Bitcoin's popularity increased in 2020 and 2021 as a result of rising prices, but it was still not the most traded cryptocurrency on online exchanges, according to current figures. Tether, a considerably less well-known cryptocurrency, took the top spot, ahead of Bitcoin, based on 24-hour trading volume. When compared to a market cap league table of more than 100 cryptocurrencies, including ones for DeFi, NFT, and stablecoins, this is a very different result. The two virtual coins were the only ones to surpass $100 billion in value, with Ethereum trailing by almost half a billion dollars.

There are a number of reasons why digital currencies and blockchain-based solutions are ideal for online business. The first is a matter of safety. One of the pitfalls of shopping online is that credit cards were not designed for internet use. Attempts to establish credit cards are a thing of the past. The first mention of something similar can be found in the nineteenth century. They were real by 1958. The BankAmerica card was likely the first of its kind, operating in much the same way as they do now. We're talking about 60-year-old technology here. You'll have to divulge your personal information on the Internet if you want to use your credit card online. There's no getting around it. Even if you use a service like PayPal to protect yourself (more on that later), it must still be there.

With digital currency, this is not the case. Then there's everything else you can do with the blockchain. We nearly completely eliminate intermediaries from the equation by ensuring the security and transparency of all transactions through technological means. There were no banks, no agents, no nothing. That means no wire transfer fees, no border crossing fees, no exchange rates, and none of the other absurd costs that regular payments entail. Even better, because banks don't have to hold your hand, transfers are lightning fast.

Crypto In The Mainstream

It took a long time for mass adoption to become a worldwide phenomenon, but we've reached that point. For the first time, the number of projected wallets in use surpassed 100 million as of February this yeary. It appeared to be a symbolic turning point, but that isn't the sole sign of actual adoption. E-Commerce is a far superior metric.

A great example of companies accepting cryptocurrency is Tesla. Tesla is the most valuable automobile company in the world, with a revenue of $35 billion in 2020. They now accept Bitcoin as a form of payment. They aren't, however, the only ones. Digital currencies are already accepted as payment by everyone from Burger King to Wikipedia, Microsoft to Alternative Airlines. It's not just a few brands, though. Until 2025, digital currency adoption in ecommerce is predicted to grow at a 35 percent compound annual growth rate (CAGR).

Centric
Centric Centric

Centric, a cutting-edge cryptocurrency with a decentralized protocol, is currently working on CenPay, a native payment gateway. Businesses that want to provide their clients with a flawless transaction should use this payment method. Because CenPay is connected into existing POS systems, businesses will profit from the customized solutions. Businesses using Shopify, BigCommerce, WooCommerce, and other platforms can use the system.

Centric was created with the goal of eventually replacing fiat currencies. Blockchain technology will make the world more transparent, and they feel that Centric's novel approach to long-term adoption sets it distinct from other cryptocurrencies. The most significant impediment to widespread adoption of cryptocurrencies, according to Centric, is price volatility. Unlike fiat currencies, cryptocurrency does not have a central bank to enact monetary policy aimed at maintaining purchasing power. As a result, enormous price variations result from changes in demand. Most existing cryptocurrencies are now little more than stocks or commodities, valued based on psychology, traded on uncontrolled stock markets, and vulnerable to manipulation because of the decentralized approach of price discovery. Because volatility carries a premium, the absence of price stability has impeded the formation of credit and debt markets. While the rest of the industry is focused on transaction throughput and smart contracts, Centric is focusing on pricing stability in order to fulfill the economic potential of the blockchain.

Benefits of Accepting Cryptocurrency

Cryptocurrency and the technology that underpins it are clearly gaining popularity in the ecommerce business, and at a rapid pace. But what are the advantages of accepting this kind of payment on your website?

Transactions that are completed quickly

Traditional transactions can be slow, but blockchain technology allows for faster, more direct transactions, which can enhance your company's cash flow. For consumers, the rapid processing of cryptocurrencies allows items to be sent immediately, which is ideal for meeting the growing demand for fast delivery.

Market development

Embracing cryptocurrency transactions could broaden your target demographic and bring in more new customers. Additionally, for businesses trying to expand internationally, cryptocurrencies can make international transactions simpler, cheaper, and faster.

Enhanced security

Cryptocurrencies are difficult to steal and counterfeit due to their extensive encryption, which decreases the risk of fraud in digital transactions.

Reduced fees

Third-party service fees for various cryptocurrencies have been drastically decreased, which is good news for ecommerce retailers and the additional transaction fees they frequently incur when using credit cards and other payment methods. Lower transaction costs can aid in the profitability of your company.

Data that is cleaner

Both transactional and customer data may be kept cleaner with blockchain technology. This improved precision is critical for merchants' marketing efforts, as it allows for more precise targeting and avoids wasting money.

A better user experience

When you accept cryptocurrencies as a payment method on your ecommerce site, you provide your customers more options throughout the checkout process. This flexibility allows customers to pay however they wish, resulting in a better overall buying experience and higher conversion rates and lower cart abandonment.

Final Thought

Cryptocurrency could be the answer for ecommerce retailers trying to grow their market share while also providing their customers with a faster and more convenient option to pay for goods and services. Although some individuals are skeptical about cryptocurrency's general adoption and the influence it may have on ecommerce, indicators from the retail industry indicate that it is becoming more accepted and used.