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Using Cryptocurrency in Online Commerce

The cryptocurrency appeared quite recently, only 10 years ago the public first heard that a certain bitcoin had been created.

25.Jan.21 10:32 AM
By Shawn Highstraw


Using Cryptocurrency in Online Commerce

The cryptocurrency appeared quite recently, only 10 years ago the public first heard that a certain bitcoin had been created. All this time, the development of the cryptocurrency sphere has been steadily going on. In recent years, everyone could see just the same explosive increase in the number of cryptocurrency wallets, exchanges, and altcoins.

Since the moment bitcoin achieved its first successes, a lot of ICOs have been held, a lot of alternative cryptocurrencies (altcoins) have been created for every taste. However, so far not one of them has achieved the success of Bitcoin. It is worth noting that some of the projects turned out to be nothing more than a hype scam. Nevertheless, buyers of altcoins overwhelmingly consider such cryptocurrencies as an effective financial instrument, capable of bringing large profits and are aware of all the risks. Such events cannot negatively affect the cryptocurrency sphere in any way.

Nevertheless, we can confidently state that the cryptocurrency has successfully overcome the crises of both the influx of fake altcoins and scammers under the guise of cryptocurrency wallets and exchanges. The development of cryptocurrency has successfully brought it beyond the framework of an investment instrument and brought it close to being used as an ordinary means of payment on a par with fiat. And apparently, the development of cryptocurrency has run up against another obstacle.

What's the problem?

For quite some time now, cryptocurrency has been “trying” to function as an everyday means of payment on an extremely limited scale. Technically, everything is ready for this. Cryptocurrency is not at all difficult to buy, the presence of well-developed cryptocurrency wallets makes it easy to store cryptocurrency and make settlements. By and large, there are no technical barriers to using cryptocurrency with the same simplicity as a regular bank account.

However, the first attempts to use cryptocurrency not only as an investment tool, but also in ordinary payments, revealed some shortcomings, which significantly slowed down further development. The fact is that the anonymity of the cryptocurrency predetermines the fact that the transaction cannot be tracked, as well as the recipient cannot be identified. As a result, on the one hand, we have a situation where using cryptocurrency you can buy almost anything, from household items to real estate, and on the other hand, no one can be sure that he will not be deceived during the transaction.

Where has it all come at the moment? Cryptocurrency payments for goods and services are made in only two cases. With personal contact between the buyer and the seller, which to a certain extent increases the level of transaction security, but completely eliminates anonymity. Again, this kind of transaction is not possible in the event of deferred payment or delivery of the goods. The seller cannot guarantee that he will eventually receive payment, and the buyer has no guarantees of receiving the paid product. Only instant deals are possible.

The second particular case of using cryptocurrency as a means of payment is its use in absolutely illegal transactions, for example, drug trafficking. In this case, the security of the transaction fades into the background and is ensured by completely different means.

One way or another, the key problems that prevent the use of cryptocurrency as a universal means of payment are anonymity and the inability to return a transaction in case of fraud.

Prospects for development

While the challenges currently defining the ceiling for cryptocurrency are fundamental, they still have solutions. More precisely, for the further development of the cryptocurrency sphere, it is enough to solve any of them.

Anonymity is a key feature of cryptocurrency. It was anonymity and decentralization that made cryptocurrency popular. The day of the complete deanonymization of the cryptocurrency will be the day of its end. The solution to the problem lies in overcoming the irreversibility of cryptocurrency transactions.

Although the problem of returning cryptocurrency transactions seems insoluble at first glance, work has been underway on it for quite some time. Moreover, the first results can already be observed.

Secured cloud marker CM-25 is an innovative development in the field of blockchain that will possibly solve all the security problems of cryptocurrency transactions. The system implements a fundamentally new approach to cryptocurrency. Hashrate data is collected and analyzed, which allows you to record the recipient of the transaction and return the cryptocurrency transaction. So far, Secured cloud marker CM-25 is available exclusively to users of the cryptocurrency wallet Mahates, which significantly limits the rate of distribution of the new product. Mahates considers the system as an important competitive advantage, which explains both the lack of information about the mechanism of work of Secured cloud marker CM-25 and the non-proliferation of the system.

One way or another, it is absolutely clear that the crisis in the development of the cryptocurrency sphere will be overcome. It does not matter at all whether we see the spread of Secured cloud marker CM-25 to other cryptocurrency wallets or every cryptocurrency wallet will acquire some kind of analogue. Very little time will pass and the cryptocurrency will turn into a full-fledged universal means of payment.

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