In the conversations between traders, we often discuss to predict about the future of Cryptocurrency. It seems that this question has found the answer when the e-commerce industry is the most practical answer to this problem.
The fact shows that Cryptocurrency is not widely accepted in daily life but you can use it to buy a lot of things in the world. Specifically, there are 13,589 locations worldwide accepting payment by crypto money.
Perhaps the traditional money is too old-fashioned so we need a new currency with superior characteristics and the most convenient way to use it. To do that, let’s take a look at the current industry that perhaps Crypto will work best there: e-commerce.
Why E-commerce is the best choice for cryptocurrency to work?
While all E-commerce companies are facing to the particular challenges in their industry, the power of blockchain technology with decentralized data and financial has provided them a tool to approach target customers through a more efficient customer service. With so many options around, buyers’ expectations have increased constantly regardless to the nature of the goods. Whether it is in a digital platform or the reality, buyers are always trying to achieve a single purpose: buying and consuming goods. So what is the role of cryptocurrency? It helps buyers pay faster without being prevented by all other unnecessary procedures.
There is an undeniable fact is that online shopping companies are expanding in scale, becoming popular and having a much higher market share than retailers in the world like Walmart. This fact shows that the flourishing development of e-commerce in recent years and will continue to grow even more in the future.
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Specifically, the retail sales of e-commerce worldwide amounted to USD 2.3 trillion and it will increase to USD 4.88 trillion by 2021. Why is this situation happening? That’s because more and more people prefer shopping online than going out.
Therefore, the potential of e-commerce will grow stronger each year and this is consistent with the future of Cryptocurrency.
Besides the strong development of E-commerce, the obsolete global financial system is the biggest barrier to its expansion. Currently the bank plays a role as an intermediary between buyers and sellers on the internet, but for poor or developing countries, the banking system does not develop so it limits the number of people who can access to online shopping for not being able to open bank accounts.
Cryptocurrency is a great tool that can connect customers with e-commerce. And that is the reason why we decided to bring upcoin into the system that connects to other e-commerce channels.
Besides, there are many other benefits such as replacing the centralized systems like banks, eliminating the intermediaries and simplifying the online shopping process. This is what our upcoin can do in the future, and we hope that people all over the world will see the advantages that upc brings to commerce as well as bring a significant change to the decentralized market with its own currency
Integrating upcoin into the payment system of e-commerce channels is part of our initiative to make the payment process more convenient for our consumers and customers. We considered the fintech app on mobile phones, points, and found out that using cryptocurrency is an effective method of payment.
It was known that Google and Amazon are clear examples of such platforms, they have an integrated business model of market participants and facilitate transactions. With UpCommerce, you can promote and sell products online to customers around the world without having to worry about logistics, marketing and customer care. Such a platform, if possible, is of course great news for buyers and sellers. Although born late in life compared to many other e-commerce platforms, it has operated quite strongly thanks to an interesting business strategy, consumers will be sellers, and reverse sellers will also are consumers.
E-commerce: Questions about faith
Online shopping is operated as an a complex, trustworthy website based on exchanging values. Genuine descriptions and availability, security of transactions, processing speed and convenience are key to maintain this trust and ensure the customer satisfaction. Customers are delayed by long information requests and process and verify that data longer to allow their payment.
Sometimes, incorrect data may be accidentally entered or a communication violation between the payment processor and merchant service, this may cause their order not to be processed – or worst, be debited without buying. These customers will be forced to confuse among the service suppliers in a bid to follow and solve the problem. Meanwhile, their shopping cart wait and may eventually be abandoned. A number of solutions have been devised to reverse this trend in order to provide to customers with safe, fast and reliable payment processing options – the main reason for giving up shopping carts. However, only one of these solutions has the ability to reinvent the industry in the same way the internet did.
