As the first cryptocurrency issued in India, GanderCoin (GAND) entered the market. The most secure, efficient, and user-friendly online method now used in society is GanderCoin (GAND), which is the leading example of an economic decentralised peer-to-peer network that does not rely on a central authority for financial transactions.
As India's first cryptocurrency, GanderCoin aims to revolutionise the payment system in the cryptocurrency sector. E-Commerce
Cryptocurrencies are rising in popularity in e-commerce for two obvious reasons. The first is that because they both live in the digital realm, they naturally go together. Given that an ecommerce platform is designed for online use, the addition of crypto capabilities makes sense for a customer base with an online presence. Whether you are a crypto king or just getting started, you may have thought about accepting Cryptocurrency payments for your e-commerce site at some point or another. All e-commerce store owners need to know about the process and concept of using cryptocurrencies for online transactions while considering the recent attention given to cryptocurrencies, blockchains, and NFTs.
Despite major volatility in cryptocurrency some of the big e-commerce platforms like WooCommerce, BigCommerce, Overstock.com and shopify supports crypto payments by crypto wallet. Gaming coins merge the highly popular fields of cryptocurrency and video games. Numerous online games utilise cryptocurrencies as the in-game money. The game's cryptocurrency can be used by players to buy characters and weapons. As players accomplish tasks, they can earn cryptocurrency in these games, which frequently employ a play-to-earn concept.
Similar to the abovementioned, Gander Coin intends to expand its utility by becoming a mode of payment on various e-commerce sites. The market's circulation of coins will grow as they are utilised for payment on various e-commerce platforms, which could have an impact on their pricing. When a giant e-commerce platform starts accepting payments in cryptocoin the price of that coin increases rapidly. As the price of Bitcoin and Ethereum increased rapidly when they are being accepted over different e-commerce platforms.
A new mode of transaction has been made possible by cryptocurrencies, giving online sellers a new payment method choice. In reality, a few big retailers, online stores, and payment processors have already started taking cryptocurrencies as payment.
Credit and debit card payments are less secure than cryptocurrency transactions. This is due to the fact that cryptocurrencies do not require external verification. When a customer uses cryptocurrency as payment, their information isn't kept in a centralised location where data breaches are frequent. Instead, their data is kept in their crypto wallet.
Additionally, since every transaction is verified and recorded in the blockchain general ledger, it is extremely challenging, if not impossible, to steal someone else's identity. What justifies the adoption of crypto payments by e-commerce. These are the some following key points which attracts the e-commerce platforms to accept the crypto payments-Lower transaction fees
Compared to traditional e-commerce, the cost of blockchain transactions is significantly cheaper. When businesses use Stripe or Square to process payments, they typically pay between 3 and 5% of each transaction, as opposed to the standard 1% fee for cryptocurrency transactions. So, theoretically, adding crypto payments to your e-commerce website should boost your revenue.
Around the world, there are an increasing number of people who own and use cryptocurrencies. Changing your platform so that users may pay with their cryptocurrency wallets may help you reach a wider audience and attract more new customers. If you implement cryptocurrency payments early on, you may be able to outpace your rivals and win the allegiance of this customer base before they do.
Blockchain technology significantly reduces the danger of fraud and cyberattacks since there is no central authority that may withdraw money from a person's account without that person's consent.Accepting cryptocurrency payments may enhance how the general public perceives your brand by decreasing the risk of these security breaches.
Along with many benefits, incorporating cryptocurrency payments into e-commerce carries many risks. Online payment processes would need to undergo institutional adjustments, and centralised control mechanisms would need to be replaced. Before we consider such a radical change, it is crucial to understand some of the potential negatives of cryptocurrencies.
Because of their market values' well-known volatility, cryptocurrencies are much less dependable than fiat money. Both firms and customers have trouble with this unpredictability. Imagine that a customer purchases a good or service for a certain amount of money and then decides they want to return it a month later. The coin's value has substantially increased or dropped over this period. How much money would the vendor have to give the customer back if the price of x coins was no longer in accordance with the new market value?
Undoubtedly, there is still a lack of public faith in cryptocurrency, in part due to the difficulty of accessing the technical systems that support them as well as media scepticism. Regardless of the source of the scepticism, adopting cryptocurrency payments won't immediately unlock a big, untapped consumer market.
For cryptocurrencies, sustainability is a big problem, especially now that climate change is a popular concern. A substantial quantity of energy is required for cryptocurrency mining in order to produce cryptocoins. The energy use is so great, according to CNBC, that bitcoin mining uses even more electricity annually than many nations, including the Netherlands. And there are thousands of other cryptocurrencies than this one.
It would not be surprising to see additional rules imposed upon cryptocurrency mining, given that nations like China currently prohibit the practice, as carbon and energy tariffs become more common.
There are clearly several obstacles in the way of cryptocurrencies becoming widely used in e-commerce. However, it also has the ability to streamline and completely revolutionise the online payment process. Whether or not you are sold on the concept of allowing cryptocurrency payments on your e-commerce site, be sure to stay current with this development and be prepared to change your strategy at any time.
Author - Akhilesh Kumar