The complimentary relationship between e-retailers and crypto currencies are quite mutual.
That’s because, a significant number of online retailers are trying to minimize the usage of traditional currencies for the buyers.
Instead, they’re trying to encourage the usage of Crypto Code in maximum e-businesses. That’s because, crypto currencies proved themselves to be much faster and a cost-optimizing option for making online payments nowadays.
How Cryptos are taking over traditional currencies in E-retail businesses?
Earlier as a purchaser, you had to reach a third-party payment gateway app to make online transactions for the items you’ve ordered. With the popularity of bitcoins are a much quicker mode of online payment, the entire process of online payment has changed. Instead of relying the third-party banking servers or payment gateway platforms, you simply choose to pay the retail owners with bitcoins. That has unlocked multiple benefits for the buyer and the seller:
Improvised Blockchain security to monitor the e-transactions
Before 2009, it was impossible for you to think of any alternative to third party banking servers for making e-transactions. When these third-party servers failed to make an online transaction, it used to take a lot of time for the buyers to get their refund. In multiple occasions the banks were held responsible for deducting the fees without crediting it in the seller’s account. It used to take multiple working days to trace those failed transactions. Sometimes online hackers used to decoy themselves as a third-party payment generation platform for emptying the bank accounts of the users.
The blockchain network managed to reduce those risks by introducing bitcoins as reliable mode of payment. They made the online purchase much transparent and quick, by establishing a chain of block system. Instead of using the cloud computing server-based API, this technique uses a chain of blocks to store each part of an online transaction. That way, it frames a chain of encrypted data blocks shared in between the receiver and the sender.
Are you thinking why the hackers won’t try to crack it?
Well, that’s because, any attempt to unbox any of those blocks except the sender and the receiver will just change the encrypted code of the next block, making the chain impenetrable to break. So, you can understand how your transactions are 100% safe and confidential in this form of network.
Choosing a BTC wallet for making online payments
There are multiple ways to make online payments. You can reach out one of the BTC wallets you’re using for making e-payment. Either you can choose to own a hot wallet or a cold wallet. Both of these wallets work with a blockchain network.
Instead of using a debit/credit card, for making an e-bank transfer to the seller, here the payment is transferred from your crypto wallet. With one such option it’s easier for you to pay in cryptos for making an online purchase. As a bitcoin payer you might be entitled to 20-33% discount on buying anything from the e-commerce platforms.
Unlocks attractive discount for crypto users
If you don’t have a wallet for paying in cryptos, you might show up to the third-party crypto payment processing platforms as well. These crypto payment processing platforms are also known as crypto exchange sites, as they convert the value of your traditional currencies and pay to the retailer on behalf of you for a nominal fee. You can always expect those charges or BTC processing fees much lower than ordinary banking charges. However, that might vary the percentage of discounts you might enjoy by using a Crypto Code when you pay from BTC wallet.
Guaranteed cash back offer on each transaction
Some crypto wallets and BTC exchange platforms usually have a tie-up with restaurants, e-stores, etc. They act as a catalyst for the small online businesses and buyers. They provide instant cashback to the customers on using their platforms for paying from the crypto wallets. That attracts multiple buyers or guests to download their app or use their website for paying in bitcoins. It eventually helps the businesses to boost their sale and reduces the dependency of the buyers on traditional currencies as well. One such initiative trims down the involvement with traditional third-party banking gateway platforms for paying online.
The rising popularity of cryptos as a reliable alternative of traditional currency drove maximum US based e-retail businesses to adopt bitcoin within a short time span.