The rise of crypto as a form of payment is something to behold. From a seemingly impossible idea to one of the most popular payment methods, Bitcoin has come a long way. It has earned the attention of ordinary people just as much as financial experts.
Thousands of people in different industries have adopted digital currency. Unlike in the past, where it was only possible to trade digital money, it is now used to pay for goods and services. Here are a few industries where Bitcoin has become a common payment method.
1) Online Casinos
The gambling industry has been at the forefront of Bitcoin adoption. The digital currency has been a great addition to online casinos. It promotes anonymity of players, low transaction costs, privacy, and security. Players can transfer coins and start playing no matter where in the world they are. They don’t need to waste any time.
At the moment, about half of Bitcoin transactions are directed to online games. Many of the US online gambling sites shown here accept Bitcoin. They may offer bonuses to promote crypto payments.
The world’s iGaming industry is projected to hit $565 billion by 2022. It is about $72 for each person. Bitcoin will account for a big part of this sum. Here are a few reasons why:
- The online gambling world is constantly growing, and gamblers are always looking for opportunities to play safely and discreetly. The anonymity is incomparable to any other payment options
- With Bitcoin, gamblers can access their favorite gambling sites from prohibited locations.
- The use of blockchain technology makes it possible for users to confirm that all games are safe. Smart contracts power the transactions hence increasing trust levels. It doesn’t leave much room for fraud.
2) The Food Industry
Even though the use of cryptocurrency in the food industry may seem a bit strange, it is happening. The food industry is one of the biggest users of Bitcoin. It promotes seamless payments and transparency in the supply chain. Participants that benefit from Bitcoin include:
Consumers are always looking for transparency. Increased confidence promotes loyalty on their part. When blockchain technology is used as a payment method, customers have the assurance that it meets quality standards.
Blockchain technology ensures that manufacturers have no room to counterfeit products. The transparency that comes with Bitcoin promotes responsible and ethical practices.
Distributors can now identify low-quality products and easily remove them from shelves. With blockchain, tracking your supply chain is a fast process. You can complete verification processes almost instantly.
Nestle and Walmart are a few of the FMCG giants that are already implementing blockchain technology. It is now possible to effortlessly purchase food with Bitcoin.
The tourism industry is one of the fastest-growing in the world. It is no surprise that it would be one of the first ones to adopt crypto payments. It has all the resources for integrating new technologies and solutions. Cryptocurrency and blockchain technology can improve a tourist’s experience significantly. It promotes speedy transactions and makes employees more effective.
The tourism industry features many third parties. Unfortunately, the tourist ends up paying more than they have to. The high number of intermediaries also contributes to overbooking, delays, and other significant problems. With Bitcoin, travel companies can give their clients better experiences.
Even though the world has no clear regulations governing crypto, it has still managed to become a popular payment option. Many banks are open to the crypto world and the potential changes it could bring in the future.
Julius Baer, one of Switzerland’s biggest private banks, will be giving its clients crypto assets access their partnership with SEBA Crypto AG has made this possible.
USAA became one of the first ones to pilot Bitcoin integration in America. With the institution, clients can transfer funds, pay for insurance, or invest. The American Bank Simple now supports cryptocurrencies as well. With the bank, clients can buy and sell digital money. It promotes crypto exchanges as well.
4) Retail Markets
The number of retail markets increases every year. Those that accept Bitcoin payments are constantly increasing as well. Even though some retailers may not be willing to settle accounts in Bitcoin yet, you may be able to handle them with the help of third-party services.
In the United States, Bitcoin is an acceptable mode of payment at Walmart and Home Depot. They are some of the biggest retail stores. The option of paying for goods and services with cryptocurrency is a significant step forward. It promotes speedy and confidential payments.
The payment option, PayPal, online store, Amazon, and computer equipment manufacturer Dell have also expressed their support for crypto payments. With this support, the number of Bitcoin-friendly companies and retailers can only go up. In a few years, Bitcoin may be able to compete with industry leaders like Visa and MasterCard.
The music industry has profited from crypto payments, and Bitcoin is the most preferred option. For a long time, content creators have suffered in producers’ hands. Selling content is a hard task even though we are in the digital age. Blockchain, however, has come in and made things better.
