Bitcoins and e-commerce

Bitcoins and e-commerce

Bitcoins have risen in popularity over the past several years. Bitcoins now play a significant part in modern digital transactions. The best part about bitcoins is their anonymity. The anonymous nature of bitcoin is the reason why it is good for certain transactions. There is no doubt that bitcoin is now in mainstream e-commerce. It is no longer the currency only used for doggy activities such as buying drugs on the dark web or buying credit cards.
Bitcoin is a digital currency that allows for transactions to be performed without the need for banks. This means that the cryptocurrency is totally untraceable. Bitcoin was started by the anonymous Satoshi Nakamori after he wrote the Bitcoin white paper. The currency was founded after the credit crisis that had sent shock waves throughout the world.  The idea was to take away the powers that the banks have and to establish a system where people can transfer money to each other without the need for centralized banks.

Bitcoins and e-commerce retail

There is obviously some risks related to bitcoin. The first risk is the system could be hacked and the bitcoins stole. This has happened several times on bitcoin exchanges. Some people have argued that most of these hacks are inside jobs of people who knew the system very well. Due to the fact that bitcoins are untraceable, this makes it almost impossible for police to find the people who have stolen the bitcoins.

Bitcoins and e-commerce payments

Bitcoins have become central to e-commerce payments. This is mainly due to their prevalent use. In the year 2017 more than hundred million transactions were performed through bitcoin. A lot of payment gateways have included bitcoin as a payment method in their system. This enables sellers to attract bitcoin buyers in their e-commerce store.