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The growing awareness of cryptocurrencies and blockchain technology within the mass market and among consumers has led to a greater demand for hospitality options.
Put simply, many travelers know that paying through Bitcoin for their wining and catering needs means they can avoid those pesky exchange rates and unnecessary additional costs.
Of course, decision makers involved in hotels, bars and restaurants are aware of this and expect an increase in customers looking for alternative payment options. Many entrepreneurs have taken a seat at the table, allowing the use of Bitcoin as payment.
This not only gives them the opportunity to increase their market share, but also to promote their brand, actively demonstrating their forward-looking mentality and individuality compared to their competitors.
There are now more than 2,400 different types of cryptocurrencies in circulation, including Bitcoin, Ethereum and Litecoin. Although the crypto market has faced some bitter criticism in the last six months, there is still a significant amount of investments being pumped into the industry.
The main traditional financial institutions have a vested interest in cryptography and, to their dismay, some leading banks have even implemented cryptocurrency trading banks.
From buying and trading in digital currency comes the bridge aspect of actually using it to pay for everyday things.
However, it is clear that the world of encryption goes beyond cryptocurrency as a payment option.
Blockchain and other networks of similar registers – the innovative technology that powers cryptographic transactions – are already incorporated into hospitality. Restaurants and bars can use blockchain technology through innovations such as smart menus.
For example, a customer can obtain a complete historical record of the production process of a particular bottle of wine. Every detail is recorded through a digital ledger, from the cultivation of grapes, to the bottle in which the wine is decanted. All of this contributes to the consumer's commitment and customer satisfaction.
In my opinion, these technologies are constantly growing and are becoming more applicable in many different sectors, particularly in the hospitality sector.
