This platform opens up an innovative solution for crypto micropayments and e-commerce

The Bitcoin (BTC) white paper published over a decade ago described a decentralized, peer-to-peer (P2P) electronic cash system, and suggested that the cryptocurrency was designed as a medium of exchange. However, it has gradually departed from that status due to its high volatility, scalability issues, and transaction fees that made micropayments impossible.

The largest cryptocurrency by market capitalization has been used as a store of value instead. Still, what Bitcoin did was lead the way and open an opportunity for the boom in blockchain projects that the space is currently witnessing. Many of these seek to improve Bitcoin’s limitations by adopting more elastic consensus mechanisms such as proof-of-stake, new features such as smart contracts, and innovative solutions to deal with volatility, such as stablecoins.

Today, digital currencies are poised to take e-commerce by storm and fulfill Bitcoin’s original intention of acting as a medium of exchange. Layer-2 solutions such as the Lightning Network make Bitcoin suitable for payments, including micropayments.

Crypto payment gateway Coingate reported that payments in crypto had increased by 60% in 2022 compared to the previous year, with payments processed through the Lightning Network almost doubling.

DeFi and Web3 merge with e-commerce

The time when digital currencies are ubiquitous in e-commerce is just around the corner. There are many factors accelerating crypto adoption across e-commerce and one of them is related to online stores dedicated to crypto users. One example is Uquid, which has built an ecosystem that brings decentralized finance (DeFi) and Web3 capabilities to e-commerce.

The platform lists around 120 million physical, digital and NFT products that can be purchased with dozens of digital currencies through a wide range of payment options, including BinancePay and the Lightning Network. It also offers its proprietary payment solution, Uquid Payin3, which enables users to split their shopping cart into three separate payments spread over three months without interest.

Uquid has worked on a new concept that can strengthen its position in the e-commerce industry. The new feature is The Alpha $1 Shop, a convenient online store where users can purchase everyday items priced at $1 or less. This will be the first such store in the crypto e-commerce space. Alpha is the sub-brand of Uquid, and it is also used to name other successful products, such as Alpha Mobile Top-Up and Alpha Game Store, both of which are listed on Binance and Gate.io.

The Alpha $1 store offers a wide variety of high-quality products at an unbeatable price of just $1, making it an ideal destination for budget-conscious crypto holders. While $1 may seem like a small amount, there are many items that can be purchased for this price, including game keys, gift cards, and physical products. The new store will bring together $1 items from over 120 million products and services currently available on Uquid. This approach will highlight the ability of digital currencies to function as a medium of exchange.

Uquid and the Alpha brand bridge the gap between blockchain and traditional payment infrastructure, as its wide range of payment options include credit/debit cards, bank transfers and crypto payments through Binancy Pay, Gate Pay and Web3 wallets, offering an unprecedented level of flexibility and convenience.

The emergence of the Alpha $1 store by Uquid could spark a new era for the crypto e-commerce industry, demonstrating the potential for digital currencies to be used as a medium of exchange, including for micropayments.

Thanks to the latest developments in blockchain, cryptocurrencies make micropayments viable. Back in 2014, Marc Andreessen, co-founder of venture capital giant Andreessen Horowitz noted:

“Micropayments have never been possible, despite 20 years of trying, because it is not cost-effective to run small payments (think $1 and under, down to pennies or fractions of a penny) through the existing credit/debit and banking systems. The fee structure to these systems does not make it viable.”

The Alpha $1 store materializes the potential of Bitcoin and other digital currencies for viable micropayments, and this may just be the beginning of an e-commerce revolution.

Learn more about Uquid