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Cryptocurrency Market Of Bitcoin And Payment Acceptability In E-Commerce

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  • Krzysztof Marecki
  • Agnieszka Wójcik-Czerniawska

Abstract

The purpose of this article is to present the cryptocurrency market from the perspective of its acceptability as a means of payment in e-commerce. It should be emphasized here that considered in this perspective are only legally operating economic entities that accept payments in, among others, bitcoins for their activities. It should be emphasized that a positive attitude to this form of settlements automatically increases confidence in cryptocurrencies, as well as greater recognition of them, which at the same time conditions their further development. It is not without significance that the largest number of companies carrying out such settlements in the US is dictated by the fact that it is the most advanced market in this respect, the so-called high-tech trade turnover in e-commerce. In the case of Europe, the best developed economies like Germany or Great Britain lead the way. It is worth emphasizing that not so long ago, i.e. before COVID-19, payments in cryptocurrencies were not significant in countries such as Middle East or Asia. It resulted from unfavourable legal regulations in the countries of the region, such as China. However, the pandemic and the ubiquitous form of contactless payment, the purpose of which is to minimize contact for the benefit and protection of health, has caused the world of virtual finance, including cryptocurrencies, to have more and more supporters, for example because of the aforementioned minimal or even zero money-money contact. This is especially new in the case of cryptocurrencies, as the very idea of their formation and the circulation mechanism break the assumptions of traditionally adopted paradigms in economic sciences, where the Central Bank is the issuer of money and money operates in centralized circulation, which in the case of cryptocurrencies is not completely reflected. It should be emphasized, however, that in today's dynamically and unpredictably changing times, the search for new payment solutions or capital investment opportunities, which are provided by cryptocurrencies, arouses more interest.

Suggested Citation

  • Krzysztof Marecki & Agnieszka Wójcik-Czerniawska, 2020. "Cryptocurrency Market Of Bitcoin And Payment Acceptability In E-Commerce," Economy & Business Journal, International Scientific Publications, Bulgaria, vol. 14(1), pages 257-267.
    • Handle: RePEc:isp:journl:v:14:y:2020:i:1:p:257-267
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    1. Simona-Vasilica Oprea & Irina Alexandra Georgescu & Adela Bâra, 2024. "Is Bitcoin ready to be a widespread payment method? Using price volatility and setting strategies for merchants," Electronic Commerce Research, Springer, vol. 24(2), pages 1267-1305, June.

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    More about this item

    Keywords

    cryptocurrencies; e-commerce; payment; bitcoin; companies; finance-technology;
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    JEL classification:

    • A - General Economics and Teaching

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