With each passing day, bitcoin is steadily accelerating a growing number of mainstream processes. There are various online trading systems that are now allowing people to invest in bitcoin as well as trade cryptocurrencies.
Bitcoin is basically a digital currency that allows users to make transactions without banks or any other middlemen. Transactions from the consumer’s wallet are processed, verified, and publicly recorded through Blockchain technology. Apart from the network fee required, there is generally no transaction fee required. To invest in bitcoin or to know other details relating to cryptocurrency in general, click here.
How is bitcoin changing eCommerce?
Bitcoin is a very interesting as well as a dynamic technology that is changing the way eCommerce is being conducted. The points given here are some of the ways through which bitcoin is accelerating the eCommerce industry.
- Instant gratification: To survive in this fast-paced world, people want to do everything and get results almost immediately. To be more precise, nobody wants to spend several minutes trying to make a transaction. In a case like this, bitcoin happens to be the perfect fit. Instead of waiting for days, or maybe months, bitcoin transactions can be made instantly. This provides a person with a certain peace of mind as they are insured that the payment for their product or service has gone through instantly.
- Making overseas business easier: For people in developed countries and even developing nations, locating a bank or opting for a secured payment service like PayPal is not a problem. Gone are the days when the only mode of payment with certain financial institutions was though local currencies only. Bitcoin is a peer to peer service and payment through Bitcoins can reach its intended destination safely within some seconds or minutes, just like PayPal. However, unlike PayPal which isn’t available in certain countries due to restrictions, bitcoin is universal. Besides, bitcoins also make sure that the days of converting money or paying foreign fees is over because it is the same currency all over the world. Hence business activities with people or companies overseas has never been easier or so cost-effective.
- Avoiding transaction fees: Bitcoins remove those expenses and inconvenience fees incurred when you make a cross-border transaction. There is no transaction fee involved when transferring money between different countries. In regular debit/credit card transactions, there are interchange fees and discount fees. You can ignore these fees with bitcoin transactions.
- Establishing trust: Unlike traditional banks, bitcoin puts the customers first. None of the financial institutions grants people complete access and control over their finances. But with bitcoin, you can run your business according to your wish, make instant payments as you don’t have to follow regulations laid out by banks or other financial services.
- Inspiring innovation: Bitcoin inspires ideas for starters and entrepreneurs because it is an open-source ecosystem, and the model can also be improved upon for future products, services and apps.
With all these benefits and advantages, bitcoin is accelerating the eCommerce industry and it is going to make even more prominent impacts in the future.