The Prevalence of Digital Currency in E-commerce: A Case Study

Abstract

Over the previous decade, cryptocurrency, along with the current trend of digital wallets, has gained popularity as a cashless, more convenient, and fast payment option for doing ecommerce transactions. In both public and private sector computer applications, blockchain (a popular cryptocurrency technology) promises to be hugely disruptive and liberating. Blockchain provides a consensus record with an encrypted audit trail that can be maintained and validated by different nodes as a mechanism to rank transactions in a distributed ledger. The use of blockchain and bitcoin as an alternative payment system has been unquestionably broad, not just in e-commerce but also in other areas of finance. Major businesses who adopted cryptocurrency have benefited from the boom, but there is a risk of value depreciation because cryptocurrency is notoriously volatile. While bitcoin enables for anonymous purchases via encrypted wallet addresses, it's essentially the same as carrying about unmarked cash. This allows your customers to purchase things without exposing their personal information, and it allows you to conduct business without fear of violating any privacy laws. Crypto payments, on the other hand, come with no user protections or redress, akin to the security vulnerabilities that can arise with a wire transfer.