The world is changing so fast, and one of the areas that are driving the current change is the internet and the cyberspace. Analysts argue that the world has moved to what can be termed as the information age. The fight that is taking place in the world is not about the weapons that one has but rather the information that one has and how they can control this information. Over the past few years, the revolutionary invention has drastically changed the course of life for humankind setting the stage for even more significant information. One of the areas that are experiencing the robustness of the technological error is the e-commerce sector. Today many inventions were only a mirage five years ago. One such design that is seemingly going to shape the future of the world is electronic money. Electronic money emerged just a few years ago in the form of Bitcoins and pundits argue that there is the revolution that will soon change the world and the ways people exchange cash

Bitcoin is a digital currency that is created and held electronically. The coin is not under the control of the government or any other central bank but instead functions through managed networks known as blockchain. The blockchain is an online ledge that keeps secured records of an individual transaction in a place. In this respect, every time someone makes an exchange using Bitcoin the transaction is recorded. The peer to peer system without governments and banks involvement has led to new ways of making purchases. Furthermore, bitcoin is at the forefront of the digital currency market and also creating a new way of making online payment (Wonglimpiyarat, 2016). With the world shifting towards online shopping there is no doubt that bitcoin would be the next thing in the world currency exchange. With the fact that this currency is not limited regionally it is only a matter of time that it becomes the next big thing.

Bitcoin emerged in 2009 and had rapidly risen in value to the level that it has caught the attention of financial institutions and the media. The volatile nature of the currency is the contributing factor to the publicity. From the current statistics, it is evident that bitcoin has continuously been breaking records. The present value of one bitcoin is estimated at $4000. Besides, the fact that the Bitcoin is volatile other factors make these coin to have more value and to keep on breaking records. However, one of the areas that are taking advantage of bitcoin is the E-commerce Sector (Winter, 2012). Many reasons are making Bitcoin more preferable mode of currency exchange in online business. There is an increasing number of customer and merchants that are using the digital currency to make their transactions, and this is leading to their growth and influence. The advantages of these currencies are the primary factor that is driving their use around the globe.

One of the reasons that are making Bitcoin the appropriate choice of online transactions is that it is fast. In most cases, the transactions are merely instant. Therefore, merchants do not have to wait for hours or days to receive the payments; once the operations is complete, the next focus is on the shipment of the products. However, in recent times, there has been an increase in demand that has led to the saturation of the technology. The result has been that the transactions have been experiencing some delays and in some cases, the transaction queue might stretch to about six hours (Winter, 2012). However, in looking at these delays, it is a clear testament of how the technology is becoming more robust over the years. While the creators might not have anticipated that so many transactions might be running on the technology at a go, the truth is that this is becoming a technology that the E-commerce industry might not overlook any longer.

Besides, technology is making conducting business overseas easier. For people in developed countries, it might seem like a big problem to get services such as PayPal or a bank. And in most cases, many take this just for granted (Ahmad et al. 2018). However, that is not the case when one is dealing with the transaction in the developing countries. It is not that easy to get access to financial institutions or services because they are risky. However, the emergence of bitcoin is offering a solution to this problem. Besides, the days of fearing to do business with the financial institution from some countries or accepting some local currencies are long gone. Because Bitcoins works on the Peer-to-Peer basis, the payment can reach the destination without any delays. The technology thus leads to an increase in business in the developing countries and also offering a chance for the marketers in these countries to take part in online commerce. As TonnyGallippi argues in the years to come money moving between institutions government and even individual would have to turn to cryptocurrency (Ahmad et al.,. 2018). There is thus no doubt that the Bitcoin would be the next mode of currency exchange in the whole world.

The other reason that is pushing bitcoin to be the next frontier in e-commerce is that it avoids fees. Bitcoin helps to erase the expenses and the inconveniencesfees between merchants in different countries. Besides, merchants can also prevent the costly fees that they were often accustomed to. For example, there are interchangeable and discount fees that one has to encounter anytime they are making transactions. Besides, there are at times the chargeback fees that one might have to experience if the customer disputes the sales. Often, there are many channels that average credit card transaction has to go through and thus the fees are always unavoidable. However, with the use of the bitcoins, there are no middlemen involved, and this makes these transactions safe and cheaper. Therefore, there is nothing on the way to making bitcoin the ultimate mode of online purchases.

