fbpx

Which are the major cryptos at the moment and how can they be used?

Crypto Terms

Crypto news is always as volatile as the price changes. We see the news ramp up cryptos as the price indexes and investors are bullish. And when the chips are down, we see the magic terms ‘cryptos are dead’, ‘fake currency’, and ‘scam’. However, the truth is, cryptos are not going anywhere. The resilience of the big guns like BTC and ETH have shown the world, and major Wall Street financial institutions as well as entire countries like El Salvador, that cryptos are here to stay.

In this guide/article, we are going to look at just where cryptos stand in the world of eCommerce and what we can expect for the future.

Online Casinos or Cryptocurrency Casinos

The one industry where you can find cryptos concisely and actively being used every day is online casinos – otherwise known as crypto casinos these days, for obvious reasons. With traditional online casino payment methods, there are some drawbacks that crypto solved nicely in this industry, hence the heavy adoption of cryptos. For example, some deposit options are not available as an option to withdraw your funds, and some take up to 5 days to process funds you withdraw. On the contrary, cryptos offer instant deposit/withdrawal from/to the same wallet.

As for the most popular cryptocurrencies used in the online gambling industry, BTC (Bitcoin), BCH (Bitcoin Cash), LTC (Litecoin), ETH (Ethereum), USDT (Tether), XRP (Ripple), XMR (Monero), Dash (DASH), and there’s more. You will often see the casino referred to as the name of the crypto it accepts – for example, if you want to play with LTC, you may want to search for the best Litecoin casinos. That said, a Litecoin casino can also accept other cryptos. It’s just called an LTC casino to attract Litecoin investors.

Betting with cryptos is much like using USD, EUR, or UKP. You have a balance in your casino, such as LTC crypto, and the games have a min-max bet. As for the casino games themselves, they are the same game titles people playing EUR, USD, UKP, and other fiats.

eCommerce – Shopping Online

The whole uptake for cryptocurrency shopping has been surprisingly slow. That is if you consider how comfortably the cryptocurrency casino industry has adopted virtual currencies. All that being said, we are seeing more websites adopt major cryptos. Key eComm brands like Amazon adopting cryptos would be a tremendous boost to the value of the major out there – as presumably Amazon would adopt the likes of Bitcoin and its forks Bitcoin Cash as well as Litecoin. And we are already seeing hints that Amazon is possibly considering crypto adoption.

For now, eComm shopping is mostly done using BTC, and these are generally small websites owned by entrepreneurs looking to gate-crash the market early. There are also a few major companies accepting Bitcoin at the moment.

A few select brands that accept cryptos at this time:

  • Home Depot
  • PayPal (major eWallet)
  • Namecheap
  • Starbucks via Bakkt app
  • KFC Canada

Crypto Loyalty Points

Many companies these days are using cryptos as loyalty rewards. This is a great way for those that are not sure about adopting crypto to at least make a start. As loyalty points are free, those that collect them generally tend to keep hold of them. There are some Revolt card users that have actually made a fair whack out of BTC since the loyalty scheme was introduced when it was around US$ 4,000. At the time of writing this, BTC was peaking over US$ 60,000 so those unintentionally investing have made a tidy profit, while those that signed up to earn BTC just in case it increased, well they also came out trumps.

What did we miss?

Above, we mentioned the major industries where crypto is popular. There are many more examples of industries accepting crypto within the above categories. Online sports betting, bingo, and eSports are popular places where crypto is thriving. Online gaming within the eComm sector has seen a steady rise in crypto websites – especially those that trade skins for eSports games like League of Legends and Fortnite. Also, let’s not forget that most major Fintechs these days are looking towards cryptos in future business models. And one we did not mention is crypto trading, which is something that is becoming super popular these days.