Top Crypto Use Cases for Payment Disruption

This year we saw a significant move towards the institutionalised adoption of cryptocurrencies. From small eCommerce businesses to large corporations, like Forex platforms and universities, more and more organizations are recognizing the benefits of accepting Bitcoin and other cryptos for their companies.

Crypto use cases are driving a revolution in the world of payments, shaking up traditional financial systems and offering a new level of efficiency, security, and accessibility. In this post, we’ll be taking a closer look at the top crypto use cases for payment disruption, exploring how they are changing the face of finance and commerce. And we’ll start by showing the advantages why businesses are accepting crypto payments.

What are the benefits of crypto payments?

Among the main advantages of accepting cryptocurrencies as a means of payment in a business are the following:

• Security: Crypto payments are secure and protected by encryption and decentralised ledger technology such as Blockchain, which significantly reduces the possibility of fraud and hacking.
• Efficiency: Cryptocurrencies can be processed instantly, without the need for intermediaries such as banks, speeding up transaction times and reducing costs.
• Accessibility: As no bank account or credit history is required, crypto payments are accessible to a wider range of people, including those in emerging markets and developing countries.
• Decentralisation: Cryptocurrencies are not controlled by a central authority, providing greater independence and freedom for both businesses and consumers.
• Lower Transaction Fees: Crypto transactions tend to have lower fees compared to traditional payment methods, which reduces the cost of doing business. For example, CoinPayments charges a low fee of only 0.5%, compared to the 2-5% charged by credit cards.
• Cross-Border Transactions: Payments with digital currencies can be made anywhere in the world, without the need for currency exchange or conversion fees.

As you can see, there are many benefits to adopting cryptocurrency payments in any type of business, whether online or offline. Companies are adapting quickly to cater to customers who want to spend their coins on goods and services.

6 use cases of crypto payments for businesses and organisations

From online retailers to investment firms, there are a multitude of ways businesses can use crypto to streamline their payment processes and meet growing consumer demand. Below we explore 6 of the top crypto use cases for businesses and organisations, highlighting how these companies are using cryptocurrencies to stay ahead of the curve.

Universities have started to accept cryptocurrencies for tuition payment

In response to increasing demands from international students who no longer want to convert their fiat currencies to pay for school fees, universities started integrating crypto payment gateways like CoinPayments. These technologies allow students to pay their fees seamlessly from anywhere.

Some schools, like Bentley University in Boston, allow all students to pay their tuition in currencies like Bitcoin, Ethereum and USDC. Others, such as Wharton School, only allow specific courses to pay their fees in crypto.

Forex platforms are taking deposits in crypto

In 2022, the world of Forex trading saw a major shift as many brokerages began embracing cryptocurrency as a payment option. Global players such as FBS Inc, eToro, and AvaTrade, to name a few, now offer their clients the ability to deposit funds and trade using Bitcoin and a wide range of cryptocurrencies.

This trend highlights the increasing recognition and acceptance of digital currencies as a legitimate form of payment in the financial sector. The adoption of crypto by Forex brokers not only adds to the growing list of top crypto use cases for payments, but also provides a new level of convenience for traders who wish to use digital currencies to manage their investments.

Coffee shops and food trucks now accept cryptocurrencies

Continued institutional adoption of cryptocurrencies means more members of society receive their salaries in crypto. In-person businesses have begun to adopt crypto at the point of sale to break into this growing market.

One example of a company that has harnessed the benefits of crypto is Kafka Hummus Café, a coffee shop located in the centre of Prague that integrated CoinPayments’ gateway. Gateways like ours will play a key role in crypto use and adoption since it makes accepting currencies efficient and straightforward.

Crypto has become a staple in eCommerce businesses

Quick borderless payments, friendly fraud protection and secure transactions are only some of the benefits propelling businesses towards accepting crypto payments. eCommerce companies across different sectors have integrated payment gateways to give customers opportunities to spend their crypto.

Examples include Auget, a French candle brand, and Play-Asia, a global retailer of entertainment products like video games, software, and apparel.

Spend crypto in the Metaverse

Cryptocurrency is rapidly revolutionizing the metaverse, providing players with new and exciting ways to collect, trade, and spend virtual assets. One example of this is Axie Infinity, a popular game that allows users to buy and sell unique characters, level them up, and potentially earn a profit by selling them for a higher price.

In another popular virtual world, Decentraland, players can buy, build, and monetize virtual real estate using cryptocurrency. Additionally, players in both Axie Infinity and Decentraland can earn rewards in the game’s native currency, which can then be converted and spent in other parts of the metaverse. With its secure and decentralized nature, cryptocurrency is helping to create a more fluid and interconnected economy within the metaverse, providing players with more opportunities to make the most out of their virtual experiences.”

Online casinos are allowing crypto stakes

Online casinos, like Moonbet and BitStarz, are at the forefront of embracing cryptocurrency as a payment method. In addition to offering traditional currencies, these platforms now allow players to place bets in over 97 different cryptocurrencies.

The use of crypto for online entertainment brings a new level of security and privacy for the user, reducing the risk of hacking and fraud. It also offers merchants the opportunity to expand their reach beyond traditional markets, tapping into the international crypto community. This is a significant step forward for the iGaming industry, showcasing the versatility and acceptance of crypto payments.

Transform Your Business into the Next Crypto Use Case with CoinPayments

Crypto and Blockchain use cases in payments are disrupting traditional financial systems and bringing multiple benefits to businesses and consumers alike. From forex platforms to universities, coffee shops to metaverse games, the options for using cryptocurrencies are expanding every day.

By embracing digital currencies such as Bitcoin and Ethereum, organisations can improve the security, speed and accessibility of their transactions. CoinPayments makes this process easy, quick and hassle-free for your company.

Join thousands of businesses that trust CoinPayments. Sign up now for your business account and join the future of finance today.