Is there a future for the usage of cryptocurrencies on online marketplaces?

[bitkoin & krypto news 2]

Global online retailing market

When compared to other retailing channels, the global online retailing market continues to record double-digit and recorded sales of over U$2 trillion in 2019. Noteworthy is the marketplace model, which is transforming the online retail industry and is a major driver of internet economies globally. 

Online marketplaces

Industry sources in the digital space indicate that the marketplace model is growing faster than traditional online retailing and accounted for over 40% of global online retail sales in 2019. A marketplace is a website that connects third-party merchants with shoppers and acts as a digital middleman. The marketplace also processes transactions and remits the sale minus a commission to the buyer. Apart from being a digital middleman for merchants, the model for marketplace continues to evolve, with many companies creating other value-added services and benefits for their platforms to lock-in customers and third-party merchants into their ecosystem. As a result, the market is characterized by both pure and hybrid marketplaces. The market is dominated by brands such as eBay, Alibaba, AliExpress, and Amazon. Factors such as product assortment, deals, quick delivery times and easy payment methods attract consumers to marketplaces.

 

 

 

Nonetheless, marketplaces are also haunted by a myriad of payment challenges, especially when compared to regular online shops. Consumers on these platforms come from different countries and when it comes to payments, they have different habits and expectations. There are also many cross-border payment restrictions. In addition, large populations from many emerging markets such as Africa are excluded from participating in internet economies as very few consumers have access to bank accounts, which is predominantly the minimum requirement for payment on these platforms

However, the past 10 years have seen the ongoing expansion and entry of flexible payment. Consumers have seen online payment methods becoming simpler, encouraging them to shop online. Apart from the use of credit cards as the online accepted payment method, which is predominantly limited to high-income earners, the average consumers are now able to make online payments using options such as debit cards, and cryptocurrencies such as Bitcoin. 

 

Cryptocurrencies as a method of payment

 

New technologies such as cryptocurrencies are offering new options in the form of additional payment systems. Cryptocurrencies as a payment currency continue to increase as many businesses adopt them as a payment method globally. Thus, cryptocurrency payments are revolutionizing payment systems by offering fast and secure financial services to people without access to traditional financial institutions such as banks. This is expected to benefit both online and offline payments.

Furthermore, cryptocurrencies also present a good opportunity for simple cross-border payments. Cross-border e-commerce currently only accounts for 11% of total global online sales. International expansion is key for marketplaces to grow their network effects. As a result, many marketplaces are embracing cross-border sales, as well as expanding into new markets. If it was not for current payment challenges and restrictions, sales on marketplaces could be worth more.

Although cryptocurrencies can be a good alternative payment method, these digital currencies also come with their own challenges, particularly when it comes to volatility. This trend has deterred many online merchants from adopting cryptocurrencies as a method of payment. 

So, what if there is a solution to curb this volatility of cryptocurrencies on marketplaces? The past decade has witnessed the birth of new and unique hybrid online merchants using crypto payments. Particularly, making use of stable coins that are pegged or linked to stable commodities. 

 

Primereum: The online mall of the future

 

One such player is Primereum, which is expected to be a new game-changer. Primereum is a niche and hybrid decentralized marketplace. The platform is more than a retailer and is building a full ecosystem of both online and offline products and services for its customers and third-party merchants.  Primereum ecosystem will connect buyers, sellers, affiliates, bounty hunters, business owners, partners, advertisers, and cryptocurrency users in a shared ecosystem that provides empowerment, transparency, democracy, security, and freedom to prosper. 

Primereum offers a future for the successful usage of cryptocurrencies on online marketplaces. The company’s marketplace will be fueled by its proof-of-concept network token, PRIMEREUM Fuel (PMF). To remove volatility from the cryptocurrency marketplace, the PRIMEREUM fuel token is anchored to the stable price of one gram of gold. This will also allow the Primereum platform to operate within a peer to peer framework and is expected to encourage the free-flowing transfer of value to customers. Consequently, the stability of the PMF fuel token is expected to give Primereum a competitive advantage over other online marketplaces that accept cryptocurrencies as a mode of payment. The platform will also accept and exchange other multiple cryptocurrencies with the fuel token. The PRIMEREUM token will be listed on numerous reputable trading exchanges

As part of its offline service offerings, the Primereum’s ecosystem will also consist of remittance retail outlets and point-of-sale (POS) systems on traditional merchant counters. 

 

A place to  spend your Cryptocurrency

A place to  buy and sell with low  fee’s

A stable currency and  store of  value

30 Accepted Cryptocurrencies

 

A  tradeable Cryptocurrency

As the digital marketplace continues to grow, businesses that can stay ahead of the curve will reap many benefits. The launch and operation of the Primereum marketplace will be rolled out in different phases. The first stage which includes the marketplace is now opened.

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Click on the links below for more information:

Website: http://primereum.com/

Primereum EcoSystem & Marketplace: https://primereum.io

 

Facebook: https://www.facebook.com/PrimereumOfficial

Twitter: https://twitter.com/primereum

Telegram: https://t.me/primereum

Discord: https://discord.gg/mWSTCXn

Uptrennd: https://www.uptrennd.com/user/NTYwODM=

 Medium: @Primereum Official

Edited May 29, 2020 by bitkoin & krypto news
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[Jaysen0104 536]

As technological needs cryptocurrency will be use in market place online by terms of payments and exchanging of goods. And you can make it grow by the help of marketplace.

