E-commerce in the age of crypto
Just over a month ago, my co-founder and I were puzzling over how to spend our Bitcoin in the day-to-day for the average consumer.
Emboldened by solving a problem of ingraining the real-world utility of digital currencies into global e-commerce, we made it our mission to curate the most convenient ways for cryptocurrency (Bitcoin and beyond) owners and enthusiasts to spend: by systematically building one use case at time.
We also wanted to demonstrate the value of digital currencies as a revolutionary means to buy and sell goods and services, for both merchants and consumers.
There are currently 300,000 merchants (brick-and-mortar and e-commerce) that are accepting Bitcoin as a method of payment globally, and merchant adoption rate is expected to grow by over 400% in the 2018 alone, following Japan’s rollout of 260,000+ Bitcoin-accepting stores beginning in July. Everything from restaurants to pharmacies and clothing stores will be leveraging Bitcoin as a payment option.
It’s a global phenomenon worth paying attention to.
If you’re a merchant or retailer and you’re still trying to make sense of the benefits to your establishment of accepting Bitcoin as a method of payment, we’ve broken down our favorite three reasons for you to accept Bitcoin in your business. Here’s why Bitcoin matters for your business:
- No chargebacks — Unlike regular credit and debit cards, payments made with Bitcoin are final. That means no returns when items are defective or if your customers had buyer’s remorse. Typically, chargebacks cost in the range of $5–15 per transaction to the merchant.
- Powerful fraud prevention — Your customers value their privacy, especially online in an age where over 50% of purchases are made online (hello, Amazon). Payments made in Bitcoin can be done completely anonymously, adding a layer of security that protects both you and your customers from identity theft or fraud that traditional payment rails can’t offer.
- Easy international payments — By nature, Bitcoin allows for individuals and businesses to trade internationally by accepting payments from anybody and anywhere. This powerful and frictionless innate feature of Bitcoin payments allow for faster and cheaper cross-border transactions. Businesses of all sizes can therefore improve their bottom lines by cutting costs, improving supply chain inefficiencies, sourcing better component parts, etc. internationally.
The current ecosystem is rife with opportunity for both merchants and consumers. We’re laser-focused on delivering fun, easy, and new ways for both merchants and consumers to interact in this new age we’re in.