Planning to hire an ecommerce developer for getting a feature-enriched online store is what almost every e-commerce business owner will look for but those who want to keep all payment related issues at bay will definitely be focusing on Bitcoin. Within the past six months, Bitcoin has actually been constantly increasing its basic mainstream process. Its a great news that stores like TigerDirect, Virgin Galactic, Overstock, Lord & Taylor, and even NewEgg have accepted this digital currency. Later when the news came that Dish Network is also accepting Bitcoin, future became more bright for this modern digital currency.
Understanding Bitcoin in Detail
Before knowing the impact that Bitcoin has made, lets look deep into what is it all about. An advanced form of digital currency, Bitcoin enables carrying out transactions without requiring need of any banks or some other middleman. Bitcoin enthusiasts process, verify and publicly record transactions from consumers wallets and the best part is that there is no transaction fees involved.
Understanding Bitcoin in Detail
Before knowing the impact that Bitcoin has made, lets look deep into what is it all about. An advanced form of digital currency, Bitcoin enables carrying out transactions without requiring need of any banks or some other middleman. Bitcoin enthusiasts process, verify and publicly record transactions from consumers wallets and the best part is that there is no transaction fees involved.
Created by some programmer, much about whom is not known, Bitcoin debuted in the year 2009. People can purchase them, keep in their digital wallets and make their use at the time of paying for goods or services. Payment for a transaction is processed as the Bitcoins are transferred via Coinbase or Bitpay. Nowadays, one can also get the open source Bitcoin plugins for different e-commerce platforms like Magento, Prestashop, X-Cart by going online.
The Impact on Current e-commerce Industry
Despite the fact that some risks are linked with Bitcoin, it is a very dynamic and interesting technology that will have a strong impact on the way e-commerce transactions will occur in future. Its ability to serve as an innovative and viable solution has made it the heart-favorite of leading companies. Let's take a look at how Bitcoin is allowing e-commerce businesses to attain better conversions -
- Instant Gratification : Time is of great importance in every business as everyone wants everything to be done in quick time. With Bitcoin, you need not wait hours or days for a transaction to complete as it allows the person the mental peace that the payment made for the required product/service is not pending and the transaction is instant.
- Overseas Business Made Easier : People in developing countries do have problems getting access to banks or other financial institutions. However, with Bitcoin, such people can keep all such problems away. Bitcoin being a peer-to-peer service, assures that the payment will reach its specified destination safely. It also eliminates the need to go for currency conversion or making any payment for foreign fees.
- Establishing Reliance : Bitcoin always keeps the customer first unlike other banks that don't allow users total control over their finances. Due to instant confirmation of payments, you can have an updated budget. Also, as you don't require following any bank regulations, you have the full liberty to run your business in the desired manner. Bitcoin is totally secured and this increases trust in the businesses to go for it.
