With Bitcoin becoming mainstream in the global economy, there are growing concerns about the future of this popular digital currency. For some, Bitcoin’s future is bleak because of the high price volatility that could lead to a total loss of value. For others, Bitcoin has a prosperous future, especially in e-commerce.
Although it launched over a decade ago, Bitcoin remains new and strange to most people. Nevertheless, the recent spur in Bitcoin news on all media platforms has made more people aware of it. To understand Bitcoin’s future, one must first understand what it is.
Bitcoin is a cryptocurrency or digital currency. It shares key features with fiat currency, including acting as a payment and a store of value. However, Bitcoin is virtual money with no physical form. It is also decentralized with no government control, unlike fiat currencies. Bitcoin provides an alternative to fiat money, and its use is growing unprecedentedly.
Bitcoin and E-Commerce
E-commerce refers to online business. It is a growing world where companies exist online, and transactions occur virtually. Amazon is an excellent example of an e-commerce business where people can order and wait for home delivery. E-commerce is growing and could replace the traditional brick-and-mortar business in the future.
There is a unique relationship between e-commerce and Bitcoin. In both cases, transactions have shifted to the virtual or digital space. However, the most crucial relationship is that Bitcoin now forms part of the e-commerce world. Bitcoin now provides a secure, efficient, and faster method for facilitating e-commerce transactions.
People are now using Bitcoin to pay for items online. For example, a customer can use Bitcoin to buy stocks or other assets on the HYPERLINK “thequantumai(.)app online trading platform. That means Bitcoin has a more fantastic future in e-commerce, as outlined below.
Reducing E-Commerce Fraud
Bitcoin will reduce fraud in e-commerce. E-commerce has become attractive to fraudsters and scammers whose interest is to steal from innocent customers. There are numerous stories of such scams where innocent people lose their money when they order and pay for items online only to realize that the transactions were scandalous when it was too late.
Bitcoin operates on a more secure technological platform known as the blockchain. This hacker-proof shared digital ledger provides a safe place to transact. Blockchain records all Bitcoin transactions, creating an immutable ledger. Therefore, after recording the transaction on the Bitcoin network, it provides a permanent record or proof.
In simple terms, making e-commerce transactions using Bitcoin means there will be no record manipulation, deletion, or other scams. For instance, once a person pays for an item on an e-commerce platform using Bitcoin, tracking it to the recipient becomes easy.
Accessing New Market
Bitcoin will also expand market access for e-commerce businesses. Bitcoin is universal, meaning that companies and people can use it anywhere. Currently, e-commerce businesses need help to reach some places or regions for various reasons. With Bitcoin, e-commerce players can expand to such markets by allowing payments.
Key to International Growth
E-commerce is growing beyond local or regional markets into the broader global market. This growth will provide an opportunity for Bitcoin to thrive. Since Bitcoin transactions are borderless, it makes a better option for facilitating international e-commerce transactions. Moreover, Bitcoin transactions are faster, cheaper, and more secure.
The role of Bitcoin in e-commerce is undeniable. Despite being a recent innovation, Bitcoin is already transforming the e-commerce world in multiple ways. Bitcoin is finding an opportunity to thrive in e-commerce while the latter benefits from the same relationship. It means that Bitcoin will continue growing its role in e-commerce.