"Bitcoin and Crypto in Commerce Transactions" - Productizing Crypto

Updated: Feb 13, 2020

As companies, investors, and individuals look for the killer app in Bitcoin, Crypto, and Blockchain, it likely may be present in their every day spending via payments at their favorite merchants.

As cryptocurrency and predominately bitcoin awareness continues to grow with daily mentions in traditional news media and social interactions, the use of crypto as a product offering has been lower on the commentary, when in fact there are some interesting companies productizing bitcoin and cryptocurrency for everyday use. In the last few months, this every day use of crypto and bitcoin, and the overall productizing of the currency has been most evident in the FinTech and payments.

There are several FinTech, crypto, and payments companies assisting with adoption of crypto use in commerce, including Binance, Coinbase, Square, and TravelbyBit, amongst many others. The use of crypto in commerce has great potential for increased utility and efficiency for business, individuals, and institutions in various regions and jurisdictions around the globe to achieve the mass adoption.

Importance of Commerce in Cryptocurrencies Binance and Coinbase are perhaps the most popular trading platforms in the crypto industry. Users can buy and sell digital assets and exchange for their native fiat currencies on the exchange platform, and now both of these companies are facilitating payments for merchants.

Binance recently launched its global P2P payments merchant program to support liquidity of its own token as well as payment functionality for Bitcoin, Ethereum, and Tether.

Coinbase has been allowing stores the ability to accept digital currencies as a means of payment for some time. In a recent article in Coindesk mentioned that "Coinbase Commerce processed $135 million worth of cryptocurrency payments" in 2019.

In an effort to increase their commerce potential, Coinbase recently hired Flipkart's former Head of Product and VP of Google Shopping, Surojit Chatterjee as their new CPO. Bringing someone of this background into an C-Level role to drive product, greatly displays Coinbase's commitment to commerce.

According to a recent report released by SEMrush, Bitcoin reached the top 3 methods to pay for online goods and services after PayPal and PostePay in Italy. This shows that there is a real demand for crypto and blockchain solutions to perform e-commerce and payment activities.

One of the original driving factor behind interest in Bitcoin has been related to its ease of use in sending payments along with providing layers of privacy not found in traditional credit or debit card transactions.

TF Portland Chapter Director discusses Product and Blockchain with Jonathan G. Blanco

One such example is TravelbyBit recently partnering with Expedia to offer clients the possibility to purchase hotels and flights using a wide range of cryptocurrencies, including Bitcoin.

Firms are conducting continuous competitive analysis and checking the services of their competitors in crypto and incumbents in commerce and payments to provide complete offerings for their users and obtaining new ones.

This is a strategic decision that will push the whole cryptocurrency market and space towards a new era of adoption.

Conclusion Bitcoin and virtual currencies can make commerce, eCommerce, and payments faster, better and cheaper for individuals and merchants. This is one of the main reasons why companies are placing large investments in eCommerce and payments solutions and products.

It will be interesting to see how the price of Bitcoin, will have a decisive impact on the use cases and adoption of digital currency use.


#TF5 TF Blockchain Conference - Seattle - March 19, 2020

Join us in Seattle on March 19, 2020 as we host #TF5 TF Blockchain Conference, our 5th blockchain, bitcoin, and cryptocurrency conference. We'll have top speakers, influencers, investors, executives, and entrepreneurs discussing the latest in this innovative technology.

Confirmed top speakers are: Christian Hasker, Rahul Sood, Peter Taylor, Kristy-Leigh Minehan, Kurt Wedgwood, Ashley Harrell, Dr. Setrag Khoshaian, Farbood Nivi, Ric Shreves, Kate Mitselmakher, Steven McKie, Rizwan Patel, Paul Gambill, and Derrick Foote.

Confirmed top speakers are: Christian Hasker, Rahul Sood, Peter Taylor, Kristy-Leigh Minehan, Kurt Wedgwood, Ashley Harrell, Dr. Setrag Khoshaian, Farbood Nivi, Ric Shreves, Kate Mitselmakher, Steven McKie, Rizwan Patel, Paul Gambill, and Derrick Foote.

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