Top 10 reasons to consider digital assets for e-commerce business

Let’s talk about what digital currencies are, its' prospects, and why they are not some Ponzi or a bubble, as you’ll often hear in the media, but a trillion-dollar opportunity.

You may think that digital assets are very technical and complex, but it’s not. You absolutely don’t have to be an IT guy or a financial specialist to understand crypto. 500 million people have already using and some even predict that there will be 1 billion users by the end of 2022. They all start from knowing zero about it, and so can you.

1) Fair valuation by the market
In some sense digital currencies are similar to commodity currencies: the market decides how much one Bitcoin should be worth and the ancient market decided how much meat you could buy with one bunch of cocoa beans. So the valuation of digital currency is fairer and more organic than the valuation of fiat money.

2) Predictable supply
The government can create as much fiat money as it wants. Because of Covid spending, the money supply in the US grew by 27% in a year. The result is inflation: fiat money is losing purchasing value.

A digital currency can also have inflation built into the algorithm – with new tokens issued all the time. But it’s totally automatic and predictable. No-one, and not even the developers who created it, can change the code to print more and become rich.

3) Secure transactions thanks to cryptography
What makes digital currencies special is the use of cryptography for security.

The thing is, the bigger a digital currency is, the higher the cost of attacking it. With digital currencies like Bitcoins or Ethereum, a successful exploit would require enormous resources, hundreds of billions of dollars. Smaller digital currency protocols do get attacked sometimes, because they can have bugs in the code and they don’t pass any serious audit. But if you deal with the big ones like Bitcoin, Ethereum, USDT, USDC, and so on, you can be sure that an average criminal or even a hacker has zero chances to exploit them.

In this chart, only the black bits are countries that have banned digital currencies. It’s places like China, Bangladesh, Egypt, or Algeria - probably not your key target markets.

Another matter is digital currencies as legal tender. So far just two countries have adopted Bitcoin as legal tender – El Salvador and the Central African Republic. But the thing is, it doesn’t matter if Bitcoin is legal tender or not, as long as the law doesn’t prevent people from paying for goods and services in digital currencies.

Research shows that the main reason why people fail to make a purchase from a foreign online store is that payment from their country is not accepted. Like you’re in Estonia, you want to shop at an Indian online store, and the payment doesn’t go through.

Digital payments completely solves this problem.

The cost and speed of a transaction is the same regardless of where you are located or the amount. And the acceptance rate, at least for CoinsPaid, is like 99.9%. A customer can send you $10,000 in USDT from Vietnam or Chile, and you’ll get it without any problem.

There are two ways – one easy, the other difficult. The difficult way is to hire developers and build your own crypto gateway. But building a digital currencies processing takes at least a year and will cost you a few million dollars.

The easy way is to integrate an existing gateway. There are many: Coinbase Commerce, CoinsPaid, BitPay, and others. Integration can take as little as 1 business day, and you won’t need to do any programming on your side. You’ll just need to add a ‘Pay with Bitcoin’ button on the website.