A few years ago, many people started to learn about blockchain technology and cryptocurrencies. Since then, there has been huge progress in the implementation of this technology in many sectors. New cryptocurrencies have been born and some of them have increased their value so much that the incorporation of cryptocurrencies in different countries has accelerated. Kimberly Rosales, founder, and CEO of ChainMyne and expert in the cryptocurrency space, provides detailed information on how retail is undergoing a transformation thanks to the rise of cryptocurrencies.

First, there is the business opportunity. Recent months have seen a small increase in the number of eCommerce platforms already incorporating cryptocurrencies. And many others are targeting it in 2021. Every day more and more people believe in a universal virtual currency and are already using it as a means of payment for transactions of goods and/or services. Most eCommerce software already has the integration to incorporate virtual currency payments.

Rosales explains, “The relationship between digital commerce and cryptocurrencies is natural. Both exist side by side within the same framework, providing consumers with solutions that traditional commerce and finance cannot achieve.”

Transactions are fast, secure, and irreversible. And most interestingly, they are real-time transactions at no cost or with very low commissions and without intermediaries. Blockchain technology allows transparency of all transactions and is prepared to guarantee security.

The combination of digital currencies makes it impossible to counterfeit. An encrypted, decentralized system that allows the virtual money does not reach the seller until the buyer verifies the conditions of the purchase. And finally, another great advantage, the protection of the identity of customers. There is no access to users’ banking information.

There are more than 1,500 digital currencies in the world. The incorporation of cryptocurrencies as a form of payment can help convert leads into customers, with the goal of building loyalty and achieving a unique user experience. However, consumers have to be careful. “It must be understood that the possible loss of cryptocurrencies due to misplaced wallets is an inconvenience that affects both buyers and sellers. In any case, cryptocurrencies with triple key security are being born,” adds Rosales.

There are now several solutions available to facilitate the secure use of cryptocurrency to make purchases online. Bitpay, a cryptocurrency payments solution provider, is available in 38 countries. It offers to receive payments in various cryptocurrencies directly to your bank account, settling in dollars, euros, pounds and other currencies within 48 hours, and without risk or price volatility. BitPay integrations work out of the box, with no development required on platforms like Magento 1, Magento 2, PrestaShop, OpenCart, Drupal, WooCommerce, Shopify and others.

There is also CoinGate. For PrestaShop 1.7, there are CoinGate modules. CoinGate payment gateway can be implemented in any type of eCommerce software by installing the modules in a few clicks. The CoinGate API is customizable and allows designing the CTA (call to action) button. The platform enables the buyer to pay in various cryptocurrencies, generating a payment invoice in which the price is calculated in the cryptocurrency selected by the customer.

The possibility of generating automated and scheduled crypto invoices to your contact list and being able to request payments through a link or email is one of the services offered by CoinGate if you have an active profile. And finally, there is GoCoin, with its simple registration and API solutions for most eCommerce platforms. It accepts cryptocurrencies such as Bitcoin, Bitcoin Cash, Litecoin, and Ethereum, with a 1% transaction fee.

eCommerce is now ready to accept cryptocurrencies. In the coming months, we will see if users are already confident enough to use this new payment method.