CoinLedger survey reveals a surge in cryptocurrency adoption for payments. Retail, e-commerce, and more lead the charge, reshaping the payment landscape.
Sectors adopting cryptocurrencies as their preferred payment method have been identified by a recent CoinLedger survey.
Retail and e-commerce are the most popular industries, as evidenced by the fact that up to 60 businesses currently accept cryptocurrency payments.
The Food & Dining industry ranks second with 54 companies adhering to this trend, followed by Luxury Retail in third place with 35 adopting enterprises. Travel & Hospitality comes in at number four, while Internet & Online Services rounds out the top five.
Businesses and sectors using bitcoins as a substitute for cash
The retail and e-commerce industries are leading the way in terms of the number of businesses adopting the usage of cryptocurrencies as a form of payment, as predicted by a new survey carried out by bitcoin software startup CoinLedger.
In order to determine which industries are most supportive of the usage of cryptocurrencies as a payment mechanism, the poll gathered information on more than 300 well-known businesses that have accepted bitcoin payments.
The industry that does best is retail and e-commerce, where at least 60 businesses accept cryptocurrencies as payment. This industry encompasses well-known retailers of apparel and accessories like Adidas, Yankee Candle, and H&M in addition to well-known e-commerce sites like Etsy.
The Food & Dining industry comes in second, with 54 businesses using this feature overall.
Brands like Chipotle, Chuck E Cheese’s, Domino’s, Hard Rock Café, and delivery services like DoorDash and Uber Eats are a few examples. Furthermore, a few of these choices are now progressively offered in other nations.
For instance, since 2020, Burger King in Venezuela has accepted Bitcoin payments.
The luxury retail industry comes in third, with 35 businesses allowing customers to make cryptocurrency payments.
Prestigious fashion labels like Gucci and Ralph Lauren, well-known dealers of luxury watches like Hublot, and jewellery stores like Jewellery Affairs and CRM Jewellers are also part of this industry.
Blockchain technology’s adaptability and promise, according to Kemmerer
The travel and hotel industry, with 31 businesses using cryptocurrency payments, is ranked number four on the list.
From commercial airlines like Norwegian Air and Vueling to private jet rentals like Fast Private Jet, LunaJets, and PrivateFly, this industry offers a wide range of services.
Cruise lines including Royal Caribbean and Princess Cruises, as well as online travel agencies like GetYourGuide, are included in the list.
The final five are made up of internet and online services providers, 28 of which take cryptocurrencies as payment.
These businesses provide internet services that can be accessed through laptops and phones, including VPN services like CyberGhostVPN, ExpressVPN, and FrootVPN in addition to well-known brands like Spotify and Google Play.
Co-founder and CEO of CoinLedger David Kemmerer commented on the outcomes, saying
“The increasing number of companies accepting cryptocurrency payments reflects the growing acceptance and adoption of digital currencies in the mainstream economy.
This trend not only aligns with the evolving preferences of tech-savvy consumers but also offers benefits such as reduced transaction fees and increased security. From major retailers to small businesses, the diversification of sectors embracing cryptocurrencies demonstrates the versatility and potential of blockchain technology.
As this trend continues, it’s likely to contribute to the broader acceptance of cryptocurrencies as a legitimate form of payment, paving the way for a more decentralized and accessible financial landscape.”
