The connection between Bitcoin and eCommerce

Bitcoin and Taxes in Canada

eCommerce is a growing industry that is affected by many different factors. In the recent period, more and more experts are showing interest in the connection between cryptocurrencies and eCommerce. This is not a surprise because this payment method has proven to be simple and efficient and the price of almost every cryptocurrency has grown drastically in the last year.

in the past, the popular payment methods in eCommerce websites have included credit and debit cards, cash on delivery, PayPal and some other similar electronic payments processors. However, it seems that cryptocurrency, especially Bitcoin is taking a huge portion of this market in the recent months. This is the reason why many specialists say that Bitcoin and cryptocurrency, in general, are the future of electronic commerce.

When it comes to Bitcoin and eCommerce, blockchain technology has the main role. The blockchain network is the place where the sellers, buyers, and marketplaces meet. The activities conducted by sellers and buyers create a proof of work and blocks in the online marketplace. What makes this process special is the fact that there is no higher authority to monitor these activities. There is no bank or government that looks for a way to make a profit from these transactions.

A few years ago, only the IT industry was interested in accepting Bitcoin, but things are changing fast these days. There is more than one good reason for that and the official surveys and statistics can confirm that Bitcoin is the future. For example, about 35% of people in Europe thought that cryptocurrencies will be the most popular payment method on the Internet in the near future. In addition, the number of Bitcoins that are mined is increasing rapidly in the last few years. The Bitcoin price is going up all the time despite the fact that there are some periods when the currency is not that successful.

One of the simplest ways to include Bitcoin as a payment option in your online store is to use BitPay. This is a specially designed 3rd party payment processor that makes the integration easier. What’s great is that the creators of this processor have included different versions for the most popular eCommerce platforms like Shopify, WooCommerce, and Bigcommerce. Every website has a different setup, but generally speaking, you should finish the procedure in a few minutes.

We hope that this article will help you understand the strong connection between Bitcoin and eCommerce.