The Three Major Benefits of Decentralised Commerce

Crypto has turned from a “developers only” community to one of the most talked-about topics in finance and commerce today. With JP Morgan opening the first bank in the Metaverse and Microsoft/PayPal/eBay/Apple/(basically any large company jumping on this bandwagon) launching their new crypto feature: it seems that there will be no escaping this crypto wave. But why? And, most importantly, why should we care?

ECommerce businesses operating worldwide understand that there is a lot of complexity contributing to their financial ecosystem, such as:

• Operating across multiple eCommerce platforms or payment Gateways
• Owning business bank accounts in different markets with varying tax jurisdictions
• Receiving numerous currencies from customers across the globe

Customers paying for their goods with cryptocurrencies eliminates these complications entirely! This premise is cool, but how is this benefiting the end-user, i.e. ME?

Money! Bitcoin transactions do not incur banking fees, and their payments have low transaction fees for international payments. So everyone is saving money!

At least once in your life, you’ll encounter fraud, counterfeit goods or scammers. Not to say that finance on the blockchain is completely free of these things — but a bright side better!

But, how?

From traceability to security, the history of a single product will be open to inspection and subject to stricter scrutiny than it now is. So, dodgy companies can be easily caught and prevented from future dodgy sales!

There isn’t complete anonymity on the blockchain: the transactions can be identified, but only by using a blockchain address. You can have a whole bunch of addresses, just as you have multiple usernames and passwords for a single account. Your IP addresses or other identifying information are not required to conduct the transaction. So, if you’re hush about your addresses, no one can find out what you’ve been ordering…

So, there you have it: a cheaper, safer, more private way of shopping online — what’s to hate about that?

Want to learn more about Decentralised Commerce from the experts? Join us online and live in London this October for the Decentralised Commerce Future summit: https://techcircus.io/en/events/dcom-future-summit-london