Bitcoin has truly evolved throughout the years and it has now become a part of our daily life. People regularly buy things with it and it’s incredibly easy to obtain (since there are so many ways to buy bitcoin) nowadays. It’s traded on the regular for a profit (and a lot of people have gotten rich because of it) and now, it has revolutionized e-commerce.
What is e-commerce?
E-commerce, also known as electric commerce or internet commerce, refers to the buying and selling of goods and services through the internet (including the transfer of money and data to execute these transactions). It can refer to the sale of physical products online but it can also refer to any commercial transaction done through the internet.
Most businesses are now allowing online payment, allowing e-commerce to experience somewhat of a renaissance. The internet has a very wide reach and e-commerce is experiencing a boom because of it. Online stores now sell things like fashion, food, gadgets, concert tickets, and many more.
How does bitcoin revolutionize e-commerce?
Bitcoin is widely regarded as the first successful digital coin that can be transferred through the web. Although it doesn’t have any physical attributes, there are a lot of people that would argue that it’s a faster, safer, and easier payment method in comparison to traditional money. Bitcoin has many benefits, for both business owners and consumers (but more on that later). It doesn’t rely on governments or central banks. Instead, it relies on a technology called blockchain.
The blockchain is an online ledger that keeps a secure record of every transaction. This means that ALL bitcoin transactions are stored on the blockchain. Not only are all transactions recorded, but they are also kept safe and secure.
Over the years, people have really distinguished the advantages and disadvantages of bitcoin. By taking some of its best attributes, people have made bitcoin a revolutionary tool for e-commerce. Due to its peer-to-peer nature, bitcoin can be directly transferred from one person to another via the internet. The bitcoins never go through a middleman such as a credit agency or bank.
The peer-to-peer system also creates new ways of transacting with one another. With bitcoin as the spearhead of the digital currency market, people are coming up with new payment methods every day.
Together, bitcoin and e-commerce form a mutually beneficial relationship. A relationship that is beneficial to both business owners and consumers. Here are some of the biggest benefits:
1. Quick and easy transactions
In most cases, bitcoin is considered to be a currency that can be sent instantly. The old school way of sending money would often take hours and even days to send and verify payments. This is appealing for business owners as it allows them to instantly ship out their products (and get paid quickly).
As a consumer, this also means that you will get your goods and services quicker because it will take less time for the merchant to verify and clear your payment.
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2. Cutting down fees
Bitcoin operates on a decentralized system. Because of this, the fees charged by banks for issuing or receiving funds is cut out of the equation completely. As both a business owner and a consumer, lower fees is ALWAYS a good thing.
3. Higher security
Bitcoin has an extremely secure payment system. Digital keys for digital wallets can easily be backed up and encrypted. You even have the option to store your bitcoins offline. Mobile apps also allow you to access your wallet when you’re out and looking for a place to send your bitcoins.
Since bitcoin uses blockchain technology, the ledger that bitcoin uses is accessible to the public. Not only can this ledger serve as sales record for business owners, but they also cut down fraud and embezzlement.
4. Accessibility
Populations being unbanked is a real problem the world faces today. Without a bank, people will find it very difficult to send money (without large fees and delays bogging you down). Bitcoin’s nature eliminates the need for these financial institutions. Not only does bitcoin allow payments to reach their destinations safely, but it also opens the door to online retail across new territories.
I’m a business owner, why should I be accepting bitcoin?
Bitcoin is slowly being adopted by many businesses and if you’re running your own business, then maybe you should consider it. Here are some of the biggest benefits you’ll receive, apart from getting your bitcoin doubled through a Bitcoin Doubler, if you start accepting bitcoin as payment:
1. Fraud protection
Bitcoin uses a complex algorithm that makes it nearly impossible to fake a transaction. The code is also very difficult to break.
Since payments are irreversible, chargebacks are something merchants aren’t afraid of. Merchants will also be able to assure their customers that the transaction process is secure.
2. International expansion
As a business owner, your international reach would increase since bitcoin has the ability to be sent across the world (without any fees or barriers). Although not all countries support the use of bitcoin, most countries keep an open mind.
The use of affiliate programs on most bitcoin platforms helps this cause as it allows business owners to get paid by simply sharing a link. In turn, those users will also share a link and so on and so forth.
3. Additional customers
Along with the international expansion, you’ll notice an increase in customers. Enthusiasts are always looking into ways they can spend their bitcoin. Some users may not have the credit or debit cards to pay for goods and services and are always seeking alternative ways.
Peer-to-peer platforms help with this as there are many ways to buy bitcoin with all the new payment methods arising. They just add new ways to pay and get paid.
Bitcoin is the future
Bitcoin is slowly expanding its grasp – and that’s not a bad thing at all. E-commerce is merely the next step for bitcoin mass adoption and if you’re a business owner, you might really want to consider accepting bitcoin as a payment method.
When bitcoin first came out in 2009, no one ever knew it was going to take off. As the years pass, it continues to show us that cryptocurrency can revolutionize our daily transactions. The only thing we can do now is to ride the wave and see where else it can take us.