As Bitcoin and other cryptocurrencies become more and more popular in commerce, companies will have to change to both accept and disperse these cryptocurrencies to the public. Now, we all know about the solitary examples of companies lending their products and/or services for Bitcoin or altcoins. We’re talking about a much larger scale and possible future impacts, as cryptocurrencies start dominating the financial markets even more.
Below are 13 different types of industries that will have to change some aspects of their business due to the rise of cryptocurrency.
Online money transfer services will have to accept cryptocurrency as a form of payment between people and businesses. This means new apps on phones and tablets, as well as new websites with this payment option. You can buy and sell Bitcoin through PayPal now, don’t get us wrong, but the highly reversible nature of those transactions puts the seller in considerable danger still.
2. ATM companies
They are already being set-up in various businesses, but cryptocurrency ATMs are going to become more and more popular in the future. ATM companies are going to have to begin making machines that can effectively distribute and convert the various types of cryptocurrencies that will be used in the future. We’ll just mention that New York currently features 116 Bitcoin ATMs.
3. Credit Cards
The top competitors to cryptocurrency are credit card companies, which have dominated the world of transactions for decades now. They will have to adapt to include cryptocurrency in their payment systems and form departments to verify the legitimacy of all cryptocurrency transactions.
The online marketplace that changed how people buy and sell online will have to begin accepting cryptocurrency as another payment option. Currently, people can shop on Amazon with Bitcoin, but only indirectly. Namely, you can utilize a service like Purse, for example, which matches people with holders of Amazon gift cards and allows them to purchase cards for Bitcoin.
The banking system will have to incorporate cryptocurrency into their operations as it grows in popularity, which will add an extra level of complexity to the banking system in general. It may also mean more cash will have to be kept on-hand, as people will indubitably be intent on exchanging their cryptocurrency for cash in the future.
6. Physical Money Exchanges
The exchanges you see in international airports will also have to begin accepting and distributing cryptocurrency, as it’s the ideal form of currency to use overseas. This will be an entirely new type of currency that employees would have to learn how to handle, also ensuring its legitimacy.
7. Soft Drink Machines
Buying a can of soda will also change, as these machines will have to be adapted to accept cryptocurrency by adding scanners, much like the dollar bill sliders were added a few decades ago. This new equipment will add to the cost of these machines.
8. Subway Stations
Subway stations in major cities will have to accept cryptocurrencies as well since they currently only accept coins, bills, and credit cards. This will allow those who have converted to the new monetary system to be able to use public transportation without interruptions. Tax dollars will probably have to be spent to do this, assuming the government deems it necessary.
9. Gas Stations
Paying at the gas station will also change with the rise of cryptocurrency, as scanners will have to be added each time you pump gas so you can quickly pay like you would with a credit card. This new equipment will add to the cost of setting up gas pumps, at least at first.
10. Toll Ways
It will possibly be more efficient to use tollways in the future with the rise of cryptocurrency. These toll machines will soon have to be converted to allow people to just swipe their smartphones to go through a tollway. This will only be done on tollways that are used regularly, as it will take tax dollars to set up.
11. Parking Meters
Even though many parking meters just switched to credit cards, cryptocurrency will force them to go one step further and adapt once again. Private companies have slowly started incorporating Bitcoin into the parking meter payment options, but it’s a very drawn-out process, promising to take a while.
Even though Arcades aren’t as common as they were in the past, cryptocurrency will become a part of how they charge to play the games or change out for tokens. This applies to all types of other games, from pool tables to pinball.
13. Video Poker
Cryptocurrency will undoubtedly change the gambling industry. Video poker games, among others, will have to make some changes in order to operate effectively with cryptocurrency. Online gambling, though, has reached the furthest mark in accepting Bitcoin out of all the industries mentioned.