Cryptocurrencies and the technologies that are becoming their infrastructure are not only changing and expanding financial processes, they have the potential to revolutionize the way e-commerce works.
Every time we make an online transaction, there are many actors involved: the vendor, the credit card issuing institution, the e-commerce software used to manage the trade, the payment processor …
All these participants and the processes they perform involve costs and times that could be left behind by using cryptocurrencies as means of payment.
What are the benefits of cryptocurrencies?
The benefits cryptocurrencies could offe have been overlooked by the constant peaks in their valuation, but these new money model offer new opportunities to make payments and transactions online. Both Blockchain and peer-to-peer technology facilitate the instantaneous, economic and secure transactions of funds without the need of involving additional entities, such as banks or other financial institutions.
Blockchain technology is also impossible to counterfeit, which makes fraudulent transactions practically impossible when using cryptocurrencies.
How does e-commerce work with cryptocurrencies?
Every time we make any online transaction, we need financial entities such as credit card issuers, we incur in commissions per transaction, and there is a period of time to verify and approve the transfer of funds. Cryptocurrencies allow transactions to be carried out without the involvement of banks or any other intermediary.
When you make a purchase with cryptocurrencies all you need is your digital wallet, your passwords and the QR code of the store in which you are buying.
The password unlocks the address of your wallet, and informs the network of the transfer that is happening and address of the store where the funds are being directed. Transactions of digital wallets are processed, verified and publicly registered without transaction fees.
In addition, the entire process, from the beginning to the verification of the payment, only happens in a few seconds.
The applications of cryptocurrencies, as well as the technologies that make them possible, have everything needed to change and facilitate the digital financial and commercial processes that exist. And although there is still a long way to go, it is an excellent time to incorporate them as a means of payment into your e-commerce processes or use them as a means of payment.
In Glass you can see your balances and transactions along with your other bank accounts. Don’t have an account yet? Join Glass now, and start taking control of your finances.
Leave a Reply