Blockconomics is a decentralized bitcoin payment solution that provides users with specialized transaction tools that enhance their use of BTC. The company is launching an Initial Coin Offering starting July 1, 2018.
The E-Commerce Industry
To understand Blockonomics’ vision, it is important to shed light on the world’s presently used retail payment system, alongside challenges and future risks that the sector faces.
The e-commerce industry has gained prominence in the late 1990s after the likes of Amazon and PayPal experienced massive growth in popularity due to their variety of accessible services. However, the industry was in sporadic development since the early 1980s after tech circles adopted the easy-to-use, futuristic mode of purchasing goods and services.
While the e-commerce sector has ballooned to over a trillion dollars in a few decades, research suggests global e-commerce sales may touch $4.5 trillion in 2021.
The future of e-commerce is marked by extensive product customization, personalized services, multi-platform availability, and the relevance of emerging markets like Latin America, India, and Southeast Asia.
The Growth of Digital Payments
Alongside the e-commerce industry experiencing a rapid surge in adoption, the public grew largely comfortable with digital payment platforms, signaling a move away from trust in paper money.
The total value of global retail payment transactions was $16 trillion in 2015 and is estimated to increase to $21 trillion by 2020, inclusive of retail verticals including apparel, food and beverages, and consumer durables. In this period, digital payments have constituted for 8 percent of the global retail payments in 2015 and is projected to increase to 18-24 percent by 2020.
Now, the world is experiencing yet another seismic shift in payment methods, and cryptocurrencies are poised to propel the digital payment market even further while reducing fraud, transaction fees, and mistrust.
Blockonomics aims to capitalize on this revolution and provide its reliable, and tested payment services to retailers looking to fuel the cryptographic shift – placing safety, security, and reliability at the core of their business.
Bitcoin Still King But Unfavored by Retailers
As the pioneer cryptocurrency, Bitcoin undoubtedly remains king. However, a slew of issues prevents retailers from adopting bitcoin as a means-of-payment.
For retailers, offering a range of payment methods allows them to cater to a larger populace as they take into consideration the latter’s comfort. Amazon has previously voiced its opinions on cryptocurrency payments, and Walmart is swiftly making moves in the sector by filing for blockchain patents that help streamline its operations.
However, the infamous shortcomings of Bitcoin are as follows –
- Price Volatility – Perhaps the most well-defined risk of using cryptocurrencies is the volatility. A coffee may cost $1 in the morning, only to drop to $0.70 in the evening, which may infuriate the morning customers as they ended up paying a higher amount for a product. This aspect is extrapolated for the retailers themselves – they have earned $1 million in a day from coffee sales, but watch the value plummet to $500,000 overnight if the market drops.
- High Transaction Fees – In December 2017, as bitcoin reached its price peak, the network’s transaction costs increased greatly. Some members of the community even paid over $100 to confirm their transactions in isolated cases. For a retailer – in an industry with cutthroat competition and cost-cutting measures – such instances are unacceptable and add to them steering away from digital currencies.
Like two sides of a coin, using Bitcoin provides many benefits to retailers.
Bitcoin can provide anonymity and freedom to users, The shop of the future would cater to all races, castes, and ideologies; supporting one form of currency : decentralized.
Bitcoin may or may not survive, but another one will come to take its place and be instant, fee-less, and secure. This will help retailers get more customers locally and globally.
Save the December 2017 instance, bitcoin’s transaction fees have remained at a minimum – and much less than – PayPal, MoneyGram and other options.
Credit fraud and missed-payments? None of it happens with cryptocurrencies. Every transaction happening in the world goes inside the blockchain. Every transaction is recorded in a block. Every block is verified and secured, and the absence of a credit system means no more cheque-bounces or fake notes.
How Blockonomics Pioneers Cryptocurrency Payments
Founded in 2015, Blockonomics has helped thousands of retail businesses to provide cryptocurrency payment options to shoppers. The firm is among the first businesses to equip retailers with advanced invoicing tools and offer free-of-cost plugins to keep up with customer demands.
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.
As explained in the Blockonomics white paper:
“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.”
The Blockonomics ICO
To fuel the demand, Blockonomics is issuing BCK tokens, which enables support to BCH, LTC, and ETH and Lightning Network integration. In a significant move, the company is integrating Wix and Shopify payments on its platform.
Moreover, it sends API with Multi-signature wallet. These tokens provide various perks to customers too.
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 can use Bitcoin and BCK tokens, with possibilities of discounts on the purchased items if using the latter
- 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
The token’s pre-sale commences on July 1, 2018, and runs until July 31, 2018. Over 45 percent of sales will be allocated during the pre-sale phase, including bonuses of 20 percent. Bonus BCK tokens are locked up for 45 days.
The hard cap is $10 million USD with the main Crowdsale starting on August 1, 2018, and ending on August 15, 2018.
Disclaimer: BTCManager does not endorse any content or product on this page. While we aim at providing you all important information that we could obtain, readers should do their own research before taking any actions related to the company and carry full responsibility for their decisions, nor this article can be considered as investment advice.