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Gate Pay has partnered with CityPay.io to offer cryptocurrency payment alternatives to over 600 merchants in Georgia, including restaurant chain Wendy’s. The collaboration aims to bridge the gap between Web3 and people’s daily lives. (Read More)
<p>Cryptocurrencies like Bitcoin and Ethereum have made headlines in recent years due to their dramatic price fluctuations and potential to disrupt traditional financial systems. </p><p>The use of cryptocurrencies in e-commerce, on the other hand, is a relatively new and unexplored concept. In this article, we'll look at the benefits and drawbacks of incorporating cryptocurrencies into e-commerce. </p><p>Cryptocurrency Integration Possibilities in E-Commerce</p><p>Global Reach</p><p>One of the most significant advantages of cryptocurrencies is their ability to facilitate quick and secure global transactions. Cryptocurrencies, unlike traditional payment methods, are not subject to exchange rates or international transaction fees, making them an appealing option for businesses seeking to expand their customer base globally. </p><p>Transactions are processed more quickly with cryptocurrency than with traditional payment methods. Traditional payment methods can take several days for transactions to clear, but cryptocurrencies typically complete transactions in a matter of minutes. </p><p>Lower Transaction Fees</p><p>Compared to traditional payment methods, cryptocurrency transactions typically incur lower transaction fees. This is due to the fact that cryptocurrencies are decentralized and do not require intermediaries such as banks or payment processors to facilitate transactions, lowering transaction costs. </p><p>Cryptocurrencies provide enhanced security features like encryption and decentralization, making them less vulnerable to hacking and fraud. This is a significant benefit for e-commerce companies because it lowers the risk of chargebacks and other fraudulent activities. </p><p>Access to New Markets</p><p>By accepting cryptocurrencies as payment, e-commerce businesses can enter new markets and attract customers who prefer to make purchases using cryptocurrencies. </p><p>The Dangers of Integrating Cryptocurrencies into E-Commerce</p><p>Volatility</p><p>Cryptocurrencies are notorious for their volatility, with prices fluctuating dramatically in short periods of time. This makes it difficult for businesses to price their products and effectively manage their cash flow. </p><p>Uncertainty in the Regulatory Landscape</p><p>The regulatory landscape surrounding cryptocurrencies is constantly evolving, with different countries taking different approaches to regulation. This creates uncertainty for e-commerce businesses interested in incorporating cryptocurrencies into their payment systems. </p><p>Despite their growing popularity, cryptocurrencies' adoption remains limited when compared to traditional payment methods. This means that companies may need to educate their customers on how to use cryptocurrencies and persuade them of the advantages of doing so. </p><p>Security Concerns</p><p>While cryptocurrencies have improved security, they are still vulnerable to cyber attacks and theft. This is a significant risk for e-commerce businesses because it can result in the loss of customer funds as well as reputational damage. </p><p>Integrating cryptocurrencies into e-commerce payment systems can be technically challenging and necessitate specialized knowledge and expertise. This can be a challenge for small businesses that lack the resources to invest in such systems. </p><p>Best Practices for Cryptocurrency Integration in E-Commerce</p><p>Educate Customers</p><p>In order to increase cryptocurrency adoption and awareness, e-commerce businesses should educate their customers on how to use cryptocurrencies and the benefits of doing so. </p><p>Manage Volatility</p><p>To manage cryptocurrency volatility, businesses should consider using payment processors that provide instant conversion to fiat currencies or stablecoins, which are pegged to fiat currencies. </p><p>Ensure Regulatory Compliance</p><p>Companies should ensure that they are in compliance with <a href="https://www.financemagnates.com/cryptocurrency/regulation/the-regulatory-landscape-of-crypto-global-developments-and-implications/" target="_blank" rel="follow">all applicable regulations</a> pertaining to cryptocurrencies and e-commerce payments. </p><p>Prioritize Security</p><p>To reduce security risks, businesses should implement strong security measures such as multi-factor authentication, encryption, and secure cryptocurrency storage. </p><p>Collaboration with Experienced Payment Processors</p><p>Companies should collaborate with experienced payment processors who have the technical expertise and knowledge to integrate cryptocurrencies into their payment systems. </p><p>Can E-commerce Merchants embrace crypto’s volatility and use it for their advantage?