Growing use of Bitcoin in e-Commerce and Trade Points to a Great Future
Bitcoin cryptocurrency is regulated differently around the world, depending on government policies or court decisions. Several private companies are also getting into the act by defining how the currency can be used to pay for goods and services. BigCommerce is a leading global concern pushing for the acceptance of Bitcoin on eCommerce site eBay. According to a new report published by Coin Telegraph, BigCommerce has signed an agreement with eBay to expose over 160 million active buyers to Bitcoin. Although the digital currency yet to be fully accepted by eBay as a form of payment, the move by BigCommerce is informed by the growing popularity of the digital currency and company’s incessant push to promote Bitcoin.
BigCommerce also sees Bitcoin as a relatively safe means of payment in the global marketplace. The announcement between eBay and BigCommerce saw the integration plan begin on November 11. BigCommerce merchants will now have the opportunity to pick products from the company’s catalog and offer them for sale at eBay without going through the tedious third-party apps. The newly unveiled, cost efficient platform combines the app ecosystem and an open architecture to scale and leverage online sales. The integration will also allow merchants to use the advanced centralized order processing and inventory management system to sell products simultaneously at BigCommerce and eBay.
BigCommerce boasts a wide portfolio of clients, who include 50,000 small and medium size enterprises, 10 Fortune 1,000 companies, 2,000 plus mid-market businesses and 17 internet retailers. The company CEO, Mr. Brent Belm augured that the unified integration will make it easy for retailers to tap into the larger eBay customer base, in a move to boost sales. The platform will also allow traders to enjoy the benefits of economies of scale by minimizing operational complexity and technical glitches. Besides promoting the use of Bitcoin, BigCommerce also encourages the use of Apple Pay, PayPal and Credit and Debit, among other forms of payments. In related news, the use of Bitcoin around the world continues to grow as various economies look for the strategies to tap into the digital currency phenomenon.
According to a list published by Bitcoin.com in late March 2016, the top 5 Bitcoin friendly countries were listed as Estonia, United States, Sweden, Denmark and South Korea. In Estonia, the wide acceptance of Bitcoin stems from the country’s willingness to embrace technology at different levels of governance and business. The Baltic nation is already home to several Bitcoin startups and ATM machines. One of the leading peer-2-peer startups in the country is Paxful. The company is focused on buying and selling Bitcoin in exchange for services. In the United States, the presence of the Silicon Valley and a large financial services sector has bolstered the use of Bitcoin in trading. The country is also home to the highest concentration of Bitcoin cryptocurrency users, Bitcoin ATM’s, and block chain startups.
LocalBitcoins is one of the preeminent peer-2-peer Bitcoin trading companies in the US. South Korea with its tech savvy populace and economy was quick to embrace Bitcoin as a means of exchange and investment. This development is attributed to a number of factors, including high penetration of Smartphone’s and corresponding mode of payment and lack of laws regulating the use of the Bitcoin. The existing business environment in the country has led to a rise in the number of Bitcoin related startups and retail stores accepting the digital currency, prominent among them the 7 Eleven stores. The other countries that rank high in the use of Bitcoin around the world include the Netherlands, the UK, Canada, Australia and Finland.