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The growth of online commerce

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According to a study by statist, the total sales generated through online commerce during 2020 is expected to correspond to 16%. Although this percentage is expected to rise to 22% by 2023, these numbers could increase due to the current situation with COVID-19. Several companies are migrating to the digital world, making online businesses increasingly important.

Traditional payment methods are less and less used in our day to day because people are looking for cheaper, faster and safer alternatives to carry out their transactions. This has resulted in customers using other options such as credit or debit cards and, more recently, cryptocurrencies.

Despite initial skepticism, crypto payments have gained in popularity in recent years due to all the advantages they offer their users.

Growth of online trading with Cryptocurrencies

To receive or send payments with cryptocurrencies, it is necessary to have a crypto wallet, which has a personal alphanumeric key that works as an address to make payments. After a transaction has been issued, it is validated by the node system and added to the public ledger. This means that all transactions are public, but the identity of the person who made them remains anonymous.

As with FIAT money, the crypto world has various types of currencies. The value of each currency is established by the supply and demand of each market. This means that, as long as the currency works well, its price will be higher and, if it is not working well, the price in the market will fall. This is one of the main advantages of cryptocurrencies, since having a decentralized system helps its stability.

Another example of the constant growth of crypto payments is ATMs where people can buy cryptocurrencies with FIAT money or debit cards.

There are currently an estimated 6,700 active crypto ATMs around the world. and this amount is expected to increase in the coming years. Companies are noticing the benefits of these methods in commerce, which is generating that several companies are beginning to work with platforms that allow making payments with cryptocurrencies.

Cryptocurrencies: Use cases of online businesses

An example of this is Amazon. Although the company does not yet accept direct payments with cryptocurrencies, they are already working with platforms that facilitate these types of payments. On these platforms you can buy gift cards, which are later exchanged on Amazon, paying with crypto.

Another company that is also starting to adopt platforms from the crypto world is Alibaba. The Chinese company recently adopted a blockchain system to make tracking its assets as transparent as possible. Thanks to this system, consumers could learn in detail the logistics involved in the products they buy.

Finally, there is also the platform bitfoliex which allows you to create a user and obtain a crypto wallet to make or receive crypto payments. Platforms like this are important to digital commerce, as it allows its users to transact from FIAT to crypto, from crypto to FIAT and from crypto to crypto. Some of the cryptocurrencies that bitfoliex works with are: Bitcoin, Bitcoin Cash, Ethereum, Stellar Lumens and Traxalt.

Online commerce will be an important part of the economy in the near future due to the recent digital migration. This is why more and more companies are adopting these types of payments and facilitating the buying and selling process for their consumers.

The growth of online commerce is a reality year after year. Now the big question is: What role will cryptocurrencies play in the sector?

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