A revolution is currently underway in the financial sector whereby it is quickly transforming into a digital-oriented approach. From using mobile apps to deposit checks to using electronics to pay friends for their share of dinner, people are increasingly relying on the convenience that digital payment options provide.
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Traditional means of payment such as credit cards and bank accounts might still be the most prevalent payment options for many consumers, but this is starting to change. Bitcoin is an alternative form of currency introduced in 2009 and used digitally among users.
Bitcoin might no longer be considered esoteric, but many people are still unaware of the reasons for its existence or even what it does. However, it has grown to such an extent that many industries have started recognizing and using it.
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Here are the top 3 industry that Bitcoin is likely to disrupt.
1. Bank Lending
Banks are for most people used for a few primary purposes: depositing and withdrawing cash, getting a loan, and landing a mortgage. Bitcoin is turning this idea on its head especially with regards to trading and lending. Bitcoin can be used for trade purposes in the financial sector. Since it is a peer-to-peer system, traders will be able to eliminate wire fees and payment delays when making trades, which completely gets rid of the need for banks.
2. Gaming Industry
Is online gaming illegal in the state you live in? What about gaming of all forms? If you are stuck in a state such as Alabama that still limits your ability to put your money in an online game then, Bitcoin is perfect for you.
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Bitcoin is useful in this industry since it is a decentralized form of currency that’s not governed by anything or anyone. Bitcoin is able to transform gaming since there is no governor and this has increased the numbers betting with bitcoin.
The only downside to this being that it is an uninsured form of currency and it is impossible to reconcile should your account be hacked. Bitcoin is completely digital, which means that there’s nothing tangible to hold. For online gaming though, you never actually see the money on the proverbial table in front of you anyway.
3. Music Industry
The music industry is surprisingly a money pit for a lot of artists. From labels recouping money from an artist’s tour to 360 deals, many artists are left with bills or staring at empty bank accounts. It is the reason why so many artists forego signing to traditional record labels and choose to go independent.
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Bitcoin can play an important role here. Instead of managers, publishers, or the record labels taking royalties, Bitcoin allows the artist to be paid directly as opposed to via a third party. Bitcoin exchanges hands from the buyer to the artist and cuts out all the middlemen since it is a peer-to-peer currency.
Just as Social media platforms such as Instagram, Facebook, Twitter, etc. have provided a direct avenue for celebrities to interact with fans without the need to go through traditional media, Bitcoin is playing the same role for some indie music artists with regards to payments.
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It is quite evident that the growth of Bitcoin is happening quickly and many industries are increasingly trying to find additional ways to accommodate it. The demand for digital currency is witnessing exponential growth, so you can expect more disruptions in various industries as Bitcoin and other digital-only currencies grow in popularity and influence.
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