Last weekend at the Market America Worldwide International Convention, Shop.com President Steve Ashley announced that the platform will accept Bitcoin (BTC) and other cryptocurrencies through Bitpay.
Bitcoin, altcoins, and five stablecoins to buy on Shop.com
Currently, users can purchase products on the site through Bitcoin (BTC), Bitcoin Cash (BCH), Ether (ETH), Wrapped Bitcoin (WBTC), Dogecoin (DOGE), and Litecoin (LTC), but also through five stable coins pegged to the US dollar.
The new means of payment will be available in the countries where it operates Market America, which is a global product brokerage and marketing company that has owned the e-commerce site since 2010.
SHOP.COM is a popular e-commerce web portal that allows users to compare offers by showing them the most comprehensive shopping experience possible. Offers a variety of tools and expert advice to help users make informed purchasing decisions and find the best product for your needs by gathering the best brands and stores.
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 customers of Shop.com they can earn rebates 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 individuals send, receive and store virtual currencies around the world. BitPay charges one commission fixed 1% for transactions and includes protection against price volatility.
E-commerce and cryptocurrencies complement each other since they share the same household and both attract users who for different reasons prefer online shopping. It is an additional option for those looking a faster and more convenient way to pay for goods and services.
To perform a payment in bitcoin, it is necessary to take advantage of an advanced wallet or to trust a third-party payment processor that, whatever transaction we decide to make, converts the value of Bitcoin to Euro in real time, so that we can really use the cryptocurrency anywhere accept prepaid credit cards MasterCard.
We can see various advantages of using cryptocurrencies for online payments. For example, unlike credit card systems that can take several days to process, cryptocurrencies are processed immediately.
On the contrary, one of the most important disadvantages is the high volatility of the value of Bitcoin, so small operations, exchanges 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 year ago a "Bitlicense" of the New York State Department of Financial Services, which allows its users to buy and sell products through cryptocurrencies safely and easily.