This platform opens up an innovative solution for crypto micropayments and e-commerce
The Bitcoin (BTC) white paper published over a decade ago described a decentralized, peer-to-peer (P2P) electronic cash system, suggesting that the cryptocurrency was designed as a means of exchange. However, it has gradually deviated from that status due to its high volatility, scalability issues and transaction fees that made micropayments unfeasible.
The largest cryptocurrency by market cap has been used as a store of value instead. Nevertheless, what Bitcoin did was show the way and open up an opportunity for the boom of blockchain projects that the space is currently seeing. Many of these seek to improve Bitcoin’s limitations by adopting more elastic consensus mechanisms like proof-of-stake, new features such as smart contracts and innovative solutions to address volatility, such as stablecoins.
Today, digital currencies are ready to take e-commerce by storm and fulfill Bitcoin’s original intent to act as a means of exchange. Layer-2 solutions like the Lightning Network make Bitcoin suitable for payments, including micropayments.
Crypto payment gateway Coingate reported that payments in crypto had surged 60% in 2022 compared to the previous year, with payments processed through the Lightning Network nearly doubling.
The time when digital currencies are ubiquitous in e-commerce is just around the corner. There are many factors accelerating crypto adoption across e-commerce, and one of them relates to online shops dedicated to crypto users. One example is Uquid, which has built an ecosystem that brings decentralized finance (DeFi) and Web3 features to e-commerce.
The platform lists about 120 million physical, digital and NFT products that can be purchased with dozens of digital currencies through a wide range of payment
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