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Study reveals the Sectors that offer Cryptocurrency as a Payment Method and its advantages


January 24, 2024 ( Newswire) A new study by crypto tax software CoinLedger reveals that the Retail and e-commerce sector has the highest number of companies that offer the option to purchase through cryptocurrency.

The study compiled a list of more than 300 major companies known to accept cryptocurrency methods and categorized them into sectors, to discover which one contains the most companies offering crypto as a payment method.

Retail & E-commerce take first place, with 60 companies accepting crypto payments. The sector includes clothing and accessories stores like adidas, Yankee Candle and H&M, and online shopping platforms such as Etsy.

Second on the list is the Food & Dining sector with 54 companies. Examples are Chipotle, Chuck E Cheese's, Domino's and Hard Rock Café, and delivery services such as DoorDash and Uber Eats. Different services became available gradually in different countries: Burger King Venezuela has been accepting Bitcoin payments since 2020.

Luxury Retail comes in third with 35 companies offering the service, among which there are high fashion brands Gucci and Ralph Lauren, luxury watches retailer Hublot, as well as jewelers such as Jewelry Affairs and CRM Jewelers.

Further down on the list, Travel & Hospitality is fourth with 31 companies accepting crypto payments. These range from commercial airlines such as Norwegian Air and Vueling to private jet hire like Fast Private Jet, LunaJets and PrivateFly. Cruise companies Royal Caribbean and Princess Cruises are also on the list, as well as trip-organizing help sites like GetYourGuide.

The top five closes with Internet & Online Services companies, as 28 accept crypto as a form of payment. These companies offer a service available to use online from our phones and laptops, such as Google Play and Spotify, and different VPN services like CyberGhostVPN, ExpressVPN and FrootVPN.

As the study revealed the sectors that accept crypto as payment method, is interesting to point out how come this phenomenon has become so popular and why it keeps getting bigger. In fact, crypto payments reserve both the buyer and the seller a series of advantages that mainstream currencies do not have:

1. Decentralization

The decentralization of cryptocurrencies, particularly exemplified by Bitcoin, is often seen as a fundamental advantage. This means that no single entity, such as a government or financial institution, has control over the currency, reducing the risk of manipulation or interference.

2. Lower Transaction Costs

The lower transaction costs associated with cryptocurrency transactions, especially for cross-border transfers, are a major advantage. This can lead to cost savings for individuals and businesses, particularly in comparison to traditional banking and financial services.

3. Security

The use of cryptographic techniques and blockchain technology provides a high level of security for cryptocurrency transactions. The immutability of the blockchain ensures that once a transaction is recorded, it is extremely difficult to alter, reducing the risk of fraud.

4. Financial Inclusion

Cryptocurrencies offer the potential to provide financial services to individuals who are unbanked or underbanked, particularly in regions with limited access to traditional banking infrastructure. This can contribute to greater financial inclusion on a global scale.

5. Ownership and Control

Cryptocurrencies provide users with greater control and ownership of their funds. The use of private keys allows individuals to manage their wallets and transactions without reliance on intermediaries, enhancing financial autonomy.

David Kemmerer, Co-Founder and CEO of CoinLedger commented on the findings: "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."

Data sourced from BitPay

Methodology: 312 companies that stated that they'd accept cryptocurrency payments were analyzed between September 27th and October 4th, 2023. All the companies were then categorized into industry sectors to calculate which of them had the most companies within it therefore being the most crypto-friendly sector.

More Info: Newswire

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