The evolution of digital currencies is shaking the technology space. It’s now easier for funds to be transferred from one corner of the world to another. The remarkable thing about digital currencies is that the transfer is instant, entirely secure, and there is no conduit (banking institution) required for the transaction to go through. Of all the digital currencies available online, Bitcoin dictates proceeding when it comes to e-commerce. Here is a look at how Bitcoin is changing online e-commerce:
Bitcoin is faster than traditional mobile payment options
Traditional mobile payment systems are time-consuming. The process starts with entering your mobile number, the total amount you want to send, and your pin. You’ll then need to give it some minutes for the transaction to be verified and pushed through. The downside to this method is that you can misremember your mobile or pin number and enter the wrong figure. Correcting can become a daunting task. Also, cases of theft are common, especially if a hacker gets your pin number. Not to mention the transfer charges can be high. Bitcoin and other cryptocurrencies guarantee privacy and transactions are fast and secure.
A bigger population can buy stuff online using Bitcoin
Some years back, modern banking was limited to certain countries. In fact, in 2014, only 40 to 50 countries had access to online banking and credit cards. Even today, many people from third world countries lack access to a bank, PayPal, as well as other third-party payment getaways because of the massive security risks involved. Because of this, a large population of the globe doesn’t participate in e-commerce. Bitcoin has alleviated these bottlenecks. In fact, you don’t pay the foreign exchange fee as witnessed with other payment options. You can buy products online and send money anywhere on the globe without restrictions using your Bitcoin wallet. Bitcoin wallet, as opposed to the physical wallet, can be backed up. For instance, when you lose your physical wallet anywhere, there is nothing you can do to get cash from an ATM. Because Bitcoin is digital by nature, it lets you back up and saves a host of copies of the same wallet. But the catch is that you can only spend the money once after unlocking it with a private key.
The fact that digital currencies are readily available makes buying and selling things online pretty easy. That’s why smarts contracts, as well as programmable money, are enabled today. This ensures that transactions are carried out securely and fast.
— Jerry at Epricity (@Epricity2) 3 de enero de 2015
Additional Reading: Here’s What No One Tells You About Litecoin