[magd 5231]

Perhaps a decrease in the value of real currencies, such as the dollar, is a great opportunity for cryptocurrencies to become more legitimate, and buying and selling in cryptocurrencies is a catalyst for the dollar and other currencies, and therefore there will be a good future for these currencies in the electronic commercial market.

[CryptoLordguru 2]

It looks more like you are advertising about primereum than thinking about the future of usage of cryptocurrencies. There will be always need for cryptocurrencies as it gives the freedom and protects your privacy. 

[Zaino34 0]

I think that this will happen in the future, as many companies and websites have started to accept cryptography as a method of payment, and this will lead to a decline in the use of local currencies. This requires the approval of governments and banks.

[Calvinpriva 17296]

Crypto currencies will become more useful to many business owners because its easy to make payments with them in many places in the world. Many people are using crypto currencies, business will grow more when their will accept payments from their customers with crypto.

[Martin88 0]

За криптовалютой будущее и это, хотим мы этого или нет, однозначно произойдёт. То, что банки и другие финансовые организации нам предлагают уже устарело. Все банковские услуги неудобны и это забирает много времени, а порой и вовсе не безопасно.

Криптовалюта же предлагает абсолютно иной подход ко всему спектру задач. Простота и безопасность - эти две очень важные характеристики криптовалюты вскоре завоюют мир. И мы постепенно оценим и примем все  возможности криптовалюты на финансовом и других рынках.

Edited October 1, 2020 by Martin88
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[Dereventsev 65]

Конечно, 100%!

[Elmerzx 50]

It is clear that the use of cryptocurrencies has a very promising future, and it can be ensured that every day more and more businesses will add their payment method to purchase their products.

[Krokers1 67]

On 6/4/2020 at 11:20 AM, Jaysen0104 said:

As technological needs cryptocurrency will be use in market place online by terms of payments and exchanging of goods. And you can make it grow by the help of marketplace.

I think that the normal markets do not want or are adopting some cryptocurrencies little by little the problem is that they are very traditional this is very new for them they never thought that something like this would come

[Egork13 68]

cryptocurrency is the future , for sure . I think that in the future, money will leave the main attributes and only cryptocurrency will remain. We can only wait for this time)

[Raichu1987 115]

I think that there is still a long way to go for that to happen, currently it is still in the growth stage, it lacks more acceptance, unfortunately even cryptocurrencies are very volatile in their price which is an impediment to be able to adopt them as regular payment currencies, no company or A person would risk selling a property in cryptocurrencies if he knows that they could lose their value overnight, in the future since they are fully developed we can see that they will be accepted everywhere, but for now that is very far. Let's wait for governments to accept them legally to see a change.

[Eleazar42 73]

I assure you, yes. Amazon already accepts bitcoin as a means of payment and it will not take long for others to join such as alibaba, ebay, and not only they, but companies are gradually going to add as Burger King has done in Venezuela that they can buy your products with bitcoin.

[Kron1749 63]

I think that yes. As I heard Amazon already decided to accept crypto for buying goods. And we should wait for 2 or 3 years when all big companies and online shops will accept crypto for paying. I hope for that because for me its really easy to transfer them some amount of crypto, but not paying by visa or MasterCard.I don't want banks to know what I spend my money and where I buy smth

[Maxkos 57]

Wow. That's really weird. To fast for me,people start using crypto in real life. But maybe is this our future?

[ZEGUHA 21]

As technological needs cryptocurrency will be use in market place online by terms of payments and exchanging of goods

[JesusIV 11]

Sí, y mucho futuro ya que ya hay demasiadas personas que están usando criptomonedas, sin decirte mucho, Amazon implementará la acción de pago por criptomonedas así que calcula tu

[DanielaM 46]

I think that in about 10 years, it will be very normal for many retailers in the world to accept payments in cryptocurrencies, the world is becoming more technological.

 

And Primereum seems like a good innovation to me, you have to see how it goes and how the market adapts it, which cryptocurrencies it will accept and which ones it will not. 

[maher .youssef 128]

Certainly cryptocurrencies have a great future, I think

[oumahrach 71]

platforms similar to what you offer there are many
but Yobit remains my favorite and by far the best.
this marketplace is innovative and it's worth the cost to take a look

[ramouddz 68]

Je pense que cela se produira à l'avenir, car de nombreuses entreprises et sites Web ont commencé à accepter la cryptographie comme mode de paiement, ce qui entraînera une baisse de l'utilisation des devises locales. Cela nécessite l'approbation des gouvernements et des banques

[luisra21lu 21]

It is logical to come to think that cryptocurrencies become "legal" or officially accepted; However, I consider that their inclusion in online markets is beneficial since it facilitates exchange operations; cryptocurrencies will undoubtedly revolutionize the future

[maher .youssef 128]

Yes, I think that there will be a large and widespread use of cryptocurrencies, and it has begun to expand at first

[toshiSatoshi 29]

If at some point there is an adoption in businesses around the world, and that people adopt cryptos as a bargaining chip, it will be the future in all the rule. Cheers

[Dropzgame15 41]

Of course, yes, as long as there is a global renaissance in crypto, and this is where all international companies have doubled their sales, thanks to electronic currencies and their ease of management.