There is no doubt that ecommerce has boomed in recent years thanks in part to the ubiquity of smartphones and a major growth spurt caused by the pandemic forcing everyone to move online.
However, there are still many potential improvements that could be made to the ecommerce experience, and cryptocurrency is one area that has the potential to make a big difference.
Jakub Lenski, an ecommerce entrepreneur and founder of ecompilot.com believes that cryptocurrency like Bitcoin or Ethereum could potentially improve the transaction process for ecommerce, making it simpler and more efficient.
Cryptocurrencies have been mainly used to gain anonymity and to remove the middleman from the transaction process. I believe there are many other benefits to cryptocurrencies that will aid in improving worldwide transaction processes. One major factor that would improve efficiency would be the adoption of a single cryptocurrency which would mean that currency conversion fees and international payment/wiring times would be removed from the equation.
The original purpose of cryptocurrencies was to provide a utility for conducting transactions online. This is still the primary use case for cryptocurrencies today. In recent years, however, there has been increasing interest in using cryptocurrencies as an asset class for trading and investment. This is due in part to the volatility of the cryptocurrency markets and the potential for high returns.
However, it is important to remember that cryptocurrencies still have a strong utility purpose. This is seen in the recent developments with Ethereum 2.0 and the institutional adoption of cryptocurrencies by partnerships such as Blackrock and Coinbase.
As more and more people begin to trade cryptocurrencies, we will see a corresponding increase in the number of ways in which they are used. This is likely to lead to improvements not only in commerce but also in many different processes and systems globally spanning all industries.
