Cryptocurrencies in e-commerce

So, if you want to answer all these doubts, keep reading this article to know more about them. 

What are cryptocurrencies?

Cryptocurrencies are known as virtual currencies . Basically, it is a digital asset that enables safer transactions on the internet. 

These cryptocurrencies use cryptography so that transactions are validated and confirmed without the possibility of fraud . This is currently considered the safest payment method on several platforms.

It is worth mentioning that cryptocurrency is quite different from electronic money, as electronic money is centralized in some banking institution. The administration of cryptocurrencies is decentralized. That is, there is no financial institution behind it. 

How to use cryptocurrencies:

Cryptocurrencies revolutionized the world market, bringing a solution, especially for those who shop over the internet and seek more security. 

In 2017, the University of Cambridge estimated that around 5.8 million users who made e-commerce purchases used cryptocurrencies as a means of payment. 

In 2018, through market research, more than 12 thousand e-commerce companies were found that accepted cryptocurrencies as a form of payment . Number that has grown a lot since the appearance of Bitcoins, our pioneer cryptocurrency that has been in the market since 2009. 

This option for cryptocurrencies is exactly for the security of the transaction, as it is a decentralized system, there is no possibility of a cyber attack happening on all holders of cryptocurrencies at once. 

Therefore, the main difference between cryptocurrencies and electronic money is that money is centralized in a bank. So, if this intermediary gets hit by a hacker attack, all your customers could lose their investments. 

Cryptocurrencies accepted in the market:

The most accepted cryptocurrencies on the market today are: 

Bitcoin

This is the first cryptocurrency that has existed in the market for financial transactions. Launched in 2009 and revolutionized the electronic market and means of payment on the internet on various platforms. 

Ethereum

This is a decentralized platform that allows transactions and execution of contracts through payment in cryptocurrencies, giving the buyer the possibility to own what was acquired. 

However, its main difference from Bitcoins is the need for complete registration of users due to having contract signatures as a basis for transactions. 

Bitcoin Cash

This is the first cryptocurrency created from the fork of blockchain Bitcoin, it emerged from a debate on the growth of Bitcoin. 

It was created to bring 8 MB blocks, increasing the purchasing power of those who opted for cryptocurrency as a means of payment. 

The Bitcoin Cash was a new revolution in e-commerce, greatly facilitating transactions, enabling higher values of purchase and even safer. 

ripple

It belongs to the top ten groups selected by Market Cap . It is a private blockchain solution for global payments. Its proposal is to increase the speed of transactions on a global scale and reduce their costs. Its client portfolio includes large financial institutions such as UBS and Santander.

Each transaction needs to perform 0.00001 XRP. Once destroyed, the XRP will no longer exist. If users make many transactions (thousands per minute), this rate will increase as an anti-spam measure.

There is a lot of controversy around the coin because it does not require miners (it is a pre-mined coin, that is, they are already pre-issued in blocks according to their value) and the organizer has a large percentage of the coins (about 20% )