The exponential rise in the popularity of bitcoin and other cryptocurrencies has become impossible to ignore. Currently, the estimated number of cryptocurrency owners stands at 300 million worldwide. In addition, the value of crypto transactions stands at $120 billion per day. These statistics – which are expected to continue to rise – underline the importance of this digital currency in the modern world. Consequently, all business owners should at the very least take advantage of the possibilities of cryptocurrency in ecommerce , with a view to implementing it as a payment option. What is the position of cryptocurrency in ecommerce? Cryptocurrency is a (web 3) decentralized digital currency that was first introduced in 2008 by satoshi nakamoto.
Encourages inclusivity as mentioned
The value of crypto is that it is not centrally regulated by the government or any central body. Instead, trading takes place as peer-to-peer transactions performed on blockchain technology. In 2022, the global size of the cryptocurrency Find Your Phone Number market will be $1.8 billion. Undoubtedly, the influence on the financial world is increasing, but what is the role of cryptocurrency in ecommerce? As it stands, crypto is now a viable payment option for ecommerce transactions. Platforms like shopify and woocommerce now accept payments in digital currency. Bitcoin is expected to be the most widely accepted, but ethereum, ripple and binance coin are popular alternatives.
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However, the adoption of cryptocurrency in ecommerce is far from universal as many brands, especially amazon, do not want to accept this method. What are the benefits of cryptocurrency in ecommerce? Cheaper transaction costs perhaps BTC Database AS the biggest argument for using cryptocurrency in ecommerce is its relatively lower transaction costs. Transactions processed through banks, credit cards and online payment platforms typically incur fees ranging from 1 to 5%. In contrast, the fees for bitcoin transactions are limited to a maximum of 1%. Therefore, it has a strong potential to increase the profit margins of companies.