</p><p>While cryptocurrencies can be volatile, with prices often fluctuating dramatically over short periods, e-commerce merchants can potentially use this volatility to their advantage. E-commerce merchants can leverage crypto volatility to increase their profits and grow their businesses by many different methods. We’ve highlighted the 3 of the most important ones:</p><p>Accepting Cryptocurrency Payments</p><p>One of the most straightforward ways for e-commerce merchants to benefit from cryptocurrency volatility is to accept payments in cryptocurrencies. By doing so, merchants can take advantage of any increases in the value of the cryptocurrency they receive. As such, if a merchant accepts payment in Bitcoin and the value of Bitcoin increases, the merchant will have made a profit.</p><p>Investing in Cryptocurrencies</p><p>E-commerce merchants can stand to gain from cryptocurrency volatility by investing a portion of their profits in cryptocurrencies. If the value of the cryptocurrency increases, the merchant will have made a profit on their investment. However, investing in cryptocurrencies can be risky, and merchants should do their due diligence before investing.</p><p>Hedging Against Crypto Volatility</p><p>Merchants can also hedge against crypto volatility by using financial instruments such as futures, options, and swaps. These instruments can help protect against losses in the event of a drop in the value of cryptocurrencies.</p><p>By using these financial instruments, e-commerce merchants can protect against losses due to crypto volatility. However, it's important to note that these instruments can be complex, and merchants should seek professional advice before using them.</p><p>Conclusion</p><p>Integrating cryptocurrencies into e-commerce payment systems provides several benefits, including increased global reach, faster transactions, lower fees, improved security, and access to new markets. Businesses, on the other hand, must be aware of the risks, which include volatility, regulatory uncertainty, limited adoption, security risks, and technical complexity. </p><p>Businesses should prioritize educating their customers, managing volatility, ensuring regulatory compliance, prioritizing security, and partnering with experienced payment processors to ensure the successful integration of cryptocurrencies into e-commerce payment systems. </p><p>While cryptocurrency adoption in e-commerce is still in its early stages, it provides a compelling opportunity for businesses to enter new markets and provide their customers with greater flexibility and convenience in their payment options. </p><p>We can expect to see more businesses integrating cryptocurrencies into their payment systems in the coming years as the regulatory landscape surrounding cryptocurrencies evolves and adoption rates rise. </p><p>It is important to remember, however, that cryptocurrencies are not a panacea for all payment-related issues. E-commerce companies must assess their specific needs and goals to determine whether incorporating cryptocurrencies into their payment systems is the best option for them. </p><p>To summarize, incorporating cryptocurrencies into e-commerce payment systems provides a variety of opportunities and benefits, including global reach, faster transactions, lower fees, enhanced security, and access to new markets. </p><p>However, there are risks associated with it, including volatility, regulatory uncertainty, limited adoption, security risks, and technical complexity. </p><p>Businesses can successfully integrate cryptocurrencies into their payment systems and reap the benefits of this exciting new technology by following best practices and partnering with experienced payment processors.</p> This article was written by Finance Magnates Staff at www.financemagnates.com.
Merchants using BTCPay Server will now be able to protect their privacy using Wasabi Wallet’s CoinJoin coordination protocol.
Shopify NFT merchants can now use the tokegating tools to dictate which token holders can and cannot gain access to exclusive products, NFT drops and benefits.
Lessons learned by one expat Bitcoiner living in Portugal, who decided the merchants at her local market needed the Lightning Network.
A 90-day trial period kicks off Clover’s integration with the Bitcoin Lightning Network, enabling faster, cheaper payments at merchants.
Just a few hundred miles from El Salvador, Guatemala’s Bitcoin Lake contrasts state-led Bitcoin adoption with a promising grassroots model.
Crypto payments are taking off in a big way in Lugano, Switzerland with 60 merchants and counting.
Polygon (MATIC/USD) is now available on the Binance Card in Argentina.
This marked a major moment for those that want to use cryptocurrencies for daily purchases, as the card can be used at 90 million merchants on a global scale.
Polygon is a network that utilizes a modified Proof-of-Stake (PoS) consensus mechanism to achieve consensus within each block.
Polygon is an Ethereum (ETH/USD) scaling solution and infrastructure development platform that features numerous developer tools, such as the Polygon SDK, as well as the modular and flexible developer framework. MATIC is the native cryptocurrency that powers the network.
