Blockonomics is an industry-leading payment processing system for merchants accepting Bitcoin. Our aim is to provide our users truly decentralized, trusted and secure, completely permissionless, straight to wallet Bitcoin payment solutions. We view ourselves as strong believers of decentralization and cryptography.
solution, where our services enhance the functionality of the wallets you already own.
We currently have an entire suite of Bitcoin-based payment solutions, including:
- Numerous Merchant E-commerce Tools, with free plugins for Woocommerce, Prestashop, Magento, WHMCS, and custom APIs
- World’s most popular Segwit BlockExplorer
- P2P Invoicing
- BTCMail – for emailing Bitcoin
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The Future Growth of E-commerce
E-commerce is not a new phenomenon. Actually, its history dates back further about 40 years ago, when CompuServe was founded by electrical engineer students Dr. John R. Goltz and Jeffry Wilkins in 1969, utilizing a dial-up connection. In the 1980s, CompuServe introduced some of the earliest forms of email and internet connectivity to the public and went on dominate the E-commerce landscape through the mid-1990s. In 1994, Jeff Bezos founded Amazon as an online store selling over one million different books in its earliest days. Amazon would eventually become the most popular online store for customers to purchase any type of products. When PayPal was founded in December 1998, the shopping experience for customers was simplified as credit cards were easily accepted in markets across the world. Since then, E-commerce has assisted countless businesses to grow with technology, internet connectivity improvements, and customer adoption. The history of E-commerce growth has been impressive. However, its expected growth seems to be by far more fascinating. Below some key statistics and international global Ecommerce growth trends are presented:
By 2021, global retail E-commerce sales will reach $4.5 Trillion
According to Statista, E-commerce sales will increase worldwide from $1.3 trillion in 2014 to $4.5 trillion in 2021.
- Customer experience and personalization
Today’s information overload makes customers evaluate their time differently. They have a desire to avoid wasting their time with irrelevant information. Businesses that provide personalized services, product and information will stand out from the crowd and succeed in customer loyalty. According to a report by Boston Consulting Group, retailers that have used personalization strategies see sales gains of 6-10% at a rate two to three times faster than other retailers.
- Global B2B E-commerce sales dominate B2C
E-commerce B2C E-commerce encompasses transactions made between a business and a consumer, while B2B E-commerce relates to sales made between businesses, such as a manufacturer and a wholesaler or a retailer. In 2017, B2C E-commerce sales hit $2.3 trillion worldwide, while B2B E-commerce reached $7.7 trillion, noticing a 234.78% difference in market size.
- Multi-platform & multi-device
By the end of 2017, two billion people have used their mobile devices to shop online.
Additionally, some 85% of online shoppers have started a purchase on one device and finish on another, meaning that integrating online platforms and devices will be the key to further E-commerce success. Businesses will need to adopt an omni channel strategy to thrive and a solid back-end to connect clients to their brands.
Mobile will reach 70% of e-commerce traffic by the end of 2018. Furthermore, according to Goldman Sachs forecasts, mobile commerce in 2018 will equal the total E-commerce revenue of 2013. Technological advancements are able to make mobile checkout the preferred method of payment for many customers.
- Voice search
Millennials more often are using voice assistance in searching for products online – 40% of whom have already used the service. By 2020, the number will surpass 50%. This is apparently a hot topic for search engineers and advertisers – businesses need to elaborate the optimizing method of their listings for voice search and ensuring that their content is relevant.
- Emerging market potential
The E-commerce markets have started to mature around the world. According to Business Insider, India, Southeast Asia and Latin America are countries where E-commerce penetration rates are only around 2 to 6%, making them a potential goldmine for growth. Additionally, these regions are expected to grow at compounded annual growth rates of 31%, 32%, and 16% respectively through 2021.
“Since 2015, Blockonomics has helped thousands of E-commerce sites increase sales by including Bitcoin, Ethereum, Litecoin and other major altcoins as a payment option for their customers”.
The Current State of Bitcoin, E-commerce and Online Payments
As Bitcoin becomes more ubiquitous, merchant interest has grown rapidly in the world’s No 1 cryptocurrency as a payment method. There are countless reasons for the spike in interest:
- Reduced Fraud: Due to the write-once nature of the distributed ledger, the
cryptocurrency transaction is irreversible. As a result, the customer cannot initiate a
chargeback. However, legitimate refunds can still be issued as a new transaction back to the customer.
- Border-free Payments: Wherever you have unrestricted Internet, cryptocurrencies are available. Accepting payments internationally is identical to regional and local payments.
- No PCI Concerns: Unlike credit cards numbers, Bitcoin account addresses are public by nature. However, a transaction cannot be executed without a private key only known to the wallet owner. In a standard transaction, the merchant provides a receiving address and the consumer issues a payment to it.
