Should All Ecommerce Sites Accept Bitcoins?

Despite major investments by financial giants, and the latest hype around blockchains, for many the world of bitcoins are still notorious with the darker sides of the internet. Namely drug dealing and terrorism, or are simply thought to be the stuff of sci-fi fantasies. Recently, the financial industry has collectively increased their interest for blockchain technology, the ledger that makes up the foundation of bitcoins, and reduces trading costs.

With big time players like Schroders and Aberdeen Asset Management taking the lead, this could suggest that the rise of blockchain technology will transform Bitcoin’s reputation, bringing bitcoins into mainstream businesses. After all, 2015 saw some of the biggest financial companies in the world like American Express and Visa, invest in Bitcoin startups. Looks like bitcoins may become more prevalent on ecommerce sites used for everyday transactions in 2016.

What are the Benefits for Ecommerce Businesses?

Venture capitalist Tim Draper, who has invested in Bitcoin startups states, “2016 should be a revealing year for Bitcoin. I expect the U.S government to finally recognize Bitcoin as a currency.”

If the U.S government recognizes Bitcoin as a currency, then ecommerce business owners would be foolish not to accept bitcoin payments. With more companies taking on bitcoins, and Bitcoin-related startups dramatically increasing in value, 2016 could see an opportunity for more ecommerce businesses to enter the world of bitcoin, but will this new currency really benefit ecommerce businesses?

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