The buzz of cryptocurrency has been everywhere! Ever since the CEO of Tesla, Elon Musk’s tweets have been considered cryptocurrency advice of sorts, the popularity of crypto saw an immense boost. This was predominantly seen in the way Dogecoin showed a huge increase and how Bitcoin crashed just because of his tweets.
Many people are hoarding crypto and investing in it, not just to get returns but also so that they can participate in NFT Trade, stocks, and possibly even conduct transactions.
Existing and Future Potential of Cryptocurrency
Cryptocurrency is the next best thing for sure! It is a modernistic way of conducting smooth transactions over blockchain technology allowing global transactions without worrying about legal formalities and exchange rates. This is advocated by huge companies now with Tesla accepting Dogecoin as payment and most NFT exchanges developing tokens using Ethereum-based technology. There are many safe websites allowing for cryptocurrency trade and dealings. If you want to know more, go URL for detailed information.
Online Shopping and Growth
With the pandemic rampant across many countries over the last two years, online shopping has seen a boosted rate. People have taken to ordering shopping and products across the internet instead of stepping out. This is predicted to even continue for a bit for a few more years. Hence, online shopping platforms have cropped up across the internet promising safe and secure transaction gateways, attractive interfaces, and many discounts and offers.
This has led to many cryptocurrency users demanding online shops and platforms to start incorporating crypto as a payment option. If this is done, then it would be a revolutionary boost to e-commerce and trade.
Benefits of Online Shops Accepting Cryptocurrency
1. Speedy Transactions
Thanks to blockchain technology and seamless execution, cryptocurrency transfer and exchanges are easy to make. You won’t have to rely on credit card systems to handle payments. As crypto is processed very fast, it helps in curbing delays of payments, requirements of OTPs, or general transaction delays. There won’t be much interaction with banks as third-party dealers. This would allow more traffic on websites and more purchases can be accommodated easily.
2. Increases market range
The market range of your platform would increase dramatically where tech-savvy consumers can also participate in the transactions easily. Also, incorporating cryptocurrency allows you to open your shop globally as anyone can avail of your products. This can actually help you expand your business more easily, with the burden of payment factor highly lessened.
3. Relatively fewer transaction fees
Many banks charge extra convenience fees or inter-bank transaction fees which could cost you a bit if you shop a lot. In crypto, the maximum fees you would have to pay would be done only once when you initially start your transactions. Popular crypto wallets like Coinbase often charge an initial fee, but this is still far less than the fees of popular credit card dealers like HSBC or PayPal.
4. Better safety
Performing a transaction of cryptocurrency actually is way more secure than any other payment platform. Many payment gateways and transaction methods can be hacked, but cryptocurrency has the highest security as it is basically algorithm and program-based.
A transaction made with crypto is very hard to reverse without the approval of the person you deal with. Due to the absence of a middle-man or third-party service, no one can touch your money until you yourself handle a payment.
5. Side Growth of Cryptocurrency
If you are uninterested in the growth or value of your cryptocurrency and want to use it just as payment material, then you have options like that available on various payment processors like Coinbase. You can safely conduct transactions on them and even freeze your cryptocurrency to fiat, which means that it would not be subject to any market volatility unless you want it to.
This busts the myth where they say people lose money if they convert it to crypto. There are more platforms like Copay or BitPay. It is, however, important to do thorough research upon these third-party payment processors to understand their reliability, features, and popularity in the market.
Has crypto already been incorporated in any companies?
We all know Tesla has. What about other famous companies who have taken a step into the crypto world? Well, you would’ve heard of Burger King. They have announced quite recently that they would accept Bitcoin and other cryptocurrencies for payment soon. They said that they would be partnering with Cryptobuyer who would mediate the transactions. This was done to spread awareness about crypto as a potential global currency. Many people have commended this step too.
Yum Brands which is an umbrella company having KFC, Taco Bell, Pizza Hut, and other famous restaurants under its wing also said they would give the crypto world a nudge. This makes Bitcoin now an accepted form of payment in Pizza Hut, in select stores. They have collaborated with CryptoBuyer to handle this.
The world-famous PayPal and Xbox too are giving this a try and they are more selective about the crypto they would deal in. Xbox said they understood the volatility aspects and have temporarily paused all direct payments but said they would accept Bitcoin for store credits. Whereas PayPal has gone a step ahead and said that they would be setting up Cash or Cash Plus accounts in 2021. This would allow people to directly transfer crypto without having to rely on third-party payment processors.
Amazon has not taken such bold steps yet. Even eBay Inc. said that they would consider crypto so that they can expand to include the NFT market, which is also a rising market.
Crypto has made amazing progress in both popularity and application in the markets nowadays. People are getting more aware of how it works and how convenient it is as a mode of payment. While popular names like Bitcoin and Ethereum dominate the scene, more cryptos are on the way. If businesses get integrated with seamless digitalized payments like crypto tokens, it can take the e-commerce world by storm!