Cryptocurrency could change the online marketplace

Online shopping and trading having evolved dramatically in a short period.

13:57 08 November 2019

Recent trends suggest that a further shift may be on the horizon concerning digital currency. Leaving aside popular, mainstream services in e-wallets such as PayPal, or Neteller, experts are suggesting that cryptocurrency could have a positive knock-on effect for the online marketplace, providing a genuine, responsible alternative to physical currencies in the years to come.

Cryptocurrency has already seen a marked rise in interest and adoption. Despite the relative volatility in markets such as bitcoin, investors and traders continue to make money from the digital currencies, with peaks in trading largely appearing worthy of any pitfalls. Making sure to ride the changes in fortune is a strategy that many traders suggest adopting. But how will cryptocurrency such as bitcoin help to streamline e-commerce even further?

The removal of mediation

Much of the interest in bitcoin and other cryptocurrencies appears to stem from its flexibility and transparency. Various sources suggest that a lack of middlemen in the exchange of cryptocurrency has helped people buy and sell smoothly and without fear of leaving a digital paper trail. It is a process which is decentralised, which not only means that it is free from regulation and bank involvement, it is much safer against the threat of fraud.

These aspects, it is argued, are highly sought-after in the online marketplace. Each party in a cryptocurrency transaction is said to have greater protection as a result. There is a further argument from experts and seasoned traders, too, which suggests that cryptocurrencies are less likely to be impacted by political and sociological events. While currencies such as the British pound has seen major fluctuation as a result of Brexit and global uncertainty, bitcoin and other digital money appears to have been largely unfazed. That, it is argued, will help to propel more people towards crypto for digital transactions in future.

Growing popularity

As more British people continue to buy shopping and gifts online, so do the number of citizens who are adopting cryptocurrency. Despite a lack of commitment from many businesses, as well as the FCA and the UK government over cryptocurrency, investing in bitcoin in particular is at an all-time high in the country. This, to many people, is indicative of a huge swing towards crypto acceptance.

Adapting cryptocurrency into e-commerce and the wider online marketplace could help to simplify the process of shopping and trading even further, sources argue. It is already surprisingly simple to get into bitcoin, in particular, with users simply needing to set up a digital wallet and to head to an online exchange. From there, British investors can use a range of different tools and services to manage their investments.

For example, traders may wish to completely automate their investing. Seamless investing is completely possible thanks to the emergence of bots and programs such as the Bitcoin Profit app, which will allow users to manage their payments and drawings without needing to worry over making tense decisions. This open approach to trading and investing is likely to appeal to more and more people, and with physical stores already fighting tooth and nail against e-commerce, it is not too big a leap to consider that digital currency could help to bolster the online cause.

The future of physical money

Naturally, the rise of digital currency has set the cat amongst the pigeons concerning physical money’s place in the world. Some people worry that currencies such as the British pound will falter in the face of digital adoption online. These fears are, for now, unfounded, at least thanks to a lack of commitment from big UK names. Britain’s government remains very unclear as to how it feels about bitcoin and the like, which is in stark contrast to Australia, that is widely trading in crypto both on and offline.

Cryptocurrency and e-commerce appear to go hand in hand. Online shopping and marketing are already considered hugely convenient in a world where so many of us spend hours online each day. It therefore follows that we should consider using a more streamlined currency, too, to speed things up even further.

Digital money such as bitcoin will continue to grow in the digital marketplace, however, it will be some time before there is an indication of where this will leave traditional tender. For now, at least, there are few reasons to worry about a place for the dollar or the pound. Crypto, however, is very likely to grow stronger.