The Binance Card in Argentina addition as a catalyst for growthIn the latest crypto news, we covered how Polygon partnered with Starbucks.
However, Polygon is increasing its utility and usage further, as the team made an announcement on Twitter that MATIC became listed on the Binance Card in Argentina on September 15, 2022.
This means that the MATIC cryptocurrency can now be used to make purchases at over 90 million merchants located within thousands of stores worldwide.
Furthermore, users can also get up to 8% cashback and zero fees on any ATM withdrawals.
This additional utility and use case level can increase the MATIC cryptocurrency’s overall value.
Should you buy Polygon (MATIC)?On September 16, 2022, Polygon (MATIC) had a value of $0.8111.
MATIC/USDT Chart By TradingView.
The all-time high of the Polygon (MATIC) cryptocurrency was on December 27, 2021, when it reached a value of $2.92.
When we go over its performance in August, Polygon (MATIC) had its highest point of value on August 14 at $1.0436, while its lowest point was on August 27 at $0.7637.
Here, we can see a decrease in its value by $0.2799 or by 27%.
However, MATIC increased in value from August 27 to September 16 by $0.0474 or by 6%.
With this in mind, investors might want to buy MATIC as it can climb to $1.2 by the end of September 2022.
The post MATIC is now available for purchase at over 90M merchants, can this increase its value? appeared first on Invezz.
Amidst a rise in global demand for alternative payment solutions, BigCommerce provides merchants of all kinds with a scalable solution to accept crypto payments. (Read More)
The Strike announcement was an atomic bomb, but the market is not impressed. Since Jack Mallers wasn’t there to reveal an Apple deal as rumored, the general public was somewhat disappointed. However, the Strike CEO announced something much bigger. The company partnered with Blackhawk and NCR to bring Lightning Network transactions to Point Of Sale terminals all over the United States. Plus, with Shopify for the e-commerce equivalent. The man was playing third-dimensional chess with us. Mallers titled the presentation “The King’s Gambit,” an alternative to the “pawn to e4” chess opening he usually mentions. Here’s the video: https://www.youtube.com/watch?v=dD2-T7TX2rk Inside Strike ‘s Announcement The presentation started with a brief history of payment networks, starting in 1949 with the invention of the Diner’s Club card. The first revelation comes next: payment networks have not evolved or innovated in 50 years. The legacy financial system is still using this ancient technology like there’s no tomorrow. These merchants are adopting Bitcoin for payment this year. (Jack Ballers – Strike). pic.twitter.com/FF57vYF7BH — Big Sky HODL ?? CO Beef Initiative (@BigSky_HODL) April 7, 2022 As usual, Strike’s Jack Mallers proposes to the world that it should join an “open payment standard.” That it should use a “superior payment network.“ And with these partnerships, he finally accomplishes it. Strike will use the bitcoin network as payment rails to enable Lightning Network transactions in a high percentage of merchants in the US. According to Mallers, bitcoin will finally be “embedded into our lives.” Another interesting part of the story is Senator Cynthia Lummis’ support. According to a letter she sent to Mallers, she says “I am working to bring smart legislation to the digital assets space, so that innovations like this can be integrated into America’s financial services industry.“ That’s reassuring. Because chances are legacy players will fight this. thank you @jackmallers. you're an incredible inspiration. — jack?? (@jack) April 7, 2022 The senator will speak tomorrow, on Bitcoin 2022’s final day of conference. BTC price chart for 04/08/2022 on Oanda | Source: BTC/USD on TradingView.com How Did The News Affect The Market? The general public was expecting Strike to announce an Apple partnership that would’ve made bitcoin’s price pump to infinity. It didn’t get it. So, bitcoin traded around the $43K range the whole day and acted unaffected in front of Jack Mallers’ news. It seems like the market didn’t even flinch. What @jackmallers just announced is going to kick off the #Bitcoin circular economy in a massive way. I think few understand that the inability to easily use BTC is what makes it difficult to accept as a daily driver. Medium of exchange is here. Next stop, Unit of Account. — Guy Swann ?? (@TheGuySwann) April 7, 2022 More nuanced than an Apple partnership, it will take months, maybe years to see the new’s impact. On the one hand, people aren’t incentivized to spend their bitcoin. As long as its price is increasing, people will want to hold the asset. On the