E-commerce is one of the most successful growth markets, which continues to grow rapidly. According to the analytical Internet portal Statista, as early as 2014 the volume of the market of goods and services online reached $ 1.3 trillion, in 2018 this figure grew to $ 2.8 trillion, and already in 2021 a jump to as much as $ 4.5 trillion is expected. Everything goes to ensure that the global e-commerce market has become one of the largest in the world.
By 2018, the e-commerce industry has generated a number of trends. 70% of all purchases on the e-commerce market are made using mobile devices - smartphones and tablets. Thanks to this, a new concept was formed - m-commerce (Mobile Commerce). In addition, the use of voice search for online shopping has gained popularity.
The first large participant of the e-commerce market, who accepts bitcoins as a payment method, is the online store Overstock, which specializes in the retail sale of household appliances and other electronics. Following him, bitcoin integration also took place in the travel agency Expedia, the service for the sale of eGifter gift certificates and the famous e-commerce platform Shopify.
In the previous article, we talked about the Blockonomics project and found out that the use of crypto-currency as a method of payment in the e-commerce market has many advantages - the absence of any restrictions, geographical barriers and fraud, on the contrary - the ability to carry out fast, secure transactions while maintaining privacy personal data. Now we will find out why crypto-currencies have not yet become a method of payment in online stores and services.
Crypto-currency volatility
One of the main reasons why many e-commerce companies refused to accept bitcoin and altcoins as a means of payment is their volatility, that is, sharp fluctuations in market value, and, as practice has shown, the value can vary by thousands of dollars in a few hours. In this regard, BTC and many other crypto currencies have become investment - crypto traders make a profit due to jumps in their value.
This fact frightens most online business owners who still do not dare to integrate the possibility of paying bitcoin. Such jumps in the cost can seriously affect the profits of the online store both in the positive and in the negative direction - a sharp decline in market value and the marketplace is losing profit. Such instability in sales will not allow the business to grow properly, so many have refused to use BTC as a payment method.
The Blockonomics solution is both simple and effective. Instead of taking bitcoin and getting it to your wallet in the process of buying, the owners of online stores will simply give their customers the opportunity to pay with BTC and altcoyins. As a result, the customer pays for the goods or service with the help of crypto currency, and the addressee receives the fiat currency that the user has chosen and which is automatically converted at the current market rate at the time of the transaction.
Speed and cost
Another factor that stopped many e-commerce business owners from integrating bitcoin and other crypto-currencies into their marketplaces is the speed of transactions and high commissions. The thing is that, first, the speed of bitcoin transactions, for example, with PayPal is significantly different. Nevertheless, the market began to appear more and more solutions to increase this figure, including the Lightning Network, used in Blockonomics.
The situation with value concerns commissions for conducting transactions. The fact is that the commission for an operation in the same PayPal depends solely on the size of the transaction, while the commission for a transaction with a crypto currency can exceed PayPal several times. The decision of this issue came not so long ago - on March 25 it was possible to reduce the commission for operations with BTC.
The creators of Blockonomics provided for their decision to overcharge commissions. On the one hand, users can pay for purchases with BTC, ETH, LTC and BCH, paying the appropriate commission. The platform does not offer to create a separate purse, therefore all operations are performed through the existing crypto-currency wallets of the user.
On the other hand, Blockonomics conducts ICO, in which platform participants have the opportunity to purchase BCK tokens, using a system of discounts and bonuses. For purchases using BCK commission is not charged, so participants will be able to make purchases in the e-commerce with maximum economic efficiency. From 1 to 31 July, the creators of Blockonomics conduct a closed presale, and public sales will start on August 1 this year.
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