{"id":1423,"date":"2022-11-01T07:39:43","date_gmt":"2022-11-01T07:39:43","guid":{"rendered":"https:\/\/digitalcoinprice.com\/blog\/?p=1423"},"modified":"2023-04-03T10:17:09","modified_gmt":"2023-04-03T10:17:09","slug":"cryptocurrency-into-ecommerce-websites","status":"publish","type":"post","link":"https:\/\/digitalcoinprice.com\/blog\/cryptocurrency-into-ecommerce-websites","title":{"rendered":"The Challenge of Incorporating Cryptocurrency Into eCommerce Websites"},"content":{"rendered":"<div id=\"ez-toc-container\" class=\"ez-toc-v2_0_73 counter-flat ez-toc-counter ez-toc-custom ez-toc-container-direction\">\n<div class=\"ez-toc-title-container\">\n<p class=\"ez-toc-title\" style=\"cursor:inherit\">Table of Content<\/p>\n<span class=\"ez-toc-title-toggle\"><a href=\"#\" class=\"ez-toc-pull-right ez-toc-btn ez-toc-btn-xs ez-toc-btn-default ez-toc-toggle\" aria-label=\"Toggle Table of Content\"><span class=\"ez-toc-js-icon-con\"><span class=\"\"><span class=\"eztoc-hide\" style=\"display:none;\">Toggle<\/span><span class=\"ez-toc-icon-toggle-span\"><svg style=\"fill: #223c50;color:#223c50\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" class=\"list-377408\" width=\"20px\" height=\"20px\" viewBox=\"0 0 24 24\" fill=\"none\"><path d=\"M6 6H4v2h2V6zm14 0H8v2h12V6zM4 11h2v2H4v-2zm16 0H8v2h12v-2zM4 16h2v2H4v-2zm16 0H8v2h12v-2z\" fill=\"currentColor\"><\/path><\/svg><svg style=\"fill: #223c50;color:#223c50\" class=\"arrow-unsorted-368013\" xmlns=\"http:\/\/www.w3.org\/2000\/svg\" width=\"10px\" height=\"10px\" viewBox=\"0 0 24 24\" version=\"1.2\" baseProfile=\"tiny\"><path d=\"M18.2 9.3l-6.2-6.3-6.2 6.3c-.2.2-.3.4-.3.7s.1.5.3.7c.2.2.4.3.7.3h11c.3 0 .5-.1.7-.3.2-.2.3-.5.3-.7s-.1-.5-.3-.7zM5.8 14.7l6.2 6.3 6.2-6.3c.2-.2.3-.5.3-.7s-.1-.5-.3-.7c-.2-.2-.4-.3-.7-.3h-11c-.3 0-.5.1-.7.3-.2.2-.3.5-.3.7s.1.5.3.7z\"\/><\/svg><\/span><\/span><\/span><\/a><\/span><\/div>\n<nav><ul class='ez-toc-list ez-toc-list-level-1 ' ><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-1\" href=\"https:\/\/digitalcoinprice.com\/blog\/cryptocurrency-into-ecommerce-websites\/#The_Crypto_Question_for_eCommerce\" title=\"The Crypto Question for eCommerce\">The Crypto Question for eCommerce<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-2\" href=\"https:\/\/digitalcoinprice.com\/blog\/cryptocurrency-into-ecommerce-websites\/#Plaid_Takes_Big_Steps\" title=\"Plaid Takes Big Steps\">Plaid Takes Big Steps<\/a><\/li><li class='ez-toc-page-1'><a class=\"ez-toc-link ez-toc-heading-3\" href=\"https:\/\/digitalcoinprice.com\/blog\/cryptocurrency-into-ecommerce-websites\/#Significant_Barriers_Remain_to_Online_Merchants\" title=\"Significant Barriers Remain to Online Merchants\">Significant Barriers Remain to Online Merchants<\/a><\/li><\/ul><\/nav><\/div>\n<p><span style=\"font-weight: 400;\">Over the last few weeks, we have seen several notable examples of the blurring of the lines between the worlds of Web 2 and web3. For example, there was the surprising success of Reddit\u2019s NFT rollout. The platform has now created three million Reddit Vault crypto wallets since July 2022, meaning it has surpassed the NFT marketplace OpenSea in just a few months. It is a remarkable achievement, but it also provides further evidence that the mainstreaming of crypto adoption will not occur until all big tech companies get involved.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But these things tend to happen gradually, then suddenly. We also learned in the last month that Google would accept crypto payments for certain cloud services payments and that it would also be forming a strategic partnership with Coinbase. We also got something of a roadmap for Starbucks\u2019 NFT rewards program. And there was also the news that Plaid was launching Wallet Connect, which is a wallet solution for developers to connect their products to over 300 crypto wallets.\u00a0<\/span><\/p>\n<h2><span class=\"ez-toc-section\" id=\"The_Crypto_Question_for_eCommerce\"><\/span>The Crypto Question for eCommerce<span class=\"ez-toc-section-end\"><\/span><\/h2>\n<p><span style=\"font-weight: 400;\">All of these stories suggest momentum for crypto adoption, but perhaps the one that got the least attention in the media \u2013 Plaid\u2019s Wallet Connect \u2013 is the most important, as it provides something of a roadmap for connecting crypto to eCommerce. If you are aiming to start or advance a business and are in the midst of planning how to <\/span><a href=\"https:\/\/www.wix.com\/ecommerce\/website\" target=\"_blank\" rel=\"noopener\"><span style=\"font-weight: 400;\">create an eCommerce website<\/span><\/a><span style=\"font-weight: 400;\">, then the question of accepting cryptocurrency payments should be given serious consideration. Of course, it might be revisited at a later date, but for many, now is the time to get ahead of the curve. If Google and Microsoft are accepting payments in crypto today, it follows that the websites of tomorrow will certainly be using cryptocurrency.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">But there are challenges that go beyond the economics of the crypto market. Your grandmother might be able to checkout using PayPal at her favorite website, but expecting her to connect a MetaMask crypto wallet might not just be feasible at the moment. What\u2019s more, there are 100s of wallets built for Ethereum alone \u2013 what if the website is not compatible with grandma\u2019s favorite wallet?