Everybody is talking about cryptocurrencies, but hardly anyone can explain the concept of blockchain marketplace and the potential of cryptocurrency. Today, we will uncover the mystery of cryptocurrency payments and its meaning for e-commerce.
Bitcoin market capitalization has risen up to $114 billion. The number is almost as big as the overall hype around the cryptocurrency topic. But the situation hasn’t changed significantly since 2009, when Bitcoin, the most expensive representative of the new currencies, was created. There are still 2 different points of view: people either believe cryptocurrency to be the financial hero of our century or a meaningless waste of time.
We prepared this article for you to show the cryptocurrencies as the future of e-commerce platforms.
Alternative Payment Processing
Traditional online transactions and web payment and are not as transparent as they may seem at first glance. Possible issues depend on a specific country and its legislation. Besides, millions of people worldwide simply have no bank account, and even more, they have no possibility to open one.
This fact narrows down the opportunities of selling platforms. B2B marketplaces can’t simply reach out to the entire network and all customers. They can’t build potentially profitable relations and extend their business.
This is why the industry needed critical changes. And those changes come with the blockchain, a decentralized database that eliminates the role of intermediary in modern seller-buyer relations.
3 Key Benefits of Cryptocurrency for B2B Marketplaces
Cryptocurrencies will shortly replace the traditional commodity currencies due to 3 key benefits they bring to a B2B marketplace:
Security above everything
Every transaction is created on a block that is verified by both parties and highly secured. The concept of smart contracts ensures that the changes are irreversible and trackable. It excludes the necessity of cooperating with third parties and ensures the highest possible data security. Token-based systems are the future of B2B integration solutions.
No extra fees
When using encrypted coinpayment, you get rid of transaction fees. The fee takes place only when converting cryptocurrency into traditional currency.
New sources of profit
The cryptocurrency transaction mechanism is built in a way that minimizes processing time. Boundaries do not exist. Thus, you can reach out to millions of new customers worldwide and improve your company’s cost-effectiveness.
Blockchain Tech Is the Online Marketplaces’ Future
The is no better proof than the example of the leading companies that have employed the cryptocurrency payment option:
| 2012 | Etsy |
| 2013 | Reddit, Shopify |
| 2014 | Microsoft, Dell, Twitch |
| 2015 | Trees, Famsa, Purse, etc. |
Their success inspires. So why not take the next step towards increasing your revenue?
Summary
How much does it cost you to cooperate with banks and other financial institutions? How much money do you lose monthly just to pay intermediaries who do not contribute to your business development? Think about it and go crypto.
With hands-on experience in the software development industry, with our eyes on encrypted technologies growth, we are improving our skills and delivering the best eCommerce products. Contact us to start building the future of your eCommerce company today!
