What is Bitcoin and Bitcoin Ecommerce?
Bitcoin Ecommerce and Bitcoins are a newly emerging currency solution, in the online world. Bitcoins are a form of crypto currency, which skew from traditional means of e-currency, as there is only one single unit the amount can be measured in; Bitcoin. Unlike other online payment gateways which make use of actual currency such as US dollars, or Euros, in their wallets, Bitcoin provides a universal unit, which stays the same in any part of the globe.
Basically, bitcoins can be simply defined as a new currency in a whole, this innovation in the line of crypto currency has greatly changed the ecommerce scene all over the globe. Bitcoin’s workings are entirely open-source, and can be tailored to suit any user’s needs. Bitcoin payment method has been implemented by a wide variety of bitcoin online stores. Bitcoin ecommerce has quite effectively changed the whole e-currency scenario.
Bitcoin payment method is still a rather new method as compared to other well reputed names in the market, such as; PayPal and many others. Bitcoin is known as the very first cryptocurrency, and is steadily gaining a great deal of popularity amongst online merchants and clients alike. The bitcoin payment gateway was once rejected by many of the big consumer product providing companies, like Amazon and eBay, but now is being implemented in their systems as well.
Peer to Peer transactions – How it works?
Bitcoins, basically allow peer to peer transactions to be made without the need of any third party. Meaning that, the client can directly pay for the goods to the provider, without having to take the service of an intermediary. This makes for lesser transaction fees, and more stability. Bitcoins eliminate the need for a middleman, making it the best solutions for both the client and the seller.
Bitcoins can be purchased and stored in digital wallets, after which they can be used to pay for, and buy a variety of different goods, and services. More and more global brands, are introducing support for bitcoin which means the future is very bright for bitcoins.
Bitcoin is the brainchild of a Tokyo based programmer who goes by the name of Satoshi Nakamoto, since its debut in 2009 Bitcoin has been slowly gaining ground and now has managed to make a very good reputation of itself. The bitcoin ecommerce payment gateway and bitcoin online stores enjoy a great deal of trust from the consumers.
Services like Bitpay, or Coinbase can be used to transfer bitcoins from one end to the other. The entire transaction process is pretty much anonymous, as none of a person’s personal details are stored on the public log. Only a wallet ID is given to the person, by which people can conduct transactions. Due to the anonymity, bitcoin is a favorite for many illegal activities. But amidst the controversy, bitcoin is still regarded as a platform that can be used for legitimate solutions.
What is Bitcoin Ecommerce
Bitcoins can quite frankly be the game changer that the ecommerce industry was desperately in need of. Bitcoin ecommerce, despite being a tad bit risky, is also very efficient and effective. Bitcoin ecommerce has changed the way how transactions used to be conducted between 2 parties, by eliminating a 3rd party. Support for bitcoin online stores, is rising at a very quick pace. And more and more customers, are being attracted towards the service. This shows the amount of potential the service has, which is why many bitcoin ecommerce online stores are extending their support for it.
Bitcoin ecommerce has faced a great deal of criticism as well. And has been banned, and sanctioned a countless number of times. Due to their modus operandi, the service is frequented by people involved in malicious, and illegalactivities. But, in spite of the critique, Bitcoin has managed to gain its ground and is still among the favorites of online buyers.
Many authorities acknowledge, Bitcoin’s potential in today’s ecommerce industry and how it can further prove to be beneficial for bitcoin online stores in the future. Bitcoin ecommerce has made a good name for itself in the industry in a very little time as compared to its competitors. Bitcoin online stores have undoubtedly changed the mode of conduct of many leading online stores, and many leading companies in the online store scene are integrating the bitcoin payment method into their stores.
Benefits of Bitcoin e-shopping
The benefits of the bitcoin payment gateway and bitcoins themselves, to say are many. We’ve witnessed how bitcoin ecommerce has reshaped the whole ecommerce industry for the better. Moreover, how bitcoin online stores are better and more efficient than their counterparts. Some of the many other benefits the users and merchants can enjoy via the bitcoin payment gateway are as follows.
• Instant transactions
Bitcoin ecommerce, ensures speedy transactions which are beneficial for both, the buyer and the seller. As it eliminates the delay for waiting for funds to clear up, and also helps ensure safety for any sort of frauds. Bitcoin online stores also make use of this feature to their benefit, as their products can be shipped out instantly after the payment, instead for waiting for the funds to clear up. This makes the whole payment and shipping process, a lot faster.
• Business opportunities overseas
Since the bitcoin payment gateway is a universal one, it also expands horizons for new businesses and potentially helps them penetrate into new markets, by securing a mode of payment. The bitcoin payment method allows for instant transactions, which makes it a very trust worthy option for both parties. Bitcoin ecommerce eliminates the conversion fees or foreign currency fees, that merchant and buyers would otherwise face.
• Nominal transaction fees
Bitcoin ecommerce effectively eliminates the hefty fees charged by many other digital currency services. Since no 3rd party is involved in the transaction, there aren’t any service fees or any other fees the buyers or sellers may face. Moreover, bitcoin ecommerce also effectively eliminates the hassle of currency conversion, and the delay for the clearance of funds clearance. Bitcoin ecommerce has efficiently helped a number of merchants, buyers, and sellers save a great amount of money.