Cryptocurrencies have been able to grow in stature and value steadily over the year. People and governments around the globe have been cautious over its adoption, but that phase is slowly fading away as well. So, it would not be a big surprise if theE-commerce giants started accepting crypto payments in near future.
A few e-commerce giants have already joined on the bandwagon and have started accepting crypto or Bitcoin payments. Rakuten, one of the leading e-commerce giant of Japanese origin has recently announced its plans to accept crypto payments.
Similarly, Amazon the biggest E-commerce platform has bought three domains related to cryptocurrency. Amazon might not accept crypto payments immediately, but according to sources, they are banking on the technology, Blockchain rather than focusing on crypto payment acceptance. The analysts are predicting that Amazon could be the first E-commerce giant to provide Blockchain as a service (BaaS).
So, what is the future of crypto payments in the E-commerce business? Let us analyze and see what all have happened and what is the future of the cryptocurrencies in e-commerce businesses.
Internet Marketplace has a Special Relation in Bitcoin and Crypto Payment
Silk Road, the illegal marketplace on Dark web is considered to be one of the first destinations for Bitcoin payment acceptance. Silkroad might have been an illegal marketplace, but no one can deny that it propelled the idea of Bitcoin as a mode of payment to the rest of the world.
The criticism of Bitcoin as a tool for illegal activities are all valid, but no one can deny that these dark web-based “e-commerce” websites were the reason behind early Bitcoin adoption. People are supposed to have their reserve of criticism but the optimists and people with libertarian views saw the bigger picture, and that has led to the success of cryptocurrencies today.
E-commerce websites are themselves a by-product of the dot com revolution back in the late ’90s and early 2000. The sentiment of people towards these internet marketplaces was quite similar to the current outlook of people towards cryptocurrencies. There are people who believe in it, there are also those who are critical or not sure about its future while there are few who are totally against it. So, quite a similar timeline.
E-commerce websites can actually take the acceptance level of crypto payments to new highs, given the reach they have and the number of people from across the world that uses these e-commerce platforms for their daily use purchases.
E-commerce Websites will lead to the Boom in crypto Acceptance
E-commerce platforms are the perfect launchpad for taking the acceptance level of crypto to new highs. Not just because of the reach it has, but mainly because they have faced similar issues of acceptance while climbing the popularity charts.
Actually, there are too many evidential parallels between the rise of E-commerce websites and cryptocurrencies which cannot be denied. This is why I believe that these giants understand how human sentiments evolve towards new technology. Let us look at the parallels between the two outcomes of new technology.
- E-commerce giants like Amazon were predicted to fail, and the dot com revolution was called a bubble. Bitcoin and the crypto space has been dubbed as a bubble by many, and even after 10 years, the crypto space is growing in leap and bounds.
- Any new technology goes through a phase of highs and lows, Amazon lost almost a significant chunk of its market value during its early days. Similarly, Bitcoin’s value fell by 80% when the Mt.Gox exchange was hacked, but despite such a massive fall, both Bitcoin and Amazon scaled to new heights in a short span.
- People thought the internet would never become mainstream and would be limited to the rich and tech-savvy society, well look at us now. Similarly, Bitcoin was pegged to fail and the max reach it would gain would be limited to people with libertarian views, well that seems to be a thing of past now.
As we can see the timeline of both the emerging tech has quite parallels, thus as soon as the governments around the world put the crypto regulations in place its use on the e-commerce giants would see a massive outbreak.
People often form their opinions regarding cryptocurrencies solely based on the trade market value, without knowing that any emerging tech goes through a cycle of ups and downs. The timeline is not even in the context, a technology which came into public domain merely a decade ago, and people started to hear about it only after 2016.
E-commerce giants have already put in their resources to study and analyze how the cryptocurrencies can be made a part of their platform. There are many online platforms which do accept crypto payments and the major giants like Amazon are planning to launch blockchain and crypto related services quite soon.
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