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Could eCommerce Spur Crypto’s Great Revival

Cryptocurrency is at a crossroads in 2018, with a bear market in full swing and scrutiny being hurled from regulators with record frequency. While blockchain technology finds its niche in industries like finance and healthcare, the once-revolutionary idea of cryptoshopping is now a novelty.

 

Progress in cryptocurrency has diverged from that of blockchain, and if one looks to the recent string of ETF denials, it’s at a standstill. Banks have appropriated blockchain successfully and reaped all the relevant benefits, without managing to expose even a bit of their market share to the threat of crypto. This leaves many who have invested in cryptocurrencies wondering what to do with them.

It has become apparent in recent years that the primary reason for the existence of cryptocurrency is to provide a fundraising vehicle for blockchain companies. The other common catalyst behind any cryptocurrency purchase is to speculate and make more “real” money like US Dollars or Euros. What happened to the idea of replacing this fiat money or being your own bank?

Even the simple notion of transacting instantly and for free online has been compromised, with most payment-focused cryptocurrencies suffering fees and bottlenecks without proper governance or sufficient user adoption. With blockchain soaring to new heights in the hands of centralized companies such as Ripple and IBM, and cryptocurrency being suppressed as a temporary and unfortunate side-effect, it’s high time for a revival.

eCommerce is an unlikely spark for the next acceleration of cryptocurrency interest, the last of which saw Bitcoin near $20,000 in value. However, the online retail industry has a legendary status as the impetus for the internet tech bubble two decades ago, and everyone remembers Pets.com as the epitome of “if you sell it [online], they will come.” The idea of full incorporation of cryptocurrency into this commerce universe represents a large milestone that might be enough to revive the bull market—except that it’s already happened.

eCommerce and Crypto

Overstock began accepting Bitcoin payments on January 9th, 2014. This was surprisingly early, and the company did very well during the bull market that lasted from 2016 until 2018. Their success is credited to the exponential increase in Bitcoin’s price, and not because cryptocurrency payments reduced company overhead or changed the site’s value proposition. Bitcoin integration didn’t accomplish anything significant. It didn’t bring the full spectrum of value that the technology is capable of—including transparency, accountability, or feeless payments.

The other eCommerce sites following Overstock’s example have seen limited success because they all try to fit Bitcoin to their own mold, instead of building a new retail portal around cryptocurrency. Innovative companies on the cutting edge are now flipping these old ideas on their heads and are using cryptocurrency and blockchain technology to bring new ideas to the stagnant eCommerce industry.

Learn more about Storiqa Click Here

Storiqa and Smart Cryptocurrency Usage

While standard eCommerce portals that facilitate crypto payments might allow customers to pay in Bitcoin, transacting in this manner removes virtually all the inherent benefits of using cryptocurrency. Transactions are no more transparent or reliable than they used to be, and fees still exist—and in some cases are higher than they would be with a credit card. As a product of blockchain, cryptocurrency can be blended more comprehensively into platforms that also make use of the blockchain utilities most relevant to retail.

This is the aim of leading crypto eCommerce retailer Storiqa. Instead of using a third-party plugin to enable Bitcoin payments on their store, Storiqa is a blockchain-based eCommerce store with its own STQ cryptocurrency. This eliminates the fees from using a slower blockchain such as Bitcoin’s, but also those that originate with third party payment processors (yes, they exist for cryptocurrency too). With each item denominated in STQ, cryptoshoppers can be sure that they aren’t compromising their spending power due to overheads, exchange rates, or settlement fees.

The Storiqa platform also ensures that users can find transparent, real reviews from other customers on the marketplace. Once shoppers receive their products, they can leave the merchant a review, which is stored on the blockchain. With the ability to pay in debit, STQ, or explore other payment options via the Storiqa multi-currency wallet, this thriving token economy is already backed by a retail marketplace of tangible value.  Moreover, the company’s crypto marketplace helps local small and medium sized producers step out of their markets and into the global arena, providing expanded business opportunities.

Storiqa reached a market capitalization as high as $160 million once in May 2018 when the company released its beta MVP. The company was also able to raise $25 million initially and quickly expand the STQ economy. STQ is listed on thirteen large global exchanges ahead of  Storiqa’s marketplace going online for testing. This period will focus on the Asia-Pacific region, and especially Singapore. The company’s beta platform is already available.

Cryptocurrency cannot just be a digital dollar, nor can it be a speculative asset with low fungibility. The real use for crypto is multifaceted, and so any proper retail solution must be a Swiss army knife of utility, instead of the same ol’ thing with a shiny new payment option. Merchants are just now learning that they no longer need to tolerate Bitcoin’s lethargy and cost, and Storiqa with its STQ coin and blockchain-enforced ecosystem is therefore positioned leagues ahead of the competition. At the vanguard of a new renaissance for crypto in the retail space, Storiqa is showing the world exactly what commerce has overlooked until now.

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