Satoshi Nakamoto, the creator of Bitcoin (BTC), originally envisioned cryptocurrency as a form of payment between two people. This is a key reason why blockchain, the underlying technology of the crypto ecosystem, found its best use cases within the payments sector.
Blockchain-based payment solutions, widely known as crypto payments, allow for a truly global financial network. Cryptocurrencies are detached from geographical restrictions, allowing for seamless transactions between different regions across the globe. The robust technology and potentially minimal fees introduced with cryptocurrency make this type of payment an ideal fit for transaction-heavy digital sectors such as online shopping or e-commerce.
While blockchain-based payments provide significant benefits for the e-commerce industry, online merchants have been taking a wait-and-see approach when it comes to accepting crypto. The main concerns circle around the sophisticated nature of these digital assets as well as the risks associated with embracing a new form of money. Integrating crypto payments has also been a confusing topic for the e-commerce industry because it typically requires a high level of technological expertise.
However, the looming global recession forecasted by both finance experts and government officials forces each industry to be more aggressive in finding new revenue streams to stay afloat in 2023.
Despite the meteoric rise of e-commerce platforms like Shopify, which enjoyed more than $3.2 billion in total revenues in 2021, the economic uncertainty of 2023 urges e-commerce merchants to find new ways to entice customers. Market researcher Statista expects an annual decline in e-commerce revenue in its latest Digital Market Outlook report,Read more on cointelegraph.com