Bitcoin, Ethereum, BNB, and hundreds of other cryptocurrencies in 2023 have made a huge impact on the world. The cryptocurrency market is constantly pushing forward and it seems like it will not stop anytime soon. Yes, it might dip and stabilize, but it will probably never crash as it did back in 2018. So, what does this actually mean? What kind of impact will cryptocurrency have on the “real” currencies of the world? Will this have an impact on different industries? We are especially interested in how bitcoin will affect the e-commerce industry.
Naturally, all of these questions that we posted above are impossible to answer. To have an answer to these questions, we would need to have a time machine, and of course, we do not have one.
However, with the research, we have done and the information we currently have available, we could make a few assumptions on how bitcoin could affect the e-commerce industry today and in the future.
If you too are wondering about this topic, here is what we could find.
Bitcoin in 2023
Before I can start talking about how bitcoin or any other cryptocurrency can affect the e-commerce industry (or any other industry for that matter) you believe it is a good idea to first expand on what Bitcoin is and how it fares in 2023 against other crypto coins and fiat currencies.
At the time of writing, one bitcoin is worth more than $55,000. A week before writing this article, one coin was more than $63,000. In other words, this whole market is currently dominating.
We think that it is safe to say that no one expected this kind of boom in the cryptocurrency market. Not even the biggest sharks on Wall Street expected anything like this. In fact, they probably were the people that least expected this.
Back in 2023, this thing was worth only a few thousand dollars. It even dropped the value of just $3000. But, in December 2023, something crazy happened and the whole cryptocurrency market just started skyrocketing.
In just a few months, bitcoin value increase by 15 or 20 times and it was back in July 2023. That is simply amazing.
Why is this kind of history important in any way? Well, we use this data to show exactly how impactful this coin can be and why it can actually affect the e-commerce industry.
With the information shared above and our whole understanding of how a decentralized cryptocurrency can operate, we can now expand into the possibilities of Bitcoin, especially in the e-commerce sector.
Ease of access for everyone
It is no secret that a lot of developing countries around the world can and do have troubles when using regular payment processing services such as PayPal, Payoneer, or any of those other popular services.
In other words, those people are willing to purchase products, but they are blocked from doing so because of these payment processing services.
So, overall, a huge part of the audience is blocked away from spending money and enjoying different products because of these kinds of limitations.
Fortunately, Bitcoin may finally be the end of those limitations. It is completely digital and decentralized which means no bank or any other entity is controlling the transactions. The transactions are secure, safe, fast, and direct. No one can determine whether a person can or cannot own, trade, buy or sell this currency.
Keep in mind that, anyone can purchase, sell, or trade Bitcoin anytime they want. All they would have to do is visit this site or any other website to start buying and trading cryptocurrencies.
When using payment processing services like the ones we mentioned above, PayPal, or pay near, for every transaction, you have to worry about fees. Fees for pain gas, fees for buying groceries, and fees went online shopping. You are constantly losing money, no matter where or what you want to buy. That is the unfortunate truth of fiat currency.
Fortunately, the audience of the e-commerce industry can forget about these troubles and enjoy the benefit of minimal or zero processing fees from Bitcoin. Like we said previously, this is a currency that is completely decentralized. This means that every transaction requires no help from a human hand, everything is an automated process, no need for delays, holdings, or any kind of limits. The user has total freedom over their money.
However, keep in mind that these are not benefits that only the audience will enjoy. Small and large businesses will also benefit from the implementation of cryptocurrencies in the e-commerce industry.
Businesses too have to deal with fees from payment processing services, so basically it is a win-win for everyone.
One of the main reasons why a lot of people are currently relying on cryptocurrencies and why they believe they will be part of the future is because of the considerable improvement in security and anonymity.
If the e-commerce shop allows it, any transactions made on a website can be entirely anonymous while also being incredibly secure because Bitcoin is decentralized. The user can hold their money in a digital wallet and no one has access to that wallet. That digital wallet also does not need to have any kind of connection to personal information such as names, emails, addresses, or anything like that.
The improvement in security comes from the fact that the transactions of all of these digital currencies are entirely encrypted, hence the name – cryptocurrency. Bitcoin has several layers of encryption that would be impossible to crack.
Users can feel safe that their money is sent to the right address and businesses won’t have to worry about someone stealing the money they should receive. Again, it is a win-win situation for both sides.
When you think about it, the only type of people losing in this whole situation is the thieves and hackers that are constantly trying to scam people out of their money through online accounts such as PayPal or fake e-commerce websites.
There are probably dozens of other advantages I could go into, but I believe that these three I mentioned above are more than enough to convince anyone that Bitcoin will most definitely impact the e-commerce industry.