Taking over ecommerce: why crypto is bound to disrupt the industry.
Have you ever considered why we use Dollars, Euros, or any other fiat currency to shop online? These are analog currencies, after all. Their legal tender was originally made of gold, or paper. When the world went digital, why would we keep using some digitized version of the same thing?
Why would you accept all the rules that countries invented to ensure the safety of their money reserves and the strength of their fiat currency when shopping online? Your payment is ones and zeros crossing a wire. It’s electrical impulses. Why would you commit to paying exchange rates on money that will never leave the Internet? Why would you pay border-crossing fees to a company whose servers maybe aren’t even in the same country? What crossed what border?
Fiat currencies were designed when ecommerce wasn’t even in humanity’s wildest dreams. And for as long as it exists, people have been trying to devise forms of currency that work with what the Internet has to offer, ensuring safe and seamless transactions without the need for mediation by institutions that exist since the First Opium War.
Now, we actually have them. And we love them very much.
Digital currencies are the natural currency of ecommerce
There are several reasons why digital currencies and blockchain powered solutions are the perfect fit for commerce over the Internet. The first reason is security.
One of the dramas of buying online is that credit cards weren’t built for the Internet. Attempts to create credit cards are old. The first reference to something like it is in the 19th Century. By 1958, they were real. The BankAmericard is probably the first of its kind that actually operated in very much the same way they do today.
This is 60 year old tech we’re talking about here.
If you want to use your credit card online, you’re going to have to share your personal information on the Internet. There’s no two ways about it. Even if you use a service like PayPal (more on them later) to shield you, it still must be there.
Not with digital currencies.
And then there’s everything else the blockchain can do for you. By guaranteeing the security and transparency of all transactions by technological means, we remove intermediaries from the equation almost entirely. No banks, no agents, nothing. That means no fees for the wire transfers, no border crossing fees, no exchange rates, none of the ludicrous expenses traditional payments imply. Better still: because there’s no need for hand-holding by banks, transfers are extremely fast.
The mainstream knows it now
It took a while for mainstream adoption to become a global story, but we are there. As of February, the number of estimated wallets being used has topped 100 million for the first time ever. It feels like a symbolic watershed moment, but that’s not the only indication of true adoption. Ecommerce is a much better measure.
This is why the Tesla news was so meaningful.
Tesla is the world’s most valuable car manufacturer, and it boasted a 35 billion USD revenue in 2020. They are now accepting Bitcoin as payment. But they are nowhere near the only ones. Anyone from Burger King to Wikipedia, from Microsoft to Alternative Airlines, is already accepting digital currencies as payment.
But it’s not just select brands. Digital currency usage in ecommerce is expected to average a Compound Annual Growth Rate (CAGR) of 35% until 2025.
Ecommerce is going nowhere
The COVID-19 pandemic’s lasting effects are still to be ascertained. The future can’t be guessed. But it is possible to study trends. There is an agreement amongst most people who are looking at these trends regarding the permanence of some changes brought about by the pandemic. One is remote work. The other is ecommerce. Brick and mortar shops will bounce back with the lifting of lockdowns and the retreat of the health risk, evidently, but not a single soul expects ecommerce levels to recede to their pre-pandemic levels.
This is how we shop now.
And that’s why companies like PayPal and governments like that of China are investing in digital currencies. Once you understand what this tech can do, you immediately realize that fiat currencies and the traditional banking system can’t compete on the Internet.
This is why we built a payment gateway
What can we say… We saw it coming.
We are natives of the Internet, and we’ve rolled out our digital currency payment platform in 2019. We know this tech, so we knew this was bound to happen. And we knew that if people were to ever massively adopt these currencies as a replacement for fiat money, there better be a seamless, safe, effective, fast, and readily available platform for them to actually make the payments.
That’s what Utrust is.
That’s why Utrust exists.
We are the bridge between the Internet’s native money and everything you could ever think of buying. This is the money of the future, and we’re bringing it to you right now.
We think it’s high time you joined us.