Digital Currencies, Bitcoin, and the Future of eCommerce

It was just over 10 years ago when online payment processors started popping up – SolidTrust Pay among the very first. In that time, we’ve watched online shopping and eCommerce go from boutique websites facilitating some small number of specialized or custom items, to a full-on emporium; the internet has rapidly become the world’s most popular bazaar. It’s important though to take a step back and realize that we are only right around the middle of this development, with plenty of change yet to come. It’s perfectly reasonable to predict that by the end of all this, the internet could be the only bazaar left.

Below we’re going to look at some of the trends and possible changes you can expect, whether you’re an online merchant or shopper. But first, we want to talk briefly about Bitcoin and where it fits into all of this. Many of our users will be familiar with Bitcoin, but for those who aren’t it’s simply a form of digital currency known as a cryptocurrency. Cryptocurrencies use cryptography to remain anonymous and secure; Bitcoin in particular uses a decentralized system to thwart corruption and certain types of fraud, as well as to maintain anonymity. The reason Bitcoin is important to this discussion is because it’s really the model for future digital currencies, or at least its model (the blockchain) will be the model for future digital currencies, having proven both secure and successful in most aspects. Future currencies will aim to operate like Bitcoin, using systems similar to the blockchain.

So, what constitutes Digital Currency?

Technically most money that is not physical is digital – so even the money stored on the computers at the bank is considered digital currency. However, that’s not quite what we mean when we talk about digital currency. A better example would be Russia’s Yandex.Money, a digital currency and payment processor which emerged in 2002, and has since been 75% purchased by Sberbank, which is in turn owned by Russia’s central bank. Yandex.Money is basically an eWallet where you can deposit funds and receive an amount of digital currency to spend online, and that’s basically what a digital currency is. The difference is that Yandex.Money is rapidly changing from a random digital currency to a national Russian currency, which leads us to our next point.

The Change is already here!

As noted recently by PayPal in their 10-year anniversary blog, “a couple of years ago, roughly 50% of money being exchanged was in the form of either cash or cheques. Today, that number has dropped to 40% and by the end of 2017, it’s predicted to drop even further to 25%. We are witnessing an obvious trend – physical money is digitizing.”

It’s not just online, but everywhere. People are using their debit/credit cards more than cash when they shop, and even Bitcoin is beginning to be accepted widely in ‘the real world’. Beyond 2017, there is no reason to assume this trend will slow down and by 2020 we might be operating almost entirely with digital currency instead of cash.

We mentioned above that Russia is already experimenting with their digital currency, Yandex.Money, but we didn’t mention that 24+ other governments around the world are doing the same thing. Canada, for example, ran simulations this year which explored the possibility of creating a version of its currency on the blockchain, and one third of Denmark already uses their smartphone to buy everything.

What does this mean for eCommerce?

As it’s getting easier to spend your digital currency in the real world, you might be wondering how this will affect eCommerce. You might even be worried that online shopping will decline in the face of Smart Cards and physical Amazon locations. In fact, many physical store locations are making great efforts to revitalize their models – doing things like offering yoga classes and wine menus to create a more fulfilling engagement and obviously increase their volume of customers. We’re here to tell you why, as an online merchant, you don’t need to worry about that – there is a reason they are making such an effort.

Causality is key. An important question to ask: is digital currency driving eCommerce, or is eCommerce driving digital currency? And the answer is undoubtedly neither/both. They are clearly evolving together, and in a non-zero-sum atmosphere, meaning that the success of one drives the success of the other, and vice-versa. We shop online more because it’s easier to do, but we’ve made it easier to do because of how much we love shopping online. It’s a two-way street, and with self-driving cars on the horizon we’re in for a much safer and more efficient experience on the road.  Additionally, with new and exciting methods of delivery popping up in the form of drones and self-driving technology to accommodate the eCommerce trend, and to close the gap between purchase and delivery, we think it’s safe to say that the online shopping industry will not only continue to grow, but perhaps one day eclipse and even replace traditional purchase methods altogether.


Verified Exchangers, Merchants and Bitcoin with SolidTrust Pay

When you’re spending, transferring or exchanging your money with a company online, what you really need is trust. At SolidTrust Pay, we’re dedicated to not only building that trust with our members and daily users, but to extending it to our verified exchangers, as well as the merchants who use our services. Whether you’re buying or selling online, exchanging currencies and Bitcoin, or simply trying to send money to a friend or family member — the safety and security of each online transaction is essential.

SolidTrust Pay inspects and verifies the legitimacy of each exchanger, merchant, and member we choose to work with. We don’t see this as simply following the rules set for online payment processors, but also as an opportunity to get to know our users and to build a strong and reliable network for them. Our network of trust allows us to operate more smoothly and efficiently, as well as minimize fraud and credit card chargebacks.

With that in mind, we’ve put together a list of our verified exchangers, which is kept up-to-date for your convenience and security. Likewise, any merchant who offers SolidTrust Pay as a payment option has been verified by us, and is regularly checked for legitimacy. Even our ordinary members are required to pass certain levels of identification verification before being allowed to make most transaction types. This all contributes to the level of assurance and reliability you can expect from us.

Some other benefits of becoming a member of our network include:

  • The easy facilitation of Bitcoin transfers and exchanges, allowing you to get your Bitcoin from your wallet, to your SolidTrust Pay account, to your bank account!
  • The ability for merchants to receive direct bank deposits, even from users who are not signed up for a SolidTrust Pay account!
  • And now even faster and more cost-efficient wire withdrawal options are available through Transpay, assuring you get your money where you need it, when you need it!
  • An innovative way for users to instantly verify their credit card and begin making transactions via our micro-verification process — without losing peace of mind.

If you’re interested in joining the network and becoming one of our verified exchangers or merchants, or simply using our services for your online shopping and ecommerce needs, don’t hesitate to reach out to us to learn more about what we can do for you!

For general support, you may contact us via our online ticket/live chat system, which is located at support.solidtrustpay.com.

Merchants can contact us for support via email through [email protected]