The Role of Cryptocurrencies in E-Commerce and Digital Payments: A Revolution in Progress

Business Tech Brief By HackerNoon

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The last decade has seen a meteoric rise in the integration of cryptocurrencies in various sectors of the economy, and the E-Commerce industry has not been left behind. As a digital, decentralized currency, cryptocurrencies provide a new way of conducting transactions over the internet. The digital payments landscape, which was once dominated by traditional financial systems like credit cards and online banking, is now witnessing an influx of blockchain-based cryptocurrencies. According to Global E-Commerce Statistics, the total value of global E-Commerce sales was $4.28 trillion in 20201, and a report by Juniper Research projects that the use of cryptocurrencies in E-Commerce will exceed $9.8 billion yearly by 20242. Cryptocurrencies offer not just an alternative, but a suite of benefits that address some of the pain points of conventional payment mechanisms, such as high fees, security concerns, and cross-border transaction complications.
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The last decade has seen a meteoric rise in the integration of cryptocurrencies in various sectors of the economy. As a digital, decentralized currency, cryptocurrencies provide a new way of conducting transactions over the internet. The growth of the E-Commerce industry, which has been bolstered by the proliferation of internet services globally, is complemented by the borderless nature of cryptocurrencies.