What Impact Will Cryptocurrency Have on E-commerce?
What Impact Will Cryptocurrency Have on E-commerce?
The worlds of e-commerce and cryptocurrency have the ability to collide and complete each other well. Granted, their full potential hasn’t been determined yet, but massive implications could be involved if this relationship blossoms to its full potential. This article will discuss the impact that cryptocurrency could have on the world of e-commerce in more detail
A Match Made in Heaven?
Cryptocurrency is a digital currency which relies on encryption and only exists online on the blockchain. There are a number of different forms of cryptocurrency available which can be purchased individually or unified on a mutual network such as Cosmos. More information on Cosmos can be found on OKX at https://www.okx.com/learn/what-is-cosmos, which outlines how it combines multiple decentralized blockchains to allow for seamless token migration.
Over the past few years, the term cryptocurrency has become an intrinsic part of the public consciousness as it continues to grow in popularity and be used more frequently. In line with this, the pandemic has accelerated the growth of the global e-commerce market. With the two increasing in respective popularity, it’s worth considering how they might be able to complement one another.
How Is Crypto Used in E-commerce?
Crypto is currently being used in the world of e-commerce in a few different ways. Some major brands have decided to adopt crypto and start allowing customers to use it in the same way that they use regular currency. These brands include:
- PayPal
PayPal launched a new feature called ‘Checkout with Crypto’ back in March 2021, which is a feature that allows customers in the US to pay online retailers using cryptocurrency. These are easy to store within a PayPal digital wallet and can be converted into traditional currency at checkout without worrying about additional transaction fees.
- Expedia
Expedia has started working with the crypto-friendly travel agency Travala. This means that it can now accept payment for different hotels, flights, and accommodations with various cryptocurrencies.
Read Also: cryptocurrency trading 101 your guide to understanding and profiting from digital currency
- eBay
In 2022, eBay announced they were considering allowing the use of cryptocurrency as a form of payment. They confirmed it was “something we are keeping an eye on.” Given the trajectory of other major brands and their willingness to adopt cryptocurrency as a form of payment, it’s likely that eBay will do the same before long.
Why Should E-commerce Businesses Use Crypto?
There are a number of benefits that come with e-commerce businesses using cryptocurrency. These include some of the following:
- Lower transaction costs given transactions done with cryptocurrency are lower
- Market expansion thanks to how many people are now adopting the use of crypto
- Increased security given the decentralized nature of crypto
The Impact Crypto Will have on E-commerce
With cryptocurrency and e-commerce gaining more popularity in recent years, it’s hardly a surprise that they are beginning to work more in tandem. With brands such as PayPal and Expedia already adopting measures (and eBay not far behind) and with a range of benefits available to brands who do the same, it’s likely crypto will positively impact the world of e-commerce.
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