HashCash Launches Bitcoin Payments White Label for E-Commerce

HashCash, a blockchain technology company, announced this Thursday that it is launching a white label payments solution. Designed for e-commerce, companies that use the new product will be able to accept Payments Payments One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl One of the bases of mediums of exchange in the modern world, a payment constitutes the transfer of a legal currency or equivalent from one party in exchange for goods or services to another entity. The payments industry has become a fixture of modern commerce, though the players involved and means of exchange have dramatically shifted over time.In particular, a party making a payment is referred to as a payer, with the payee reflecting the individual or entity receiving the payment. Most commonl Read this Term in Bitcoin.

As our tuned-in readers are probably already aware, e-commerce is big business. In 2018, people are expected to blow around $2.76 trillion of their hard-earned savings on Amazon gifts and eBay bargains.

And now thanks to HashCash, they’ll be able to trade in their precious Bitcoins for new ASOS sweaters and second-hand mobile phones.

Merchants using the Blockchain Blockchain Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Blockchain comprises a digital network of blocks with a comprehensive ledger of transactions made in a cryptocurrency such as Bitcoin or other altcoins.One of the signature features of blockchain is that it is maintained across more than one computer. The ledger can be public or private (permissioned). In this sense, blockchain is immune to the manipulation of data, making it not only open but verifiable. Because a blockchain is stored across a network of computers, it is very difficult to tamp Read this Term company’s solution will have an end-to-end payments product. Aside from simply accepting money, they will have access to Bitcoin invoicing, dispute management and ticketing solutions.

Answering the Haters

Now I know what you are thinking and yes, as I was typing this article, the background noise of wrinkled noses and haughty condemnation from the cryptocurrency haters was almost too much to bear.

“Why accept a currency that loses all of its value in a few minutes?” Their smug, Doubting Thomas voices say.

Well naysayers, for one thing, the price of Bitcoin is no longer flying around like a cat that’s been hit with a cattle-prod. Though there is still some price fluctuation, the currency has been fairly stable since August of this year.

On top of this, as it is a ‘universal’ currency, Bitcoin payments could actually be beneficial to e-commerce merchants who do cross-border business. If I am in the UK and have to make a payment to someone in the US, there is no currency conversion required - it’s the same Bitcoin.

True, for the moment there would probably have to be a conversion to fiat. But in the long run, it’s not impossible to imagine a situation in which different things can be paid for in Bitcoin, meaning that the crypto-to-fiat conversion process becomes less necessary.

In Venezuela, we actually see this play out. More than 2200 merchants accept the cryptocurrency Dash as a form of payment in the socialist Latin American nation.

Just last week the cryptocurrency company launched a mobile payments service in the country that enables people who don’t have a smartphone to make payments to one another. That means Dash can effectively be used as a currency in itself - people don’t have to use any other form of money to pay for goods and services.

Things in the West are unlikely to reach that stage just yet. Venezuela has experienced insane levels of inflation which have, like a powerful kick to the groin, forced its population to find alternative means of buying and selling goods.

But with gradual adoption, it's not unreasonable to assume that, in the next few years, we'll see more and more business accepting cryptocurrency as a form of payment.