This past weekend at the Market America Worldwide International Convention, Shop.com’s President Steve Ashley announced that the platform will accept Bitcoin and other cryptocurrencies via Bitpay.
Bitcoin, altcoins, and five stablecoins to shop on Shop.com
Currently, users can purchase products on the site via Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE) and Litecoin (LTC), but also via five stablecoins pegged to the US dollar.
The new means of payment will be available in countries where Market America operates, which is a global brokerage company for products and marketing that has owned the e-commerce site since 2010.
SHOP.COM is a fairly popular e-commerce web portal that allows users to compare offers by showing them the most complete shopping experience possible. It offers a variety of tools and expert advice to help users make informed buying decisions and find the best product for their needs by bringing together the best brands and shops.
Bitpay and the partnership with Shop.com
The partnership with Bitpay and the implementation of this payment tool will facilitate purchases in countries such as Taiwan, Thailand or Argentina, where not everyone has a credit card and crypto is the cheapest and fastest payment option.
The website also specifies that Shop.com customers can earn cashback on thousands of products with Bitpay.
Bitpay is a crypto payment service provider that creates tools based on blockchain technology to transform the way businesses and people send, receive and store virtual currencies around the world. BitPay charges a fixed 1% commission for transactions and includes protection from price volatility.
E-commerce and cryptocurrencies complement each other as they share the same home and both appeal to users who for different reasons prefer online shopping. It is an additional option for those looking for a fast and more convenient way to pay for goods and services.
In order to make a payment in Bitcoin, it is necessary to take advantage of an advanced wallet or rely on a third-party payment processor that, whatever transaction we decide to make, converts the value from Bitcoin to Euro in real-time, so that we can actually use the cryptocurrency on any site that accepts MasterCard prepaid credit cards.
We can see several advantages to using cryptocurrencies for online payments. For example, unlike credit card systems that can take several days to process, cryptocurrencies are processed immediately.
In contrast, one of the most significant disadvantages is the high volatility of Bitcoin’s value, so small operations, trades or speculative activities could significantly change the price.
It is worth mentioning that PayPal, as well as other platforms and payment service providers, already obtained a “bitlicense” from the New York State Department of Financial Services a year ago, allowing its users to buy and sell products via cryptocurrencies in a safe and easy way.