Satoshi Nakamoto’s vision about Crypto

Because of the adoption of crypto payments, the e-commerce sector gets a lifeline as the global recession is predicted to decrease numerous businesses.

Bitcoin’s original inventor, Satoshi Nakamoto, intended for it to be used as a medium of exchange for money between two persons. This is a major factor in why the payments industry has seen the greatest adoption of blockchain, the underlying technology of the cryptocurrency ecosystem.

A fully global financial network is made possible by blockchain-based payment solutions, also referred to as cryptocurrency payments. Due to the fact that they are not confined by geographic boundaries, cryptocurrencies enable frictionless international trade. Cryptocurrency payments are a perfect fit for transaction-intensive digital industries like online buying or e-commerce because of the advanced technology and potentially low fees they introduce.

Online shops have been waiting it out when it comes to accepting cryptocurrency, despite the fact that blockchain-based payments have a lot to offer the e-commerce sector. The main issues revolve around the complex makeup of these digital assets as well as the dangers involved in accepting a new form of payment. The e-commerce business has struggled to understand the integration of crypto payments since it often necessitates a high level of technical knowledge.

However, the impending worldwide recession that both financial experts and government officials have predicted makes it necessary for every company to be more aggressive in seeking for new revenue sources in order to survive in 2023.

1. Economic uncertainty demands fresh viewpoints

Despite the e-commerce platforms’ rapid development, which saw more than $3.2 billion in total revenues in 2021, like Shopify, e-commerce merchants will need to come up with new strategies to draw in clients in 2023 due to the uncertain economy. In its most recent Digital Market Outlook report, market researcher Statista predicts a yearly fall in e-commerce income after comparing recent data with pre-COVID-19 data. The expected 2023 worldwide recession is the ideal time for e-commerce merchants to experiment with new approaches to entice fresh waves of clients.

According to a report from 2022, more than 10% of internet users worldwide between the ages of 16 and 64 who are a great match for the target market of the e-commerce sector hold cryptocurrencies. According to another report, there are more than 320 million cryptocurrency users worldwide, making them a desirable market for any sector looking for organic growth.

2. Easy pickings in e-commerce

Enabling crypto payments for this ready-to-shop population appears like selecting low-hanging fruit because cryptocurrency users are constantly looking for new methods to use their digital assets in their daily lives. After all, cryptocurrency payments offer quicker settlements as well as cheaper transaction fees, making them a better option than traditional payment methods from a technological and financial standpoint.

Seamless cross-border payments have emerged as a real possibility for online retail platforms because of the aforementioned borderlessness of crypto and the technology that powers it. Cryptocurrency payments offer a crucial point of entry into e-commerce for consumers across numerous regions, as more than 2 billion people lack access to the banking system.

Nevertheless, despite the advantages of accepting cryptocurrency payments, internet retailers are still discouraged by the technological element. For many shop owners, integrating crypto payments into an online store for the first time is a technological challenge given the range of cryptocurrencies, blockchain infrastructures, and crypto wallets available today.

However, as technology advances and cryptocurrency acceptance increases steadily, adding crypto payments to online stores will transition from complex, trial-and-error integrations to straightforward plugins created for e-commerce platforms.

For the leading e-commerce site Shopify, 8Pay, a cryptocurrency payment processor, has created one such solution. The permissionless design of 8Pay, which can be easily customised from the Shopify plugin dashboard, is backed by smart contracts and offers new capabilities for crypto assets. As a result, users may track balances and manage payments using the 8Pay web or mobile applications, as well as make single, fixed recurring, variable recurring, and on-demand payments with the touch of a button.

Although 8Pay operates through a decentralized network, making payments using it is identical to doing so through conventional portals like PayPal. A user is routed to an 8Pay checkout when they click an embedded button, go to a short URL, or scan a QR code. There, they can connect their MetaMask wallet, examine the transaction, and sign it. The remaining tasks are carried out automatically.

3. Untapped market for online retailers

Not only does incorporating cryptocurrency payments into online shopping provide new revenue streams for e-commerce retailers, but it also gives cryptocurrency owners a new option to use their holdings to pay for necessities. A presence in e-commerce, like all other ways to use cryptocurrencies in more conventional elements of life, aids in the acceptance of cryptocurrencies more broadly.

With a new target audience, a secure infrastructure, and lower transaction costs, cryptocurrency payments would aid the e-commerce sector in overcoming the uncertainty of the impending global recession.

The e-commerce sector is likely to discover an untapped market in the crypto ecosystem as crypto payments become more widely available with new tools and solutions for both merchants and coin holders.