The other reason that Bitcoin is revolutionizing e-commerce is that it establishes trust. The difference between the banks and Bitcoin is that that it puts the customer first. While the banks might try to argue so, there are no financial institutions that can give one control over their finances in the same way one can get in cryptocurrency (Dandapani, 2017). As mentioned, one can send and receive money at an instant. Besides, one can run the business in the way that they want since they do not have to follow the regulations provided by the banks. The trust in Bitcoin is nothing compared to the Fiasco that often emerges in the banking industry. The security that comes with bitcoin is that one can back up their wallets in digital keys, encrypt the keys and even keep their bitcoins in cold storage. In this case, it means that the bitcoins are stored offline. There is also the multi-signature feature that is used to ward of thefts. In this case, for the bitcoin to be realized there is a need for about 3 to five people to grant the withdrawal (Dandapani, 2017). Besides, one cannot use the same coin twice, and every transaction is recorded in a public ledger, there is a possibility of reducing fraud and embezzlement. Besides, there is an option that can allow one to create a new bitcoin address to make one time purchases. In this case, when the company that you made you purchase gets harked, there is no chance of getting the personal financial information in jeopardy.

The world is moving first towards the globalization of almost all activities. While the business world has often tried to take the global approach, the challenges with the transfers of currency have always been the biggest layback. However, with the fact that bitcoin is opening up a new way of transacting online, the future might see more of e-commerce. The advantage with bitcoin is that it can bypass all the government and the backing policies that often restrict the way people trade. One can simply be sent money from one end of the world and simultaneous the transaction is received at the merchant’s end without any challenges. The future of bitcoin will thus define not only the way business is done, but it would also change the way the banking industry operates. Over the past few years, the banking industry has been thinking about how it might be part of this innovation (Agnew &Sindhav, 2009). The reality is that if the banking industry fails to tap into the revolution, there are high chances that it might be left out. There is a possibility that people mightentirely move all their transactions to the cryptocurrency model (Shoper, 2012). One of the reasons that are pushing people to this model is that they are looking for efficiency and ease of doing business. Thus Cryptocurrency does offer not only the comfort but also the flexibility and the security of during transaction.

In conclusion, there is clear evidence that the cryptocurrency would determine the future of e-commerce. There are various reasons that cryptocurrency is leading the way in revolutionizing the industry is that it is offering security, ease of trade and also less cost in making transactions. The fact that the banking and government regulation does not limit this currency, gives one total control of their finances. It is such control that everyone is looking for when doing business. Besides, the cryptocurrency, industry also offer more security of one’s investments. One might not have any fears that the money in the wallet might be lost since many approaches can help in securing the funds in the portfolio. Therefore, there is clear evidence that soon, the world might shift from the use of hard currency and opt to use cryptocurrency. With the fact that it offers many advantages this is the next big thing.

References

Agnew, J., &Sindhav, B. (2009).An E-commerce business model of peer-to-peer interactions among consumers. Journal of Cases on Information Technology, 11(2), 12-21. [Proquest]

Ahmad, F. A., Kumar, P., Shrivastava, G., &Bouhlel, M. S. (2018). Bitcoin: Digital Decentralized Cryptocurrency. In Handbook of Research on Network Forensics and Analysis Techniques (pp. 395-415).IGI Global.

Dandapani, K. (2017). Electronic finance–recent developments. Managerial Finance, 43(5), 614-626.

Shoper, T. (2012).Shopping in 2020: What will the future of ecommerce look likd.http://www.geekwire.com/2012/shopping-2020-future-ecommerce/

Winter, S. (2012). The rise of cyberinfrastructure and grand challenge for eCommerce.Information Systems and eBusiness Management, 10(3), 279-293.

Wonglimpiyarat, J. (2016). Bitcoin: The revolution of the payment system?. Journal of Payments Strategy & Systems, 9(4), 230-240.

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