Why your online store will adopt crypto – the present and future of ecommerce 

There are fundamentals that make a piece of well crafted iron with the embedding of a lion or a man an acceptable mode of payment. Virtual currencies have proven to have such principles such as durability, portability, scarcity and acceptability. Let’s have the statistics explain to us. According to Statista, the total number of crypto…

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There are fundamentals that make a piece of well crafted iron with the embedding of a lion or a man an acceptable mode of payment. Virtual currencies have proven to have such principles such as durability, portability, scarcity and acceptability.

Let’s have the statistics explain to us.

According to Statista, the total number of crypto users has snowballed since 2016.

As the crypto users increase, there will be increased demand by the owners to use their crypto in transactions and online stores will have to meet the demand by accepting crypto payments.. 

Some of the online stores and  retailers accepting crypto payments are Shopify, WooCommerce, Overstock.com, Paypal, Namecheap and many others. You can literally buy fried chicken at KFC using  Bitcoin.

Online stores that accept crypto payments enjoy the benefits of:

1. Breaking the currency barrier

Imagine booking a hotel reservation in Maasai Mara  National Reserve in Kenya while in Australia without having to go through the hassle of  converting your Australian Dollars to Kenyan Shillings. More so, not having to open a USD bank account.

The same applies to shopping in China while in Kenya and paying for your merchandise and  shipping with an “an equalizer currency”. 

2. Safe and secure

Debit and credit cards are susceptible to online fraudulent activities like  hacking  and identity theft when making purchases. The blockchain technology used in crypto is able to track online live transfers by storing transactional data. The crypto wallet has a private key that no one can gain access to thus making it secure.

3. Privacy

The block chain technology behind crypto offers  privacy as it does not store any personal data .

The conventional online payment methods keep track of your spending data and companies can sell their customers financial data without their consent. 

4.Lower transaction fees

The cost of using crypto wallet companies is less compared to the “Bureu de Change” forex institutions. 

 The setback of using crypto 

Virtual currencies have a set of limitations such as volatility. The price and rate of return of cryptocurrencies has been fluctuating as shown below.

This means digital currencies are relatively unstable compared to hard currency.

Conclusion

Crypto may take a while before we get our heads around them. There is clearly a lack of understanding of concepts behind the “new kid in the block.”

How is crypto manufactured? Is it really safe for online payments? Where can I buy it? There are a plethora of suspicions and doubts. However, humans have proven to be adaptable. We all can’t wait to see where crypto will head in the next ten years.

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