Cryptocurrency

The Integration of Online Market Industry and Cryptocurrencies

Millennials are tech lovers!!! We won’t be exaggerating if we say so, as the modern era belongs to efficient and innovative technological solutions that have the potential to match-up to the fast pacing speed of our daily routine lives. The urge to become more digitalized has given birth to an array of new products, technologies, and solutions. Where in earlier days, people used to spend hours in markets to purchase their favorite products, the development of the gigantic online market industry has now made everything accessible at the tap of a single click. Interestingly, e-marketplace has evolved as one of the most prominent establishments of modern times, which has flourished as one of the most significant and reliable business solutions.

Today, the online space enriches the customers with a golden opportunity to catch hold of anything and everything while goofing around on their couch. The wide range of offerings provided at affordable rates and with amazing discounts often compels people to invest their funds in these markets. The online marketplace allows users to make payments through credit and debit cards as well as gives them a chance to settle payments with the cash on delivery option. Some of the biggest e-marketplaces include Amazon, Flipkart, eBay, Ziwame, etc.

With the growing popularity of cryptocurrencies, a majority of the global population sees it as a prominent substitute to the traditional mode of payment mechanisms. People from around the world are anxiously waiting for the highly anticipated integration of cryptocurrencies and online marketplaces. Despite marking the entry in a wide range of industrial domains, cryptocurrencies still remain a far-fetched dream for online shoppers as the industry seems skeptical about the inclusion of virtual currencies. Amazon, which takes pride in being the world’s largest retailer, has not given any hint for adopting cryptocurrencies as a payment settlement method. Though, critics from the industry opine that Amazon can trigger the popularity of cryptocurrencies if it agrees to accept them for payments worldwide.

One of the prime reasons for Amazon not accepting Bitcoin is its CEO Jeff Bezos’s unlikeliness for the digital currency. The rumors suggest that the anonymity and the lack of regulatory control over cryptocurrencies restrain Jeff from showing trust on them. Also, some reports opine that Amazon is likely to roll out its native digital currency in the future and is so not willing to open doors for its potential future competitor.

Some popular solutions that help users to pay for their stuff using cryptocurrencies, albeit indirectly, are mentioned below. Have a look:

  1. Moon Browser

Established by a team of three dedicated individuals who were adamant about reaping the benefits of the crypto domain, the Moon browser extension is a path-breaking technological product that eases out the payment burden on the Amazon users. It helps people to pay for their Amazon purchases using Bitcoin via the Lightning Network, Litecoin, Ether, or Bitcoin. After the successful installation of the Moon browser extension, the network automatically identifies when the user is on an Amazon checkout page and inserts its payment widget thereon. One can see how much they are paying in cryptos before accepting the transaction. It allows users to pay with any Bitcoin wallet that works on top of the Lightning Network. The extension employs prepaid value on Amazon and so when payment is made with Moon, it automatically converts the cryptocurrencies, tops up the user’s Amazon account, and clears the dues with the Amazon balance. Also, it doesn’t charge any extra fees from the customers making it a hot-shot solution for many shoppers.

  1. Spectrocoin

Spectrocoin helps users to purchase gift coins using Bitcoin as Amazon doesn’t accept Bitcoin, but it does accept gift cards. All you need is to open a Spectrocoin account and fill it with Bitcoin. From the Amazon store on the app, one can purchase a gift card. On the verification of the transaction, the customers receive their voucher cards, which can be later used for purchasing products on Amazon.

  1. Paybis

Paybis allows users to purchase Amazon gift cards using Bitcoin which can be used for purchasing products on the e-commerce platform. The customers require a Paybis account to start purchasing the gift card for Amazon purchases.

  1. Gyft

The platform aids customers to make payments for purchases made on the Amazon app using the gift cards available on the Gyft app. One can use BTC to purchase Gyft gift cards.

  1. Bitrefill

Bitrefill helps customers to buy gift cards using Bitcoin and other altcoins. These gift cards can be used to pay for the orders placed on the Amazon app by the customers.

Another major platform that can help the investors to earn lucrative profits through Bitcoin trading is
Bitcoin Superstar. The revolutionary platform helps people to earn automated income of thousands per
day for beginners as well as professional traders. The solution boasts of an accuracy of 99.4% and gives a
fair chance to the people to triple and quadruple their funds in a simplified and quick manner. The firm
has been bestowed upon with the title of the number 1 app in the trading software category by the UK
Trading Association.

Conclusion

The scope of the online marketplace is vast and it has the potential to pool in enormous profits for the investors in no time. With the unique features offered by the cryptocurrencies to the financial space, people from around the world have started accepting them as a prominent mode of payment settlement. Unlikely, cryptocurrencies have failed to mark a presence in the e-commerce industry owing to the legal uncertainty hovering over the virtual currency domain. However, now, business entities are exploring cryptocurrencies and it is possible that soon we will be able to pay for our purchases on e-commerce sites using cryptocurrencies.

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Scott Cook

Scott Cook got into crypto world since 2010. He has worked as a news writer for three years in some of the foremost publications. He recently joined our team as a crypto news writer. He regularly contributes latest happenings of crypto industry. In addition to that, he is very good at technical analysis.

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