It eliminates intermediaries allowing content creators to reap the full benefits of their work. Even though distributors, publishers, royalty collectors, and labels are an essential part of the ecosystem, they aren’t necessary. Getting rid of them means more money for musicians.
The Blockchain also gives consumers the privilege of getting their preferred content with minimal hassle. Instead of waiting several months for their royalties, musicians can get their earnings immediately. Artists can get revenue from their merch too. They get a cut whenever a branded cap, wrist band, t-shirt, or hoodie is sold. With Bitcoin and blockchain, there is increased assurance that funds are going to the right person.
Even though the idea of Bitcoin payments may not be very appealing to the average music fan, it is a musician’s dream. It takes power from third parties and hands it to individual artists.
John McAfee’s Strange Suicide Leads To Even Stranger Conspiracy Theories
Today is a sad day for the crypto-verse. For good or bad, John McAfee, one of the most eccentric, bizarre, and influential personalities of the ecosystem, said his goodbyes to the physical world in a no less eccentric, bizarre, and controversial way: He committed suicide by hanging himself from a rope in his prison hours after learning that the Spanish justice system had approved his extradition to the United States.
The news was first announced by his lawyer and later confirmed by the government of Catalonia, the region of Spain where McAfee was imprisoned.
“Everything indicates that it could be a death by suicide.”
Immediately after the news broke, the Crypto Twitter community quickly shared their shock. Some paid respect, others criticized… and others questioned everything that happened.
The conspiracy was easy to imagine, given McAfee’s background. Several cryptocurrency influencers began trying to tie up loose ends to understad what happened. They relied on several tweets from McAfee claiming that he would never commit suicide, that he was being threatened, and that he knew some secrets that the elites needed to silence.
But something that blew everyone’s minds was a picture uploaded post-mortem to his official Instagram account. A black letter Q, presumably pointing to the QAnon movement, though without explanation.
QAnon, or simply Q, is a conspiracy movement that claims that a group of satanic pedophiles dominate government and media elites. Its followers claimed that former President Donald Trump was waging a battle to destroy this group.
The movement gained momentum with the arrest of Harvey Epstein on sex charges. The suspicious causes of his controversial suicide prior to his testimony further heightened suspicions that he had in fact been murdered in order to be silenced.
The slogan “Epstein didn’t kill himself” went viral and is still observed when references are made to corrupt government practices in the United States.
And, of course, McAfee had a thing or two to say about this. He pointed out to similarities between his case and Harvey Epstein’s in many times, and assured he had many secrets that the government wanted to hide. If his allegations are true, and the QAnon post means anything, we could soon find out what he knew.
For you panicked people involved, even peripherally in Epstein’s murder:
I do, absolutely, 1,000% have, not just a dead man switch, but a twice daily check in switch.
If you think you are fast enough to grab me, torture me and get what you need before it activates,
— John McAfee (@officialmcafee) January 16, 2020
“McAfee Didn’t Kill Himself”
A Twitter user attempted to contact the administrator of the controversial right-wing news site Zero Hedge and introduce him to a Spanish journalist who claims to have video recordings and reports that Joe Biden allegedly teamed up with the Prime Minister of Spain, Pedro Sanchez, to fake McAfee’s suicide.
— ブランスさん (@brunsjpnrmu) June 23, 2021
MMCrypto, a cryptocurrency trader, also questioned McAfee’s suicide. He shared a tweet from McAfee in which he assured that if he were to appear dead, it would not be by his own decision, and everything could be a set-up “a la Epstein.”
Podcaster Peter McCormack shared the ticker $WHACKD in reference to another McAfee tweet showing a tattoo as a reminder that he would never commit suicide despite threats from US Officials.
— Peter McCormack (@PeterMcCormack) June 23, 2021
Getting subtle messages from U.S. officials saying, in effect: “We’re coming for you McAfee! We’re going to kill yourself”. I got a tattoo today just in case. If I suicide myself, I didn’t. I was whackd. Check my right arm.$WHACKD available only on https://t.co/HdSEYi9krq🙂 pic.twitter.com/rJ0Vi2Hpjj
— John McAfee (@officialmcafee) November 30, 2019
Also, Kim Dotcom, the man behind Mega.nz and active Bitcoin Cash advocate, claimed to be working with McAfee on an initiative to fight government surveillance shortly before the tragic news.