- Lower Fees: A small fraction of each cryptocurrency transaction paid by the sender is paid back to the network. E-commerce merchants typically pay a small fee to the payment gateway, however these charges are remarkably less than those of PayPal and other credit cards services, and as crypto becomes more widespread, these fees are expected to lower to create competition in the processing marketplace.
- Privacy: With the General Data Protection Regulation (GDPR) in the EU and the recent fallout from Facebook in the United States, customers are more sensitive to their privacy. While Bitcoin is not truly anonymous, it enables buyers to send payments without the need for billing information.
All these advantages have led numerous major retailers to start accepting Bitcoin. There are numerous examples of the tremendous penetration of Bitcoin in the E-commerce industry.
- Overstock com: The first big online retailer to start accepting Bitcoins. In January 2014, Overstock.com allowed its customers to purchase everything with them, or other cryptocurrencies such as Ethereum, Litecoin, Dash, Monero and Bitcoin Cash.
- Expedia: One of the largest online travel booking agencies worldwide. Since June of
2014, users have had the option to pay for their hotel bookings and vacations with Bitcoin.
- eGifter: eGifter is a popular gift card site and mobile app that lets users buy gift cards for all sorts of places, including Amazon, JCPenny, Sephora and more.
- Shopify: One of the world’s top E-commerce platforms allows shops to sell their
products similar to Etsy or eBay. In November of 2013, all 75,000+ Shopify merchants received the option to start accepting Bitcoin payments.
- Scalability: Despite cryptocurrency’s growing user base and hype, most distributed
ledger networks are still in its infancy. Even Bitcoin, the first and most popular
cryptocurrency, can only reasonably process a handful of transactions per second – a far cry away from services such as Visa that handle 2,000+ transactions per second. However, scaling solutions are in progress and alternative ledger designs are built for speed, including the Lightning Network.
- Price Volatility: Bitcoin is a new asset class with growing user base, but a fair market
value is difficult to be understood. Combining this with an unregulated marketplace that consists of novice investors, the results lead to significant price volatility. As the
relationship between Bitcoin and E-commerce evolves, the primary market driver will
stabilize as it shifts from investment-focused holders, to the buying and selling of Bitcoin.
- Customer Service: With a more steep learning curve for buyers, supporting an
additional payment option in checkout can create complex and confusing customer
inquiries. Educational material is needed both to consumers and to merchants to simplify the process.
The value of Bitcoin in the field of E-commerce and online payments is promising, after all. Whether the ease of money transfer, less paperwork involvement, highly secure, the efficiency of currency type transfer from one to another, or other above mentioned benefits over traditional money transfers; digital currencies like Bitcoin are helping both private users and online merchants to experience a whole new world of monetary exchange with complete ease.
Blockonomics started as a wallet watcher and blockexplorer in 2015, and has been continuously innovating with the latest in Bitcoin technology. Blockonomics is a decentralized and permissionless Bitcoin payment solution, where our services enhance the functionality of the wallets you already own. Our goal is to continue allowing you to accept Bitcoin directly, whether you’re invoicing, receiving donations, or running an e-commerce store. We strongly believe the power of Bitcoin is in decentralization and cryptography.
Bitcoin Wallet Watcher : Keep tabs of your Bitcoin addresses/xpub all in one place. Receive email notification of transactions. View graphs of your balance history and separate wallets by tags.
Peer to peer invoices : Easiest way to send a Bitcoin invoice without worrying about the fluctuating price. Your invoices are also encrypted, enhancing privacy.
Block Explorer : One of the popular and reliable Blockexplorers in Bitcoin. Lightweight, fast, and allows user to query multiple addresses. Pioneer and leader in Bech32/Segwit adoption.
Directly to wallet merchant service : Allows merchants to accept bitcoin directly to their HD wallets. No approvals/KYC required. Plugins for popular e-commerce platforms like Woocommerce, Prestashop.
Send bitcoin via email : A decentralized way to send Bitcoin to your friends and family via email. No Bitcoin keys are stored on our servers. Uses split key generation to achieve distributed trust.
Crypto currency is a medium for making and receiving payments over a network using digital bits and encryption. Its success within electronic commerce is remarkable due to the elimination of the infrastructure; and is associated with storing physical money costs, the transferring of funds between financial institutions among different countries, and eliminating online credit card fraud among others. There are many unique benefits of using Bitcoin as a
payment option over credit cards, PayPal, and other methods.
- Freedom in payments
There is no restriction on the amount of money sent globally and instantly. Users do not need to be over 18, or live in a developed economy, have a regular income, or even have an ID. Bitcoin user does not need to worry about bank holidays or the timelines of banking services. Payments go through under any circumstances and users are always in control of their digital money. These functions can actually let the user “be their own bank”, or “have a bank in his or her pocket” by way of a smartphone.
