When many hear “Bitcoin”, they think of a risky addition to an investment portfolio. They forget, however, that Bitcoin is a cryptocurrency – a digital currency – which can serve more purposes than investment.
One of the fundamental functions of Bitcoin which is often missed is that it is as an alternative to cash. This means that it can be used as a payment method, over and above it is a way to make money if you buy in at the right time.
Bitcoin has been called ‘digital gold’ which shows its value in terms of price, but it hinders its value of use. While Bitcoin might have been valuable in price like gold, it differs from the precious metal as it can be a much more convenient way of paying for something.
Bitcoin payments online
Cryptocurrencies and e-commerce have two things in common:
- They both only exist online.
- They offer a level of convenience which has not been seen before.
These commonalities make them a better pairing than wine and cheese.
Accept cryptocurrency payments
As an online merchant or an e-commerce platform, offering a variety of payment options to your customer is crucial. Offering cryptocurrency as a payment choice provides a number of benefits that cash and credit card cannot, such as irreversible transactions which stops fraud in its tracks and instant payments which is both convenient for the customer and you as the merchant as it allows speedy cash-flow from streamlined payments.
Coindirect Business offers a plug-and-play platform which requires no existing cryptocurrency infrastructure in place from the merchant. This means accepting cryptocurrency is a seamless and uncomplicated process from beginning to end.
This also means that you don’t need any cryptocurrency insight or experience to offer your customers the option of paying in Bitcoin. Coindirect Business provides the platform so that you can simply accept cryptocurrency without worrying about the blockchain.
Advantages of accepting cryptocurrency in e-commerce
Broadens the marketplace
One of the biggest issues of payments we see happens across borders. With international commerce blossoming from the internet, a solution needs to exists to resolve the problems of a lack of secure, streamlined global payments. Cryptocurrency is a key to open the market to an international level. Coindirect Business provides a platform which allows you to expand to difficult to reach areas through simple integration.
As a way to protect against fraud, a cryptocurrency transaction cannot be reversed without the consent of the receiver. Unlike banks, cryptocurrency has no third party intervention, which means that the funds will never be reversed and money is taken out of your account without your permission.
Further to cryptocurrency’s security, Coindirect Business offers a custom fraud prevention model combined with machine learning and intelligence tools as a means to combat issues that might be seen in payment security.
Payments which need confirmation from one bank to another bank often can take days to go through. With Bitcoin payments, there is no delay in transaction and payment processes are instant. This means that you gain access to your funds immediately, which speeds up cash-flow for you and allows a streamlined process which can offer your customer quicker delivery times.
The top cryptocurrencies used in e-commerce
Since Bitcoin became a popular asset, there have been numerous cryptocurrency projects, applications and tokens which have emerged, Some cryptocurrencies have amazing use-cases with world-class developers but Bitcoin has remained the number one digital currency in terms of value and trading volume.
Bitcoin is the first, original cryptocurrency developed by an anonymous creator who goes by the pseudonym Satoshi Nakamoto in 2008. It is a digital currency which is founded on the concept of “peer-to-peer” transactions which means that there is no need for middle-party or intermediary entities, such as banks.
Ethereum is an open-source network created by Vitalik Buterin. The blockchain is used primarily as a platform for developers to create applications and projects which are decentralized from governing parties through smart contracts. The cryptocurrency token of Ethereum is Ether.