Rising awareness of cryptocurrencies and blockchain technology within the mass market and among consumers has led to an increased demand for options from hospitality.
Put simply, many travellers know that paying through Bitcoin for their wining and dining needs means they can avoid those annoying exchange rates and unnecessary additional charges.
Naturally, decision-makers involved in hotels, bars and restaurants are aware of this and anticipate an increase in customers looking for alternative payment options. Many business owners have taken a swift seat at the table, allowing the use of Bitcoin as payment.
This not only provides them with the opportunity to increase their market share but also to promote their brand, actively showcasing their forward-thinking mentality and individuality when compared with competitors.
There are now more than 2,400 different types of cryptocurrencies in circulation, including Bitcoin, Ethereum and Litecoin. Even though the crypto market has faced some harsh criticism over the past six months, there is still a considerable amount of investment being pumped into the sector.
Major traditional financial institutions have a vested interest in crypto and, to many people’s dismay, some leading banks have even implemented cryptocurrency trading desks.
From buying and trading in digital currency comes the bridging aspect of actually using it to pay for everyday things.
However, it’s evident that the world of cryptos goes beyond cryptocurrency as a payment option.
Blockchain and other similar ledger networks - the innovative tech that powers crypto transactions - have already become embedded in hospitality. Restaurants and bars can utilise blockchain technology through innovations such as smart menus.
For example, a customer can attain a complete historical record on the process of making a particular bottle of wine. Every detail is recorded via a digital ledger, from the growing of the grape, to the bottle the wine is decanted into. This all adds to consumer engagement and customer satisfaction.
In my opinion, these technologies are steadily growing in scale and becoming more applicable across more spheres of differing industries, the hospitality industry in particular.
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