For Bitcoin to gain wider adoption it has to solve the problems facing traditional forms of finance, while it is impossible for a single currency to solve all of the world’s problems, recent developments have shown that alternative currencies can share, divide, and tackle challenges one by one.

Bitcoin enthusiast Andreas Antonopoulos recently spoke about how alternative cryptocurrencies with a target and ambition to implement such as Bitcoin can be game-changers especially those related to the e-commerce industry as they can help more users migrate to decentralized forms of payments to provide greater security.

pointed out Andreas pointed out that for companies that plan to use crypto as a form of payments, they can benefit greatly from the solutions proposed by these start-ups, where he stated in this regard and told:

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If you want to give a new address to everyone who visits your website, you will need something like a BDC payment server…

These systems do not store your private keys online.

In fact, they don’t even need your private keys at all.

Instead, what you provide to these programs is what is called an extended public key, or xPUB.

While it is possible to continue to use the same Bitcoin address multiple times, there are privacy concerns according to Andreas.

Using extended public keys solves this problem without compromising the security aspect of buyer funds especially compared to using hot wallets which can pose serious security threats to any company. Andreas explained:

The only thing you need on the site is a public key.

This is how we can do e-commerce without using a hot wallet on the server, whether you are doing billing and copying your bitcoin address you don’t have to risk your private keys.

Interestingly, the crypto market has expanded significantly with more corporate users joining the banking, financial and insurance sector.

Read:Facebook’s digital currency attracts investments from Visa, Uber and PayPal

A report published earlier this year indicated that blockchain devices such as hardware wallets have seen a growing demand and are likely to increase in the coming years, as more business moves into the crypto market.

This is what Andreas pointed out:

According to the report, in 2019, the global blockchain hardware market generated revenue of $300 million and is expected to reach $23.5 billion by 2030, with a CAGR of 48.7% during the forecast period (2020-2030).

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