The increasing amount of cryptocurrency adoption has become apparent when several nations like Venezuela, Costa Rica, Estonia, etc., have been labeled as crypto-friendly. With many companies focusing on blockchain and cryptocurrency integration into their systems. Such considerations include paying remuneration through cryptocurrencies, highly accessible cryptocurrencies like Bitcoin Diamond (BCD) are highlighted as a safe option. This Bitcoin Fork allows faster transactions, lower transactions fees, with a higher degree of security and privacy than any of its predecessors. The cryptocurrency took a massive leap towards mainstream acceptability last week with the announcement that Shopping Cart Elite, a partner of the Bitcoin Diamond Foundation had started working on an e-commerce platform.
Over the past few years, cryptocurrencies have been getting exposure and attention on a global level. One of the major reasons contributing to the so-called global “crypto-craze” is decentralization. This appears in stark contrast to fiat currencies which have dominated global financial markets since the beginning. However, the increasing degree of tightening regulations by several central banks on fiat currencies have curbed the full potential of free trading. Cryptocurrency may be the answer to these roadblocks.
Several online platforms accept cryptocurrencies as payments at the moment. However, the majority of them work with only specific cryptocurrencies, such as taking payments only in Bitcoin, Bitcoin Cash, Ethereum, among others. According to the CEO and Founder of the project, Igor Soshkin, the project aims at “delivering a complete end-to-end process for setting up an online business and automating everything in it.”
Thus, the BCD e-commerce platform will be one of the first online e-commerce endeavors to accept cryptocurrencies as a mode of payment exclusively. This project would allow customers to eliminate hurdles and access products regardless of where they live. It is designed in a way to provide users access to a plethora of top online marketplaces in the world, where they would be able to pay for any item using Bitcoin Diamond or Bitcoin tokens. As a result, customers will now be able to purchase certain products which had exclusive markets and not present on a global scale.
CEO Soshkin who is optimistic about the project believes that it will drastically reduce the total costs on everyday products, leveraging BCD’s slow processing times and lower transaction costs. According to his statement, “Consumers who purchase products on the BCD Bazaar will have access to a range of brands including Amazon, Apple, and Samsung to name a few. These products can be bought with cryptocurrency and delivered anywhere in the world. Cryptocurrency allows families and businesses to trade their digital assets (cryptocurrency) for physical assets.”
The success of the Shopping Cart Elite project would present a viable solution for low-income families in many developing countries. The majority of such families have limited abilities when it comes to using traditional financial institutions for availing services like Healthcare. Through the use of cryptocurrencies, these families are handed a lifeline by creating an online system which is accessible and highly secured. The use of blockchain technology would also allow families to safely purchase the products they need, without being limited by the medical system of doctors. While healthcare is just one of the problems which the project aims to address, it also focuses on verifying transactions and deterring fraud to develop a fool-proof system for various products and services.
While 2017 was the year of cryptocurrencies, 2018 has seen exponential growth in cryptocurrency adoption on a global scale. The success of such projects such as Shopping Cart Elite would further increase adoption, especially in emerging markets. In a world where fiat currencies are coming under increasing control by authoritative governments, cryptocurrencies are considered the only viable solution to circumvent this problem.