A Panel discussion held during the recent Internet Retail Expo (IRX) in Birmingham, U.K., went back to basics with why and how cryptocurrencies can simplify e-commerce.
Moderated by Christina Succurro of CoinPayments, the panel featured LODE community ambassador, Ian Toews, alongside Sean Mackay of CoinPayments and Aleksi Koskinen of Coinmotion.
Succurro kicked off the panel by asking why an e-commerce business would want to accept cryptocurrencies.
Mackay gave this example, “The very first [benefit] is that it’s cheaper. A few months ago, a person transferred $194 million dollars across the world for $0.10 — there’s no way that you’re going do that through a bank these days.”
He added, “There’s plenty of other reasons including no charge-backs, and less fraud and that’s all because of the quick settlement times. It’s very borderless as well, so you can sell to anybody in any part of the world.”
Toews chimed in stressing that crytocurrencies are not a “fad” of the moment, “We are in an era now, where the money of the future is being constructed right in front of you. I see tremendous opportunities for early adopters, merchants that want to start the learning process and start the engagement with the money of the future.”
He added, “The fiat cash world is $244 trillion dollars of debt and I believe that over the next 20 years or so all of that money will be on the Internet and that will be likely in the form of cryptocurrency. So this is a great opportunity for a merchant to start embracing these opportunities.”
Succurro pointed out that being still in the infancy stages of blockchain and cryptocurrencies, there are definitely challenges that merchants are facing when it comes to adoption
“One of the biggest challenges e-commerce sees now is the volatility of cryptocurrencies. But the volatility has gone down since the early days and it keeps getting more stable,” Koskinen said.
Another way to manage the volatility is to choose the AGX coin which is pegged to the value of silver, Mackay added.
But getting ones mind wrapped around what these cryptocurrencies are is really important, Toews explained, noting that there are over 1,300 of them but not all of them will serve one’s purpose as a merchant or a retailer.
“Not all cryptocurrencies are structured like money — some of them are stores of value like Bitcoin some of them are mediums of exchange like AGX, some of them are just tech companies and honestly some of them are just scams. So knowing the difference, to tell the various 1,300 cryptocurrencies apart from one another is the starting point for a really great experience in using crypto currencies on your e-commerce platforms,” Toews said.
He added, fiat money is “constructed from nothing,” and is in trouble all over the world so that’s a really good reason to start thinking about crypto.
“It won’t be very long that there will be another crisis in paper fiat money which is a debt-based system. It’s so big that the next time that it corrects itself it’s going to be 20 times what we saw in 2008. So, that for me is a reason to start looking at cryptocurrencies and integrating them into your life and into your retail platforms because there just might be a day in your lifetime where that paper money that you rely upon won’t be here for you.”