E-commerce has become the savior of many a business and economies around the globe. The ability to sell anything to anyone who has access to the internet took the notion of a global village to a whole new level.
E-commerce is essentially how most businesses use the internet, websites, e-platforms, and apps to now market, display, advertise, and sell their wares. You can arguably buy anything through this so-called electric-commerce, as well as invest, trade, and perform international business, as easily as buying your groceries.
Then came crypto, and this means of transfer, storage, and investment in virtual value is again changing e-commerce as we have never seen before. The online Silk road may have been one of the areas wherein cryptos were first used, but this has spread over time. Rather than simply being a means to access the dark web, crypto has come to the fore as a mainstream currency used across the entire digital world.
More Companies Using and Accepting Crypto
The predominant change that we are seeing across the internet, on all forms of e-commerce, from mainstream shopping and retail to niche social media marketing and sales, is the growth of the acceptance and use of cryptocurrencies. As more businesses are prepared to use and accept crypto, we have seen a direct translation into an increase in overall usage and acceptance of crypto as an online currency of choice.
It may have been that Tesla and Microsoft were expected to be the ones who accepted Crypto (Bitcoin), but this has changed, and you will be surprised at who accepts crypto across the metaverse and beyond. Whole Foods, Starbucks, and Home Depot also accept crypto, and this goes to show the saturation of the market and the type/range of businesses that have gone to crypto as an alternative and additional currency.
No Borders for Crypto
Crypto does away with all borders that mainstream banks and financial institutions abide by and are governed by. As mentioned, no matter where you live, as long as you have access to the internet, then you will be able to interact and shop using Bitcoin. The motto is that, as long as it can be shipped to you, then you can buy it with crypto. The entire premise of crypto and blockchain is that you can transact financially, move money around, and invest, and all this is exterior to the world and rules of banking. Furthermore, if there are no banks involved, then there are no governments and no borders. This means that those from around the world don’t necessarily need to worry about the exchange rate when they are dealing in crypto.
Increased Security
Because crypto transactions are peer-to-peer, and no central body or bank is holding the money, there is a reduced chance of fraud and theft through unwarranted transfers. Most traditional banking fraud is carried out in this manner, and once the fraudster has your details, they can cause havoc in your online life. This cannot happen with cryptocurrencies that are based on blockchain technology. The only person who can access your crypto is the person with the secure key or code with is highly protected in your crypto wallet. Users of crypto, therefore, feel a great deal more secure in making their online purchases. So, the businesses that offer crypto as a means of payment, will not need to gather as many personal details as those that don’t. Thus, providing a positive impetus for e-commerce.
Faster, Cheaper, and More Convenient
The ability to move and transfer crypto is immediate and, as such, facilitates much easier movement of money without as many regulations and delays. With no banks involved, using crypto to pay for something is immediate and there are no banking delays and nor are there fees or cuts for any middlemen. As long as you know how to convert from your normal banking currency or USD to your crypto of choice using a Crypto Conversion Calculator at okx.com, then you are in good stead to make cheaper faster and more convenient transactions.
This has had a remarkable change to the global e-commerce market where buyers want to be able to finalize a transaction quickly and always feel that they are getting value for money. Having no transaction fees does just this.
Access to Larger Markets
All those without banks in the developing world are now able, through the use of cryptocurrency, to engage in the mainstream economy. There was an estimate that over 2.5 billion people in the world as a whole were unbanked and had no prospect of opening a bank account. They just don’t qualify to enter this formalized world of banking, with high costs, low returns, and a degree of insecurity never seen before. On the other hand, the ability to own, trade, buy, and sell crypto, and then use it for financial savings, as well as everyday living, is something that anyone can do. As long as they are online, they have access to the means to buy crypto with an acceptable global currency and then have the connectivity, technology, and security to be able to use the crypto.
This has opened entirely new markets for e-commerce, and will continue to do so as crypto and the internet spread across the globe.
Final Remarks
E-commerce marketplaces and the ability to buy anything online have gone to a whole new level, as more people are now online than ever before. The advent and widespread use of cryptocurrencies is one of the main factors that is driving e-commerce to new and sustained heights across the globe. E-commerce is also expected to see some major changes, as more businesses see the use of crypto as an opportunity. This opening and extension of markets across the globe is a result of crypto use in e-commerce. These are trends that will only intensify as tech developement improves and the means to pay, save, and trade in the online space are improved and perfected.
Naveen