How e-commerce businesses can leverage Bitcoin as a payment method

Bitcoin has been the flagship of the global crypto market for over a decade now. As the adoption of crypto in mainstream industries continues to grow, many are left wondering just how far BTC can go and is it too late to invest in Bitcoin?

One thing is for certain - Bitcoin’s popularity is growing, as is its market price. While traditional big businesses have been relatively slow to adapt to changing market dynamics, e-commerce businesses have been anything but. 

Some notable major e-commerce players have already adopted Bitcoin as a payment method, and the number of such companies is growing year after year. 

What are the implications of this rapid mainstream of Bitcoin and is the pace expected to slow or accelerate further in the coming years? - These are all valid questions and the answers to them largely depend on the health and stability of the global financial system, as well as the cryptocurrency regulatory regimes present in some of the world’s largest economies. 

Notable e-commerce companies that accept Bitcoin 

An estimated number of over 15,000 businesses around the world accept Bitcoin as a method of payment, which includes some of the largest and most popular e-commerce firms, such as:

• Microsoft - The tech giant has been accepting BTC payments since 2014 and users can buy a wide range of Microsoft services using the currency, including the flagship Windows OS

• Newegg - The consumer tech e-commerce company Newegg allows clients to buy a wide range of PC parts, gadgets, and related products with Bitcoin 

• Overstock - Online furniture outlet Overstock allows clients to buy any piece of furniture and decor using Bitcoin from the official online store 

• Twitch - The streaming giant Twitch allows subscriptions and donations to be made using BTC 

• Gyft - Online gift card shop Gyft allows customers to buy gift cards from some of the largest retailers in the United States and pay in Bitcoin 

• Shopify - Shopify vendors can pay for all of its e-commerce services via BTC

• PayPal - PayPal now allows its users to buy and sell BTC and other cryptocurrencies via their PayPal accounts 

This is only a small list of some of the largest companies in the United States that accept BTC as a valid payment method. This makes it easier for consumers to buy their products and services, as crypto transactions are instantaneous and convenient, which also increases the appeal for these e-commerce companies.

Another underrated reason for why so many e-commerce companies accept Bitcoin is the ability to hold the currency as an appreciating asset, leading to even higher returns than the profit margins generated by selling products and services for BTC. 

Can e-commerce drive the growth in the price of Bitcoin?

As the global e-commerce market grows and more and more online businesses keep adopting Bitcoin as a payment method, the price of Bitcoin is likely to continue growing.

However, this depends on a sustainable pace of growth in demand for BTC transactions, which is unlikely to continue in a linear fashion. 

The adoption of Bitcoin ETFs can also be a significant tailwind for the crypto industry as a whole - further pushing Bitcoin into the mainstream limelight. 

Bitcoin holds a unique position on the global market - as both a store of value and method of exchange, which further boosts global demand for the currency and drives its price upward. 

E-commerce businesses are well aware of its prospects, which is why the adoption of BTC has been accelerating in recent years. 

What are the advantages of using Bitcoin as a payment method?

For e-commerce companies, accepting Bitcoin as a payment method comes with a few notable advantages for these businesses, such as:

• Low transaction fees - Bitcoin transactions typically have lower fees compared to traditional payment methods like credit cards or bank transfers, which can be a cost-saving tool for e-commerce businesses 

• Fast processing - Bitcoin transactions can be processed more quickly compared to traditional payment methods, especially for international transactions, which can take several days to clear through banks

• Global access - Bitcoin transactions are border-free, which means that e-commerce companies can accept BTC payments from anywhere in the world 

• No chargebacks - Bitcoin transactions are irreversible, meaning once a payment is made, it cannot be reversed. This eliminates the risk of chargebacks, which are common with credit card payments and can result in losses for merchants due to fraudulent claims

These are only a handful of advantages of accepting BTC payments for e-commerce companies, which is why the adoption of Bitcoin has been growing exponentially over the past few years. 

Growth opportunities in e-commerce and the role of Bitcoin

The rise of blockchain in e-commerce has greatly affected how these companies interact with the cryptocurrency market as a whole. 

The global e-commerce market is a rapidly growing one, with some estimates expecting it to reach a size of $47.7 trillion by 2030. 

This creates a major potential tailwind for Bitcoin, as more and more e-commerce companies get onboard with crypto adoption and the gross volume of transactions made in BTC continues to increase. 

Bitcoin payments are fast, reliable, and quite easy to implement for e-commerce companies, which adds a layer of convenience for crypto enthusiasts to easily access essential products and services without having to convert their funds into fiat currency. 

The number of total Bitcoin transactions has increased considerably over the past year - growing from 804 to 965 million over the course of a 12-month period. 

This gives e-commerce companies clear incentives to go through with the adoption of Bitcoin as a payment method and many white label financial companies offer integration services.