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Top 5 types of cryptocurrency used in marketplaces

This article reviews the 5 most popular types of cryptocurrency that should be taken into account by each and every Internet business owner.
the best cryptocurrencies for marketplaces
the best cryptocurrencies for marketplaces
PR-Inside.com: 2018-01-16 14:47:24
The concept of commerce has changed significantly over the last decade. Before, manufacturers had to literally fight for the level of quality of their products. In turn, nowadays, the high quality is a criterion by default. A level of service is a very, if not the most important influential competitiveness driver, which is supported not only by the company’s human resources (sales managers, regional representatives, etc.) but also by the sales outlet format. As to the Internet environment, the properly, comprehensively designed website which provides users with an extensive assortment and flexible means of payment and delivery is the most important thing. Considering the fact that a significant number of web users tends to invest their money into cryptocurrency, the next logical step in developing one’s marketplace would be integration with the payment systems that support crypto transactions.

This article reviews the 5 most popular types of cryptocurrency that should be taken into account by each and every Internet business owner.

Bitcoin

Having been released to the public eye in the far 2009, Bitcoin is an “ancestor” to all the rest of crypto money. As of today, the bitcoin’s global capitalization comprises $228,263 billion. Initially, a single bitcoin had the cost of the ridiculous 0,3 cents. However, this type’s of crypto money exchange rate surpassed the 20 000 c.u. mark. As to the e-commerce, a pioneer in integrating the payment system which supported bitcoin was a retail marketplace – Overstock.com. After some time, inspired by the hype around the digital assets, the marketplace’s owners announced support of 40 other types of cryptocurrency, including Ethereum, Litecoin, Dash, and others.

Currently, due to the support from a Braintree payment service (PayPal’s division), bitcoins are utilized by such corporate giants, as Amazon, eBay, and PayPal.

The next step in the logical development of bitcoin was the official announcement of its support by Microsoft, back in 2014. In particular, this cryptocurrency can be used to purchase Windows and Xbox web stores’ products.

In case you wish to implement bitcoins in your marketplace (roobykon.com/solution/marketplace), one of the best ways to do that would be via the Shopify platform with the configured support of BitPay e-payments. The accessibility and practicality of bitcoin transactions are best demonstrated through the renowned Etsy web store.

Ethereum

Ether is the second by popularity and by the cost type of cryptocurrency after the bitcoin with a global capitalization of $129,038 billion. According to statistics based on the smart-contracts data, the ether is supported by the far fewer number of web sales outlets. Still, many stores gradually integrated ether payment methods (which isn’t surprising considering the ether’s current cost rising up to 1,5 thousand u.c. per unit). Among the most prominent services supporting ether is AlphaBay Dark Web.

Bitcoin cash

Literally a year ago, the developers of bitcoin introduced yet another new cryptocurrency concept – bitcoin cash. The main reason for its creation was a tendency of many bitcoin investors to sell their digital assets due to slow transaction process (as opposed to other types of cryptocurrency) and quite lucrative commissions. For instance, Steam stopped accepting bitcoin because of slow processing of transactions which undermined and complicated the correct process of products prices conversion from dollars to bitcoin, in the beginning of the previous year’s October. As a result of such complications, transactional fees were growing even further becoming unprofitable for buyers.

Today, the global price for all the bitcoin cash tokens is around $43,126 billion. In such way, purchasing items online with bitcoin cash is even faster and more accessible than with an ordinary bitcoin. It’d be only logical to presume that support of this kind of cryptocurrency can be a great addition to all the existing digital transactional services.

Litecoin

Litecoin is very similar by its features to bitcoin. It’s globally evaluated at $13,188 billion. But, as opposed to the bitcoin, transactions with these tokens are much faster, which makes this cryptocurrency pretty profitable both for vendors and buyers. The most prominent payment systems supporting Litecoin are Coinify, BitPay, and Bitrefill.

Ripple

The third by the numbers of global capitalization cryptocurrency, Ripple’s global budget comprises 70,865 billion c.u. As a rule, it is used for large scale money transfers, so its utilization is prevalent in large businesses. Unlike the standard banking operations, transactions involving XRP (Ripple’s units) don’t feature excessive fees common to international transactions.

Conclusion

Implementing tools for online transactions involving cryptocurrency, you are sure to make your service more accessible and user-friendly. Moreover, you can boost your website’s conversion rates (some people convert all the money on their bank accounts into cryptocurrency so it can as well be the only asset valued on the external market possessed by your potential customers). Rest assured, some time will pass and all your efforts in integrating cryptocurrency supporting payment systems are to make up for the respective investments in full.


Source: roobykon.com/blog/posts/80-top-5-cryptocurrencies-used-by-market ..

Press Information
Roobykon Software
Sepapaja 6, Tallinn 15551, Estonia

Julia Chernykh
SMM Specialist
+372 712 2084
email
roobykon.com/solution/marketplace


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