The basic idea of e-commerce and electronic work in general is a product of the development of communication systems, where e-commerce appeared for the first time in the nineties of the last century after the use of the Internet expanded greatly.
The remarkable growth in electronic currency trading contributed greatly to the formation of a need for a different type of money, perhaps virtual currencies, which can be used as a means of payment.
Advantages of cryptocurrency
1- Safe and secure payment method
With the growing concern of credit card fraud and fraud, many online sellers have begun to dismiss the business opportunities that come to them from the Internet. These types of fraud are common on the Internet during international transactions, which has led brands to refuse to accept international payments.
With the emergence of a new digital process such as Bitcoin, the process cannot be undone or canceled once it has started. In this way, the risk of fraud is virtually zero, which encourages merchants to accept international transactions with confidence.
2- Direct without an intermediary
The new type of payment is based on a very important principle, which is that there is no central institution controlling the data of merchants on the Internet, which gives sellers complete independence and freedom to offer what they want for sale. On the flip side, however, it is nearly impossible to prevent a malicious store from selling or services deemed illegal.
3- A source of innovation
There is no doubt that digital currencies have their risks and mistakes as well, are limited and can be stolen. Nevertheless, the idea of currency in itself is very inspiring and encouraging for innovation, especially for entrepreneurs and entrepreneurs. Cryptocurrencies are viewed as an open source and field for programming. This means that the model can be developed by any person or entity for future uses, services and products.
4- Programmed money
Cryptocurrencies offer new options that were not previously available with old or traditional currencies. They can be used to automatically guarantee land ownership, smart devices and contracts for the purchase of various kinds of products. The options seem unlimited with so many uses that can change the world that internet users have always dreamed of. However, it is worth noting that this field of work and development is still under test.
5- High availability
The world now has about 2.2 billion people who have an Internet connection through a smartphone or computer and do not have access to any of the electronic payment methods. These individuals are ideal targets for the cryptocurrency market. In Kenya, for example, the phone money transfer and microfinance system announced a Bitcoin device that would give one in three Kenyans an active Bitcoin wallet.
6- A system recognized at the global level
Cryptocurrencies are not limited to a specific conversion level, transfer fees, interest, or any other expenses applicable in the countries of the world. So it can be used internationally internationally without any problem. This, of course, saves business owners a lot of time, money and effort wasted in the process of transferring money from one country to another. Cryptocurrencies operate on an international level, which makes any transfer process very easy.
Given these mentioned advantages, a large number of popular merchants can use Bitcoin and other digital currencies to make purchases and payments electronically. The level of usage is expected to expand in the near future. With the increasing popularity and popularity of these methods, transactions on the Internet will become easier, faster and more comfortable, less expensive, and above all, more secure. This does not mean that the world of cryptocurrency is 100 percent secure, there are still many unresolved issues that need to be explored and resolved. But when uncleared, it will certainly be like radio and television, and its use will expand greatly among people, changing the shape of the world forever.
However, there are still some factors that impede the growth of the virtual currency and its control over electronic payments, such as the difficulty of communicating the principle of the currency itself to the end customers. In addition, it is still circulating that there is a strong link between Bitcoin, criminal operations, illegal deals and money laundering operations, which will prevent its growth for a while.