Eliminate problems about faith
In every trading market, all participants must be connected. Today this is can be achieved through a central model. More simple, if Google and Amazon are e-commerce websites, where businesses or shops can sell to users with difficult procedures, Upcommerce is simply an intermediary for connecting, we connection between sellers and buyers. Your job is to post pictures, and negotiate directly with customers without any procedures. So, although it has just been established, it has grown and has a large market share in the online trading war
Our company decided to change the payment technology, we try to make it easier to global transfering money. The upcoin system is supported by immutable blockchain technology, upcoin’s peer-to-peer technology facilitates to solve the instant, cheap and secure values without the intervention of any intermediary ( Financial institutions / banks). Normally, banks deal with internal ledger transactions, this operation can be completed in different processing times for each bank. This often results in a money transfer activity that has left the bank’s ledger but many days later have not yet appeared among those of the other bank. In developing countries where manual processing may be longer, it may be longer and error-prone. Replacing this process with Blockchain will allow banks to process a transaction on the general ledger almost immediately and every member of the network can see the transaction.
Our technology is based on the blockchain platform which makes it impossible to forge the recorded information due to its nature of distributed. In return, this makes all online exchanges and values irrefutable. The nature of distributed is also the key to Upcoin’s most important feature; decentralized. Unlike its traditional counterpart, Upoin is not depend on any government, organization or individual. No one owns or controls the network.
Upcoin has provided an unparalleled level of transparency for online transactions, an optimized Security Mode: Upcommerce’s application in e-commerce will ensure information security under the platform of blockchain. Because all the information stored in Blockchain is immutable, safe and secure. No one can hack, steal information on Blockchain. Reducing the maximum cost thanks to the transparency, it will create a certain belief from the market. Blockchain’s ability to process information can handle faster by eliminating intermediate units which reduces costs while accelerating.
This capability is not only applied to money transfers, securities transactions, payments, agreements and many other activities within the business scale of financial institutions. A Blockchain-based ledger not only reduces the cost of transfer but also significantly speeds up the process by removing intermediate channels that information needs to pass to verify transactions … However, ensuring the integrity of the terms of support for each transaction is still beyond the ability of Upcoin because to ensure that the purchase process goes properly, our upc needs to be able not only facilitate the immediate payment but also ensures that buyers will always receive their purchase as described and the seller is paid promptly according to the agreement. Therefore, we will need to be supported by automatic activation smart contracts to fulfill the terms of commitment and protect both parties.
UpCommerce is located in the UpExchange ecosystem, which is a platform that inherits from the success of Uptraders and Expertfund. Our estimates for 2020, UpExchange will have more than 100,000 users, transactions of more than $ 400 million in digital money and are available in 20 countries. I think perhaps that will happen in the real economy, as well as in the crypto world. . I think perhaps that will happen in the real economy, as well as in the crypto world. In fact, with these market management rules, you will actually get a lot more innovation and so the cycle will continue.
View of E-commerce companies
Should E-commerce consider to accept Cryptocurrency for payment on their website? The answer to that question depends on the business itself, your customers and your volatility. The central benefit of Cryptocurrency – privacy – needs to be considered with potential costs and risks. In addition, other costs which need to be mentioned are the cost to fix errors in the transaction process. If the “uneditable” factor is considered to be the strong point of the blockchain network, this also bring the inadequacies to users such as: completed transactions cannot be edited, so nothing can be restored or refunded once the transaction which has been accepted by the network. Besides, there may exist inadequacies in the convenience of the transaction, this aspect is properly discussed by a few people, unless they have knowledge about technology and understand how to access, it is proved that using encryption is not easy. It’s not as simple as just details filling in the form and making payment transactions
All E-commerce companies should research Cryptocurrency and make a wise choice about whether to integrate them into their payment system. Unfortunately, this is not an easy task, because there is so much fluctuations occur around Cryptocurrency. Despite the hype, there is nothing to rush. This is not a departure train station where people need to jump in. Fluctuations, it is a wise choice to wait for the development of industry and technology to grow.
If you decide to test accepting payment by Cryptocurrency, the way you apply it depends on the needs of your business and the type of website you operate.
Another way is to set up hardware wallets and exchange accounts. Other way is to rely on a third-party processing system. There also have plugins available through some hosting services.
This is a paid-for submitted press release. CCN does not endorse, nor is responsible for any material included below and isn’t responsible for any damages or losses connected with any products or services mentioned in the press release. CCN urges readers to conduct their own research with due diligence into the company, product or service mentioned in the press release