other, this provides a non-KYC way to spend your bitcoin. A non-KYC way of paying. The Strike announcement makes bitcoin a competing Medium of Exchange and puts it into every store in the US. Is that fact priced in? What Does The Twitterati Think About Strike ‘s News? The Guy Swann sums up the announcement by declaring it’ll “kick off the Bitcoin circular economy in a massive way. I think few understand that the inability to easily use BTC is what makes it difficult to accept as a daily driver.” For his part, podcaster Anthony Pompliano said, “Hundreds of millions of people can now spend bitcoin or dollars across the Lightning Network instantaneously, completely for free at every major US retailer.” Strike CEO @jackmallers and Strike just announced partnerships with Shopify and other leading payment providers. Hundreds of millions of people can now spend bitcoin or dollars across the Lightning Network instantaneously, completely for free at every major US retailer. — Pomp ?? (@APompliano) April 7, 2022 In a phenomenal thread, Economist Lyn Alden explains the implications. “The more places that accepted BTC at point of sale (on-chain or Lightning or otherwise), the more permissionless the whole network is. This is because, if all you can do with BTC is convert it back into fiat on a major exchange, then it’s easy to isolate it, effectively blacklist addresses, etc.” This is because, if all you can do with BTC is convert it back into fiat on a major exchange, then it's easy to isolate it, effectively blacklist addresses, etc. But if you can directly spend it on goods and services across companies and jurisdictions, it's harder to isolate. — Lyn Alden (@LynAldenContact) April 7, 2022 On the other hand, notorious YouTuber Bitboy Crypto misses the point completely and says. “Michael Saylor: Never Sell your Bitcoin (crowd goes WILD) Jack Mallers: Here’s a great way to spend your Bitcoin (Crowd goes WILD) Like does no one see the disconnect here?” Michael Saylor: Never Sell your Bitcoin (crowd goes WILD) Jack Mallers: Here’s a great way to spend your Bitcoin (Crowd goes WILD) Like does no one see the disconnect here? — Ben Armstrong (@Bitboy_Crypto) April 7, 2022 Matt Ahlborg, head of research at Bitrefil, gives Bitboy the 411. “What Jack Mallers is really saying is that you will be soon be able to offload your Bitcoins in the real world without KYC’ing through an exchange first.” While Jack Dorsey keeps it short and sweet by saying, “thank you Jack Mallers. you’re an incredible inspiration.” What Jack Mallers is really saying is that you will be soon be able to offload your Bitcoins in the real world without KYC'ing through an exchange first. If this is true, it is actually an extremely substantive and important development for Bitcoin. — Matt Ahlborg (@MattAhlborg) April 7, 2022 The whole world changed after that Strike announcement. It might feel similar, but we’re living in bitcoin world now. Make of that what you will. Featured Image: Jack Mallers at Bitcoin 2022 taken from this tweet | Charts by TradingView Bitcoinist @ Bitcoin 2022 Miami Bitcoinist will be at Bitcoin 2022 Miami in Miami Beach, FL from April 6th through 10th reporting live from the show floor and related events. Check out exclusive coverage from the world’s largest BTC conference here.
The appetite for cryptocurrencies in e-commerce continues to gain steam as they offer more convenient and safer payment methods, according to a report by global payments solution provider Checkout.com. (Read More)
Putting bitcoin to use as a payment processor onboards merchants, brings together Bitcoiners and shows the true power of the network.
While cryptocurrencies have seen their values rise significantly during the last three months many digital asset holders will be spending their tokens for holiday gifts and Black Friday deals. Bitcoin Black Friday will be on November 26 this year and the crypto payments firm Bitpay has announced a slew of merchants that will offer deals […]
According to Trezor, the crypto hardware wallet manufacturer, owners of the Trezor T model can now use a Coinjoin feature to preserve their privacy. Trezor had announced the Coinjoin feature’s impending arrival on the hardware wallet seven months ago, and the feature went live on April 19. Trezor Adds Coinjoin to Software Suite Owners of
The post Trezor Enables Coinjoin for Trezor T Model to Bolster a ‘New Era of Privacy’ appeared first on BTC Ethereum Crypto Currency Blog.
Orange Pill App brings Bitcoiners together, demonstrates demand for adoption to local businesses and propels the bitcoin standard.
Latin America continues to be a center of blockchain integration with Nuvei and partners' new e-commerce solution for merchants.
