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The years 1994 and 1995 saw the first real push into the area of e-commerce, with the likes of eBay, Amazon and Craigslist all coming into existence.
No doubt that in the early days, these companies were mere cavemen to what they would become in later years, but with their births and subsequent growth, online sales became mainstream.
Today, buying almost everything through the internet has become such a part of most people’s daily lives that little thought is given to where things might be going but a revolution in virtual payment systems is sweeping through the world in the form of digital currencies, and the internet retail industry might just be the catalyst to making crypto go fully mainstream.
Today we will be taking a look at how online shopping might help to springboard the use of cryptocurrencies and exploring the benefits and challenges that are strewn along the way.
Where are we at with adoption
When Bitcoin first appeared on the scene back in 2008, it was nothing more than a wildly speculative idea only touted by high-level computer nerds who arguably knew nothing about finance.
Nothing much happened until a programmer in the US made a purchase of two pizzas for a cool 10,000 BTC.
By today’s standards, that would be one hell of an expensive meal, but back then it was a transaction worth just a few dollars.
Nonetheless, it marked the beginning of digital currency adoption.
While much has changed since then, with hundreds of new coins and tokens joining the party, mainstream adoption of crypto has still been fairly slow.
Regulators around the world are having regular fistfights over what exactly these new assets are and how to allow people to use them.
With scams still abounding, ‘trusted’ exchanges like FTX falling apart seemingly overnight, prices being ever volatile and the general public not always very clued up on digital wallets and all that, those pushing for more use of virtual cash are having an uphill struggle.
That is not to say that adoption isn’t slowly taking place. Many experts are now setting their sights on online shopping as a potential tour de force candidate to quicken the mainstream acceptance and use of virtual assets.
The synergy between e-commerce and cryptocurrencies
E-commerce platforms have become an integral part of the modern-day shopping experience and continue to expand exponentially and at pace.
Estimates put the global e-commerce market value at…
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