Analysts believe that cryptocurrencies have made it big if and when digital assets start getting accepted by online retailers. We think this will be happening sometime in the future. For now, online retailers have not announced that they will be accepting cryptocurrencies just yet. It is quite understandable that they are not accepted, as the market for digital assets is very volatile. Variations of upto 30 percent, in the global market, have been happening a lot lately. Therefore, there would be risk for the retailer. Another reason why retailers are hesitant, is because the transaction times are not instant. Amazon, during its best last year processed 600 transactions per second. If a select amount of people pay with Bitcoin, or Ethereum, transaction times would be unreasonable. However, these issues are definitely fixable. Improvements can be made to existing digital assets and their blockchains. Also, new and better performing coins are a solution. XRP (Ripple) can handle 1500 transactions per second and could be an option for Amazon. So it is not a question of how, but when will these retailers accept cryptocurrencies? Amazon has already set its sights on the crypto world by acquiring domains that are connected to digital assets. A feasible way crypto payments can be accepted are through crypto credit cards. These credit cards are already on the market today, and can be used for online shopping. For each transaction, consumers would have to convert the amount being charged to whatever their local currency is. This can be a hassle for shoppers as the fees can be a bit expensive. This problem will dissolve once the retilers accept payments in crypto. We are excited to see what the future holds for online shopping and crypto payments.
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