25 February 2021
E-commerce a medium to online buy and sell goods and services through the Internet. A booming industry that has changed the face of business and created its own niche. It operates on four major segments such as B2B (Business to Business), B2C (Business to Consumer), C2C (Consumer to Consumer) and C2B (Consumer to Business). The platform facilitates almost every product and can be used via any electronic device through the means of various payment methods.
As per the October 2020 statistics by the Statista, “ In 2019, an estimated 1.92 billion people purchased goods or services online. During the same year, e-retail sales surpassed 3.5 trillion U.S. dollars worldwide, and according to the latest calculations, e-commerce growth will accelerate even further in the future.”
On the other hand, Bitcoin - the first largest cryptocurrency is just not a hype market but has been recognized and accepted across the world. In almost 10 years of its launch, the journey of bitcoin has been revolutionizing and remarkable. It has been attracting just not individual investors but the world’s largest companies too, also, Bitcoin has been swinging on its all-time-high of approximately $ 47,830. The technology behind Bitcoin - blockchain technology is a decentralized distributed ledger, it also enables cross-border transactions while eliminating the need for intermediaries, it is immutable, secure and protected cryptographically.
Now let’s imagine the potential Bitcoin has and the wonders it could get to your eCommerce business ranging a much wider audience (customers). Accepting Bitcoin as a payment method for your business can create opportunities and could get you a step ahead against your competitors. Isn’t it the funda in the business to seek the opportunities, make the developments with the growing change and up your game?
In this blog, we are going to discuss Why E-Commerce Should Accept Bitcoin Payments?
1. Accepting Bitcoin payment will enable your business to a wide range of customers and potentials.
2. In a business, it is important to stay updated with changing time. Thus, accepting Bitcoin payment can be an innovative approach.
3. The fees levied on transactions with Bitcoin is lesser when compared to the traditional cross-border payments since Bitcoin eliminates the need for intermediaries or middlemen and unlike the regular payment network, Bitcoin transaction only charges the fees that is rewarded to the bitcoin miners.
4. Bitcoin payment can also be favourable for your business inorder to make cross-border payments since transaction fees of Bitcoin is comparatively lesser than the traditional international payment network.
5. Bitcoin’s underlying blockchain technology enables the anonymity of the user, thus, accepting Bitcoin will provide identity protection for privacy-related aspects resulting in data privacy and security.
6. Since transactions with Bitcoin is almost not reversible until consent from the merchant; it allows retailers the security from the frauds and chargebacks related to eCommerce.
7. Transactions with Bitcoin is comparatively faster than the traditional payment network since the miners verify the transactions and add the block in the blockchain, thus, the network which is usually in minutes.
8. Bitcoin is often thought of as a store of value and a long term investment with a low inflation rate. Accepting bitcoin payment can allow you to hold onto this top and popular cryptocurrency.
Bitcoin and Blockchain look like complex subjects but with the guidance of so many sources such as articles, blogs, videos, books, podcasts and platforms facilitating cryptocurrency services can make your learning journey easy. It is revolutionizing the industry and with business, it is always important to understand the risk and outweigh through diligence.