Many people became aware of blockchain technology and cryptocurrency a few years back. There has been significant progress in the implementation and value of blockchain technology in many areas. Some cryptocurrencies have seen their value increase so that incorporation in other countries has increased. Angelo Babb is an expert in all things cryptocurrency, and provides detailed information about how the transformation of retail is occurring due to the rise in cryptocurrencies.
First, there’s the business opportunity. In recent months, there has been a slight increase in the number eCommerce platforms that incorporate cryptocurrencies. Many others plan to do it this year. People are becoming more convinced in the universal virtual currency and using it to pay for goods and services is a common practice. Virtual currency payments can be integrated into most eCommerce software.
Babb says, “The relationship between cryptocurrencies and digital commerce is natural. Both industries can coexist in the same framework. It is designed to provide consumers with solutions traditional finance and commerce cannot offer.”
Transactions are quick, safe, and irreversible. They are also free or very low-cost transactions, and they do not require intermediaries. Blockchain technology is able to provide transparency in all transactions and can be used to ensure security.
It is impossible to counterfeit digital currencies because of the combination. The virtual currency is encrypted and distributed decentralized so that it does not reach the seller until the buyer has verified the terms of the purchase. Another advantage is the security of the customers’ identities. Users’ bank information is not available.
More than 1,500 digital currencies are available worldwide. Incorporating cryptocurrencies as a payment method can convert leads into customers. This is done with the aim of building loyalty and providing a unique user experience. Consumers need to be cautious. “Both buyers and sellers will be affected by the possibility of losing cryptocurrencies due to misplaced wallets,” says Babb. “Cryptocurrencies with triple-key security are being created in any case.”
There are many options available for facilitating the safe use of cryptocurrency to purchase online. Bitpay is a provider of cryptocurrency payments solutions in 38 countries. Bitpay allows you to send payments in many cryptocurrencies directly to your bank account. You can settle in dollars, euros or pounds within 48 hours, and there is no risk of price volatility. Integrations with BitPay work straight out of the box on platforms such as Magento 1, Magento 2, PrestaShop and OpenCart.
CoinGate is also available. Installing the modules is all it takes to implement CoinGate’s payment gateway in your eCommerce software. The API allows for the creation of the CTA (call-to-action) button. The platform allows the buyer to pay in cryptocurrencies and generates a payment invoice. In this invoice, the price is calculated using the chosen cryptocurrency.
CoinGate offers the possibility to generate scheduled and automated crypto invoices for your contacts. You can also request payments via email or link if you have an active account. GoCoin is the final option, offering simple registration and API solutions to most eCommerce platforms. It accepts cryptocurrencies like Bitcoin Cash, Litecoin and Ethereum with a 1% transaction cost.
eCommerce now accepts cryptocurrencies. We will soon see if customers are confident enough to accept this new payment method in the coming months.