- Low transaction fees
Digital currency users enjoy zero or low transaction fees compared to other online payments methods, such as PayPal, Western Union, and credit cards. In fact, Bitcoin fees are significantly low (between 5 to 10 cents of the US dollar), while transactions fees via other methods like credits cards, PayPal, and Western Union in some occasions may reach the level of 9-10% of the transaction. The larger the amount of the transaction processed, the higher the fees deducted proportionately. This is an opportunity for merchants to see their customers embrace Bitcoin as a payment option. Low Bitcoin transaction costs are also important for merchants because it permits them to remove fees they pay to companies like PayPal and Visa. In fact, some online stores notice profit margins of one or two percent due to the high volume of purchased products, and the fact that Bitcoin can remove the 2-3% discount rate charged for accepting credits cards.
Many PayPal users believe that PayPal is a safe way to pay with a credit card, as it offers an extra layer between themselves and the online merchant, limiting their card details from being stored directly on a merchant’s site. For this to happen, users must provide the receiver with full access to his/her funds, and trust that they will keep this information secure and not to abuse it. However, PayPal and credit cards have become a frequent target of phishing emails, which tricks users to reveal their PayPal account detail. On the other hand, during a Bitcoin transaction, users supply the information necessary to send the amount for that transaction
without sharing personal information, as users can only see the public address, which is completely secure. Provided that no sensitive information is contained within Bitcoin transactions, the possibility of fraud on payments or theft of coins is also eliminated.
- No chargebacks
Credit cards chargebacks is a scenario when the buyer disputes the transaction in a case of a defective product or any other possible reason. Merchants are losing a considerable amount of money at the end of each financial year. The irreversibility of Bitcoin transactions allows no chargebacks or returns, unlike credit card dealings. The adoption of Bitcoin as a payment method could save a large amount of money for the merchant, as customers should be extra careful in making sure that the party they are paying is trustworthy.
Another significant benefit of using Bitcoin is that Bitcoin transactions are confirmed very quickly, in a matter of seconds or minutes, as opposed to days as with banks. This speedy verification is essential for small and medium businesses, which require a steady cash flow to maintain their operations. A usual process time takes 10-20 minutes from start to finish or up to an hour if the network connectivity is below par. This time is exponentially less than that of credit card transactions or wire transfers, which usually take days to complete.
- Global Access
There are many countries around the globe where PayPal is not supported, among them Iran, Afghanistan, North Korea and Haiti. While PayPal does not deal with these countries due to mostly political reasons, Bitcoin does not discriminate in such ways and all that is required for access is hardware and a data connection. In countries where Coinbase does not yet exist, Local bitcoins does facilitate a Bitcoin economy anywhere in the world.
Using PayPal to pay for goods means loss of anonymity, as the service requires users to link at least one account before verification. As a result, all transactions are traceable. On the other hand, Bitcoin operates like cash, meaning that after the completion of the transaction, it becomes increasingly difficult to trace back the sender. Anonymity is for some a con, but those concerned about privacy is a real advantage.
Blockonomics is a decentralized Bitcoin payment solution that provides specialized transactional tools that enhance BTC use. Their service enhances the wallets you already own. The payment lets you accept Bitcoin payments on your WHMCS installation with ease. There are no security risks; payments go directly into your own bitcoin wallet. The complete checkout process happens within your website; customers never leave your site. All major HD wallets are supported, as well as all major fiat currencies. No approvals of API key are required, installation is fast and simple.
Key Details about BCK tokens:
Customers can use BCK tokens to over 2000+ worldwide Blockonomics powered sores, without paying any payment fee for BCK transaction on the platform. In case of E-commerce purchases to Blockonomics powered E-commerce sites, customers alongside Bitcoin will be able to use BCK tokens, availing discounts on the purchased items.
Lastly, using BCK token, customers can get bonuses/rewards on transacting. In Blockonomics market, the BCK token price will exist in the function of supply and demand.
The total supply is capped at 1,000,000,000 BCK.
Distribution of BCK token:
PRE SALE : 1 JUL 2018 – 31 JUL 2018 (0.02 USD = 1.0 BCK)
PUBLIC SALE : 1 AUG 2018 – 15 AUG 2018 (0.02 USD = 1.0 BCK)
TICKER : BCK
PLATFORM : ETHEREUM
COUNTRY : INDIA
ACCEPTING : BTC
RESTRICTIONS : UNITED STATES (TOTAL RESTRICTION) , INDIA (TOTAL RESTRICTION) , CHINA (TOTAL RESTRICTION)SOFT CAP : 1,000,000 USD
HARD CAP : 10,000,000 USD
TOTAL TOKENS : 1,000,000,000
AVAILABLE FOR SALE : 60%
KYC REQUIRED : TRUE
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