid 10,000-BTC for the world’s most expensive pizza

In todays BTC pricing, that pizza is worth $200-million. We bet that person feels sick to their stomach, knowing that. However, over the last 10-years, BTC evolved as a payment system online. Sure, it’s a popular payment method on the dark web, making governments paint it as a tool for criminals. 

The reality is that criminals prefer the US dollar as payment for their wares, not BTC.

Bitcoin continues to change the way we use and view money. In 2017, the CME group was the first financial authority to develop a BTC futures contract, officially bringing Bitcoin into the capital markets. 

The future of Bitcoin looks promising, and we expect it to provide a financial bridge as the fiat system implodes. 

Ethereum (ETH)

Ethereum is a bit different from Bitcoin. Developed by Vitalik Buterin, ETH is the second-most-popular crypto. It surpassed LTC as the second-largest by market cap in 2016, and it continues to grow in interest and popularity.

ETH is unique thanks to its “smart contract” functionality written into the coin. The contract makes it easy to get rid of third party transactions. For instance, you currently receive your bill and pay it online through your bank. 

The bank’s payment system acts as the third party, charging you a fee for processing the transaction. With ETH, you can write the payment details into the smart contract in the coin. Therefore, when you receive your electricity bill, the coins automatically go to their destination without needing a third party to process the transaction. 

Ethereum is also popular with online gaming. An Ethereum casinos like these ones offer you the chance to deposit and withdraw using ETH, circumventing the need to report your winnings to the taxman. There are dozens of crypto casinos online, and some offer deposits and withdrawals with a variety of cryptocurrencies. 

Bitcoin Cash (BCC)

Bitcoin Cash is the younger brother of Bitcoin and the result of the first “hard-fork” in the Bitcoin code. Many expected BCC to be a dud. 

However, it’s showing more promise and better utility than BTC. Simultaneously, BCC might not have BTC’s speculation power, but it’s an improvement on the original protocol and gaining popularity with crypto enthusiasts.

Many private websites and journalists accept BCC for payment for their services. BCC is also gaining ground as a payment method, with some online vendors and casinos allowing for payments and deposits in the crypto. 

Ripple (XRP)

XRP is another popular cryptocurrency, with a huge float and a stable price. Because there is such a large supply of XRP, it has less price volatility than other cryptocurrencies. Therefore, many sites accept payment in XRP to avoid fluctuations in price.

However, the biggest use for the Ripplenet is the upcoming introduction of the SOFR network. Currently, the LIBOR system dominates global interbank lending. However, LIBOR is slow and causes bottlenecks with banks moving funds around.

With the introduction of SOFR as the replacement for LIBOR, banking institutions will rely on the Ripplenet infrastructure for faster transaction times and fewer bottlenecks in the interbank lending system.

Tether (USDT)

Tether came onto the crypto scene in 2017, offering a solution to the market volatility in the crypto sector. It’s common for BTC and other volatile cryptos to experience price ranges of 10% or more in a single trading day. 

Tether (USDT) is a “stable coin,” with its value pegged to the dollar. Traders use Tether to exit the market and store crypto profits during periods of excessive market volatility. Therefore, traders don’t have to experience the wild ride of volatility by holding onto a specific crypto asset.

They can exit in Tether and get back into the market at a later date, knowing that their portfolio hasn’t lost any value since its pegged to the dollar exchange rate.

Have any thoughts on this? Let us know down below in the comments or carry the discussion over to our Twitter or Facebook.

Chris has been blogging since the early days of the internet. He primarily focuses on topics related to tech, business, marketing, and pretty much anything else that revolves around tech. When he's not writing, you can find him noodling around on a guitar or cooking up a mean storm for friends and family.

Click to comment

You must be logged in to post a comment Login

Leave a Reply

More in Crypto