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eCommerce is rapidly growing and ever changing with the use of AI (artificial intelligence) and adding customized tools so the goal for your business is to offer the best user experience. Have you considered accepting cryptocurrecncy?
More and more customers are now using digital wallets. This is a new payment option you should consider adding to your business. Digital wallets work through apps on your Smartphone. It is a prepaid account that can store money for future online purchases. Digital wallet or also known a e- wallet will store user's information and have a password. The benefits include security and encryption to user data. According to Experian, 1 in 10 millennials use their digital wallet for every purchase. 55 percent of consumers still use their regular credit card because of the fear of safety.
Cryptocurrency's proper definition is a digital currency in which encryption techniques are used to regulate the generation of units of currency and verify the transfer of funds, operating independently of a central bank.
"decentralized cryptocurrencies such as bitcoin now provide an outlet for personal wealth that is beyond restriction and confiscation"
Bitcoin was created by a software developer named Satoshi Nakamotoin 2008. "Bitcoin's most important characteristic is that it is decentralized. No single institution controls the bitcoin network. It is maintained by a group of volunteer coders, and run by an open network of dedicated computers spread around the world. This attracts individuals and groups that are uncomfortable with the control that banks or government institutions have over their money." (Coindesk, 2018). Bitcoin is controlled by underlying algorithm. Although transactions with Bitcoin can not be reversed, transactions on their network can not be tampered with.
The price of Bitcoin changes daily some investors like this and some want to hang on to Bitcoin hoping for a big profit. Predictions in 2018 says that Bitcoin will increase. As of now, there are not many laws about cryptocurrency so this aids in keeping the currency around. Bitcoin and other cryptocurrency is still in its early stages. It is hard to predict if it will last, yet many believe that it has a future.
There are around 300,00 Bitcoin accounts created every month and the numbers are expected to increase as technology of digital wallets evolve. It is estimated that in Japan there are over 250,000 businesses that accept Bitcoin. There are benefits in using cryptocurrencies:
- Increase in new customer traffic: Customers who are passionate about cryptocurrency want to spend it, and they’ll choose stores that accept it when given the option.
- More repeat customers: Customers love knowing that business owners listen to them and take their pain points into consideration, including payment types.
- Faster processing times: Cryptocurrency transactions are capable of taking place at near-instant speeds, so there’s less wait time between making a sale and seeing the payment clear.
- Better control over cash flow: When payment withdrawals take place so quickly, it’s much easier to control cash flow and avoid the struggle of waiting to get paid.
Sending and receiving coins with your wallet
Wallets are not only the gateway to checking your available balance, they also allow you to send and receive cryptocurrency. Wallets vary from one another in how they handle the sending and receiving of currency, but the general process remains the same.
How to send currency to other users
First, you will need a wallet address (the recipient’s public key). These addresses are given in one of three ways:
- A long alphanumeric string (numbers and letters)
- A QR code (for smartphone wallets)
- A URL-like web link (clickable, opens your wallet automatically)
Once the address is entered into the wallet, you will be asked to enter an amount of currency to send. Once you’ve entered the amount, click your wallet’s version of a send button.
The recipient will immediately be notified of the transaction.
How to receive currency
Receiving coins is even easier than sending them. However, wallets vary greatly in the way this is done: some will provide you with a fixed public address, some will give you a new address for every transaction and most will provide a combination of the two.
Whichever system your wallet uses, you will have to provide a public key in one of the formats listed in the previous section to the sender, along with how much money you’re asking for. Once sent, you should receive a notification of the transaction.
Depending on the blockchain in use, the transaction might take some time to be verified because for most blockchains, a miner needs to confirm and add the transaction to the blockchain. This might be anywhere from a few seconds to 10 minutes (or longer), depending on the cryptocurrency being used.
Do your research and decide if it is beneficial to you and what software to use.
Have A Great Day!!!
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