John was a colorful guy. A pioneer in data security. I always thought he partied too hard, should have avoided the drugs and focus on using his brillant mind for good. When he had a sober mind it was all about freedom. That’s how I will remember him, a freedom fighter.
— Kim Dotcom (@KimDotcom) June 23, 2021
And finance lecturer Vladislav Ginko also shared several tweets warning about the danger of McAfee and his family suffering from deaths caused by USAMRIID, the Department of Defense’s (DoD) lead laboratory for medical, biological defense research.
So far, no official autopsy has indicated his cause of death. In the meantime, theories will continue to emerge. But if there is one thing that everyone – conspiracy theorists or not – can agree on, it is that John McAfee lived his own way until the end.
Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin
The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC. Largest Exit Scam ever? In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth […]
The post Owners Of South African Investment Platform Vanish, Alongside 3.6 Billion USD Worth Of Bitcoin appeared first on CryptoCoin.News.
The owners of the South African crypto company AfriCrypt have reportedly vanished and took off with 69,000 BTC.
Largest Exit Scam ever?
In April 2021, the two brothers who co-own the investment firm AfriCrypt, turned to their users, stating that the platform has been hacked, leading to a damage of 69,000 BTC, which were worth 3.6 billions USD at that time. This claim has since then lost most of its credibility, since the brothers cannot be reached anymore.
The South African law firm Hanekom Attorneys, who handle the case on behalf of the victims, believe the incident to be an exit scam, rather than a hack. By their account, employees of AfriCrypt had already lost access to the platform’s backend seven days before the alleged hack. The fact that the owners of AfriCrypt urged investors not to take legal action made the law firm even more suspicious. If proven true, this would make AfriCrypt the largest exit scam in history.
10% Daily Return too good to be true
Reportedly, AfriCrypt attracted new investors by promising them a whopping return of 10% on a daily basis. Additionally, the investment firm promised referral rewards for bringing in more customers. Unrealistically high returns like this should automatically make anyone suspicious, but greed and FOMO drive investors into the arms of fraudulent investment companies and crypto projects.
For the scammers, this is a highly profitable business model, as can be seen by the example of the TRON blockchain. Besides gambling, TRON is notorious for “high risk” investment platforms that typically promise daily returns on the same scale as AfriCrypt, but pull an exit scam shortly after their scheme has gained enough traction.
The success of these fraudulent schemes is a result of the huge influx of new and inexperienced investors over the last months. Just recently, the UK-based Financial Conduct Authority warned against unregulated crypto companies, which operate in a legal grey market.
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The Bank for International Settlements Gives CBDCs Full Backing
The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks. (Read More)
The Bank for International Settlements (BIS) announced its full support for developing central bank digital currencies (CBDCs) in pursuing financial and monetary stability through international cooperation with the mandate and support by central banks.
CBDCs are crucial in modernising finance
The BIS acknowledged that CBDCs must modernise finance and keep ‘Big Tech’ in check not to control money.
Benoit Coeure, a member of the BIS, warned:
“Without CBDCs, digital money would become increasingly dominated by big tech firms, as they would leverage enormous social media user bases.”
CBDCs are digital assets pegged to a real-world asset and backed by the central banks, meaning that they represent a claim against the bank exactly how banknotes work. Furthermore, they are blockchain-enabled, representing a new technology for issuing central bank money at the wholesale and retail level.
According to the announcement:
“As part of its upcoming annual report it estimated that at least 56 central banks and monetary authorities, representing around a fifth of the world’s population, are now looking at digital currencies as commerce shifts online.”
The issuance of CBDCs seems to be a race against time; many nations believe owning a CBDC is instrumental in having control of the global markets.
The Bahamas- the first nation to launch a CBDC
The Bahamas launched the Sand Dollar in October last year, making it the first country in the world to release a CBDC beyond the testing phase officially.
As more nations reveal their interest in CBDCs, the BIS noted that authorities would have to decide whether citizens require digital IDs to use them or choose the token-based route, making transactions more anonymous.
Once rolled out, CBDCs are expected to drive the financial inclusion of nearly 1.7 billion people left out of the banking system.
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