Major merchants and businesses are now accepting digital currencies as a genuine payment option, demonstrating how quickly cryptocurrencies have acquired recognition as a payment mechanism. This change will have a big impact on how business will operate in the future and how widely cryptocurrency will be used.
This article examines the effects of big businesses and stores accepting cryptocurrencies more and more. We can better comprehend how cryptocurrencies are changing the traditional payment landscape by looking at the advantages, difficulties, and potential repercussions of this development.
The Acceptance of Cryptocurrencies is Growing
Major merchants and businesses have dramatically increased their use of cryptocurrency as a payment mechanism in recent years. This rising tendency is attributed to a number of factors:
Advantages for Businesses and Retailers
Retailers and businesses profit from cryptocurrency' expanding acceptability in a number of ways:
Challenges and Things to Think About
Although accepting cryptocurrency has many advantages, it is not without difficulties. Think about the following elements:
Future Payments Using Cryptocurrencies
The future of cryptocurrency payments is bright as big businesses and merchants continue to accept cryptocurrencies as a form of payment. The following are some potential results and patterns to look out for:
Embracing CBDCs: Mitigating Volatility Risks for Merchants
The rise of cryptocurrencies has brought exciting possibilities for digital transactions, but their inherent volatility poses significant challenges for merchants. To address this issue, merchants should consider supporting Central Bank Digital Currencies (CBDCs) as a more stable and reliable form of digital payment.
Stability and Reduced Volatility:
Cryptocurrencies are known for their price volatility, which presents risks for merchants. CBDCs, on the other hand, are backed by central banks and maintain a stable value tied to the national currency. By accepting CBDCs, merchants can avoid the uncertainties associated with crypto's price fluctuations. This stability allows for more accurate pricing, eliminates the need for frequent price adjustments, and provides a consistent value for goods and services.
Trust and Regulatory Compliance:
Cryptocurrencies operate outside traditional financial systems and lack regulatory oversight, raising concerns about security, money laundering, and illicit activities. CBDCs, however, are issued and regulated by central banks, offering a level of trust and compliance with existing financial regulations. Merchants can benefit from this trust factor by accepting CBDCs, as it reassures customers that their transactions are backed by reputable financial institutions, reducing fraud risks and ensuring compliance with Know Your Customer (KYC) and Anti-Money Laundering (AML) regulations.
Ease of Use and Interoperability:
Cryptocurrencies often require additional steps for users to convert them into traditional currencies, making the payment process cumbersome. CBDCs, on the other hand, can seamlessly integrate with existing payment infrastructures, providing a familiar and convenient payment experience for both merchants and customers. CBDCs can be easily used through mobile wallets, payment apps, or even contactless payment cards, streamlining the transaction process and encouraging wider adoption among merchants and consumers.
Cost-Effectiveness and Transaction Efficiency:
Cryptocurrency transactions can be associated with high transaction fees and lengthy settlement times, leading to financial burdens and operational inefficiencies for merchants. CBDCs, designed with efficiency in mind, offer cost-effective and swift transactions. Merchants can benefit from reduced transaction costs and faster settlement times, enabling more streamlined cash flow management, quicker reconciliation, and improved overall financial operations.
Consumer Adoption and Market Expansion:
Cryptocurrencies are still relatively niche and may have limited adoption among consumers due to their volatility and complexity. By embracing CBDCs, merchants align themselves with widely recognized and accepted payment instruments, enhancing consumer confidence and encouraging broader adoption of digital payments. CBDCs have the potential to bring new customers into the digital payment ecosystem, expanding the market for merchants and driving overall economic growth.
Conclusion
Major merchants and businesses are increasingly accepting cryptocurrency as a form of payment, signaling a big change from the past. Cryptocurrencies are a desirable option for businesses due to the advantages of higher sales, quicker transactions, decreased fraud, and improved innovation. But there are issues that must be resolved, including price volatility, regulatory issues, and the requirement for a strong technology foundation. Future prospects for cryptocurrencies include widespread adoption, integration with established payment systems, and the creation of stablecoins and CBDCs as they continue to gain recognition. Businesses and consumers may anticipate more flexible, safe, and convenient payment choices as the bitcoin payment ecosystem develops.
This article was written by Finance Magnates Staff at www.financemagnates.com.Along with these announced features are a drag-and-drop form builder, plugin updates, bug fixes and a caution against scammers.
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