The popularity of cryptocurrencies in e-Commerce is growing rapidly, and several stores are now accepting them as a means of payment. Bitcoin is the most popular engine of that transformation. The rise of digital wallets like Coinbase and Metamask (check out the Coinbase vs MetaMask comprehensive comparison to learn more) makes it very easy for businesses and customers to process payments immediately and at a much lower cost. However, there are several other benefits you can realize by integrating Bitcoin into your e-commerce platform. Here’s why Bitcoin is one of the best things happening in e-commerce.
Exposure to a broader market
Recent statistics point to more than 300 million cryptocurrency users worldwide, with an average ownership rate of 3.9%. In addition, more than 18,000 companies currently use cryptocurrencies, and Bitcoin accounts for the largest number of users. By integrating Bitcoin as a payment method, you get access to a larger global market. It would allow you to appeal to many more customers from around the world who are already using cryptocurrency.
Instant payment processing
All Bitcoin Transactions take place on the blockchain, which allows users to send and receive payments within minutes. That’s more convenient than credit cards where it can even take days for payments to be made. The fast processing of payments would allow you to serve multiple customers without any hassle, significantly improving your business operations. Bitcoin also allows you to quickly send payments to vendors that accept crypto if you need to order new products for your store.
Cheap money transfers
Sending or receiving money in Bitcoin does not involve third parties, such as banks and other financial service providers. Bitcoin is also not subject to the high fees charged on credit cards. That is why it is always cheaper to send and receive money in Bitcoin. This allows your business to cut costs and streamline cash flow without having to implement heavy strategies. However, the fees may vary depending on whether you accept Bitcoin directly into your wallet or through a service provider. Nevertheless, the cost of Bitcoin Transactions is relatively lower than that of other electronic payment methods.
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Bitcoin also provides more security to all its users through private keys and data encryption. Bitcoin also provides more security to all its users through private keys and data encryption. It encrypts the transaction data in blocks so that the users cannot reverse payments after validation. In addition, there are no intermediaries involved in the transactions, which protects online businesses from risks such as fraud. With the encrypted private keys of your Bitcoin wallet, you can also secure the money against intrusion.
Accurate and transparent transaction documents
Unlike cash payments or credit card payments where you have to keep separate records, the underlying technology of Bitcoin collects all the transaction data on the network. It generates a public digital ledger with up-to-date information on all transactions related to your account. Each node on the network contains a copy of the catalog, making it impossible for anyone to change the data. All Bitcoin users can access the ledger when it suits them through their private keys. That way, you can track all your Bitcoin Transactions with customers and suppliers.
Better control over your money
Bitcoin is a virtual, decentralized currency, which is not subject to government regulations or financial institutions. That gives you more flexibility in spending your money. You can decide to exchange bitcoin for money, use it for crypto trading, or acquire investments. You could also accumulate profits in Bitcoin as a separate long-term investment.
Accepting Bitcoin payments in your e-commerce store can bring all the benefits discussed above. However, it would help if you did some more research to learn more about the crypto market and the most effective ways to integrate Bitcoin into your online business.