Cryptocurrency: Revolutionizing Ecommerce and Creating New Opportunities

Customers can make purchases of goods and services with cryptocurrency without fear of their private data being revealed or taken.^[0] Payments are handled instantly, so customers no longer have to wait days or weeks for their transaction to be processed.^[0] By doing this, businesses are able to provide faster delivery times and improved customer service.^[0] Ultimately, there are various uses of crypto that have the potential to revolutionize ecommerce and create new opportunities for businesses all over the world.

Based in blockchain technology, cryptocurrency is a digital method of trading money that is decentralized in the sense that it does not have a system of banks or other traditional financial institutions that act as intermediaries to facilitate its trade. ^[1] Cryptocurrencies that are decentralized provide an easy way to exchange money peer-to-peer over the internet. This has been highly sought after due to the fact that there is no need to involve third parties, such as banks or credit card companies, thus avoiding any fees or regulation.

It is anticipated that cryptocurrency’s expanding role in the international economy will have a strong impact on the future of ecommerce. As digital currencies become increasingly familiar to consumers, they are also gaining confidence in using them as a secure method of payment for transactions conducted online.^[0] For businesses to stay competitive in the ecommerce industry, they must now provide customers with the option to pay using cryptocurrencies.

Unfortunately, cryptocurrency scams are increasing, with about 46,000 people reporting they’ve lost more than $1 billion, the Denver office of the FBI warns.^[2] According to a release, Colorado residents were scammed out of approximately $25 million in 2021.^[1] Evidence of this came when ISHAN WAHI, a former product manager at Coinbase Global, Inc., pled guilty to two counts of conspiracy to commit wire fraud.^[3] A plea of guilt has been entered in association with a plan to carry out insider trading in cryptocurrencies by taking advantage of confidential Coinbase data concerning which digital assets were expected to be made available on the firm’s trading platforms.^[4]

The concept behind Bitcoin and other “cryptocurrencies” is that digital technology can make transferring money more secure. Cryptocurrency has become a prominent form of money, which is no longer a secret. In the same way that you use cash, credit cards, or debit cards to purchase items.^[5] Cryptocurrency can be used to purchase goods or assets.

0. “The Future of Ecommerce: What Role Will Cryptocurrency Play?” www.corecommerce.com, 8 Feb. 2023, https://www.corecommerce.com/blog/cryptocurrency/

1. “FBI: More than $1 billion lost in cryptocurrency scams as popularity …” denvergazette.com, 8 Feb. 2023, https://denvergazette.com/news/crime/fbi-more-than-1-billion-lost-in-cryptocurrency-scams-as-popularity-increases/article_5807978c-a32b-11ed-a7f4-c313b881fb62.html

2. “Coloradans lose about $25M in cryptocurrency scams, FBI says …” insurancenewsnet.com, 8 Feb. 2023, https://insurancenewsnet.com/oarticle/coloradans-lose-about-25m-in-cryptocurrency-scams-fbi-says

3. “Former Coinbase Insider Pleads Guilty in First-Ever Cryptocurrency …” www.hstoday.us, 8 Feb. 2023, https://www.hstoday.us/subject-matter-areas/cybersecurity/former-coinbase-insider-pleads-guilty-in-first-ever-cryptocurrency-insider-trading-case/

4. “Ishan Wahi pleads guilty in first-ever cryptocurrency insider-trading …” www.newsindiatimes.com, 8 Feb. 2023, https://www.newsindiatimes.com/ishan-wahi-pleads-guilty-in-first-ever-cryptocurrency-insider-trading-case/

5. “What is Cryptocurrency and what are its benefits? | Payments” www.telemediaonline.co.uk, 8 Feb. 2023, https://www.telemediaonline.co.uk/what-is-cryptocurrency-what-are-its-benefits/