The way we do business has been transformed over the last few years. With the introduction of new technologies such as AI, blockchain, fintech and cryptocurrencies, everything is moving faster. Lately, there has been a focus on e-commerce. Not only because of the coronavirus pandemic but also because we’ve been seeing more and more buying and selling happening online. In the past decade, eCommerce been experiencing significant growth.
In 2017, eCommerce was responsible for around $2.3 trillion in sales, and it’s been rising since. The market is expected to hit $4.9 trillion by 2021. However, the growth of the industry is calling for different payment methods. In this article, we’ll have a look at how cryptocurrency can be integrated into the eCommerce industry.
Let us begin by understanding the term cryptocurrency. The first root word, crypto, is defined as a secret. While currency is defined as a system of money for a specific region or country. It can thus be representative of a hidden or secret system of money.