\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Plaid_Takes_Big_Steps\"><\/span>Plaid Takes Big Steps<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">As mentioned, Plaid has taken some steps to address this. It\u2019s not a comprehensive solution \u2013 far from it \u2013 but it is at least a step in the right direction. Plaid\u2019s Wallet Connect effectively mimics the functionality of its Plaid Link API. That\u2019s the banking interface that is (perhaps unknowingly) used by 1 in 4 Americans today. Like Link, Wallet Connect (it will launch for developers soon) is a type of go-between, acting as a user-friendly interface between the merchant and the crypto wallet.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">This is, of course, only half the battle. Plaid\u2019s marketing is toward web3 developers, and that \u2013 regardless of our optimism \u2013 remains a niche industry, albeit a growing one. Yes, PayPal has been moving forward into crypto, and Jack Dorsey\u2019s Block Inc has for understandable reasons \u2013 Dorsey is an <\/span><a href=\"https:\/\/digitalcoinprice.com\/coins\/bitcoin\"><span style=\"font-weight: 400;\">unabashed Bitcoin<\/span><\/a><span style=\"font-weight: 400;\"> \u201cmaxi\u201d \u2013 been embracing crypto payments on Cash App, but it still feels like we are waiting for that tipping point moment. But it will come. Of that, there should be no doubt.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">And it leads us back to our original point: those building eCommerce websites today should be factoring in crypto as a means of payment. The reasons to do <\/span><a href=\"https:\/\/finance.yahoo.com\/news\/small-business-accept-cryptocurrency-085955562.html\" target=\"_blank\" rel=\"nofollow noopener\"><span style=\"font-weight: 400;\">so are extensive<\/span><\/a><span style=\"font-weight: 400;\">: Crypto offers greater security, makes international payments easier, can be more cost-effective, can reduce \u2013 and even eliminate \u2013 processing fees, can open your business to a new audience, and even lend it some weight and credibility.\u00a0<\/span><\/p>\n<h3><span class=\"ez-toc-section\" id=\"Significant_Barriers_Remain_to_Online_Merchants\"><\/span>Significant Barriers Remain to Online Merchants<span class=\"ez-toc-section-end\"><\/span><\/h3>\n<p><span style=\"font-weight: 400;\">So if all these benefits are so obvious, then why is it not the default for eCommerce websites? There are several reasons for this, some of which put barriers up to the benefits we mentioned above. For a start, it\u2019s still not easy to accept crypto, despite what some web3 enthusiasts might claim. You might see a video on Twitter of a coffee shop accepting Bitcoin payments through the Lightning Network, but these are anomalies. There has to be an admission that there are technical barriers to using crypto, enough to put off the average startup wanting to flog some shoes on a website.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Indeed, until we see the kind of SaaS payment services offered by eCommerce website builders for traditional payment methods, then we will remain a long way off from the mass adoption of crypto in eCommerce. Moreover, there\u2019s also an ambiguous relationship between some of the gatekeepers of the internet and crypto. For evidence, just look at the mess that Apple has left the NFT sector in with its new rules for the App Store. These are the kinds of stories that put up blocks for businesses interested in adopting crypto.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">However, there is also the sense that we are waiting around for one of the big fish to take the plunge into the water. Amazon seems to get along fine without crypto, and many would-be entrepreneurs will look to the behemoth retail platform as an example. But if it were to happen, then the floodgates would likely open.\u00a0<\/span><\/p>\n<p><span style=\"font-weight: 400;\">Perhaps it\u2019s best to keep in mind one of the mantras of the web3 movement, \u201cwe are still early\u201d. We see the \u2018drip-drip\u2019 in technology, with innovations like the one from Plaid making things a little easier with baby steps. Sooner or later, though, we will see the dam burst open. The eCommerce platforms that are prepared for that moment will be declared the lucky ones.\u00a0<\/span><\/p>\n","protected":false},"excerpt":{"rendered":"<p>Over the last few weeks, we have seen several notable examples of the blurring of the lines between the worlds of Web 2 and web3. For example, there was the surprising success of Reddit\u2019s NFT rollout. The platform has now created three million Reddit Vault crypto wallets since July 2022, meaning it has surpassed the [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":1424,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[17],"tags":[],"class_list":["post-1423","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-press-release"],"_links":{"self":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/1423","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/comments?post=1423"}],"version-history":[{"count":5,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/1423\/revisions"}],"predecessor-version":[{"id":2702,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/posts\/1423\/revisions\/2702"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media\/1424"}],"wp:attachment":[{"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/media?parent=1423"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/categories?post=1423"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/digitalcoinprice.com\/blog\/wp-json\/wp\/v2\/tags?post=1423"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}