Bitcoin’s Influence in the E-commerce Industry

Bitcoin is no longer a mysterious digital asset that is traded between cyber geeks online. It has become a real-world problem solver and commodity that is being used in different industries. One area that Bitcoin fits like a glove is in e-commerce. 

Not only is it a natural match for purchasing products and services online, but it can also improve the way the consumer shops online in a variety of ways. After discovering the ways Bitcoin is making consumer experiences better, there is a good chance you will be wanting to find out more about Bitcoin and looking to sign up for a Luno Bitcoin wallet. 

Before uncovering the benefits of Bitcoin’s influence on e-commerce, we must identify the current problems.

Consumer Headaches in E-commerce

You may make an online purchase every week, whether it be groceries a new item of clothing, a gift or something else. But the ease and speed of e-commerce purchases may have blinded you from its problems. We can all rejoice at such an easy way of buying what we need, but it can come at a price.

When we make a purchase online, two important things are happening. The first is that our payments are being verified by banks and/or card issuers. These third parties do not work for free and take a cut of the payment, which ultimately is our bill to pick up. The other is that we enter sensitive personal information and bank details into websites to make the payment. These payments then are more expensive and increase our vulnerability to cyber threats and data breaches. This is exactly what happened to Talk Talk customers in the UK.

Bitcoin as a Solution

Bitcoin is able to overcome these two main issues effortlessly. As the cryptocurrency is not part of a central authority (it works via decentralized blockchain technology) there are no handling or third party fees to pay. This means payments for e-commerce goods and services should be slightly cheaper. It should also be noted that Bitcoin can help us maneuver around any eye watering fiat exchange fees when trying to purchase in countries with other fiat currencies.

The second issue surrounding data and financial vulnerability with an e-commerce payment is also eradicated with Bitcoin. When you pay with Bitcoin there are no card details to enter to send the money from your Bitcoin wallet to the e-commerce store, thus, there is no way of having details stolen by cybercriminals.

So, How Has Bitcoin Influenced the E-Commerce Industry Today?

With crypto regulations slowly coming to fruition, more e-commerce operations are opening their doors to Bitcoin for the benefit of their own business and their customers. Some e-commerce stores are only working with Bitcoin, such as travel companies like Bitcoin Travel where you can buy flights and hotels exclusively with your Bitcoins. In that regard, bitcoin is not just changing operations within e-commerce businesses, but helping new businesses to be created.