The Future of Web Payment

The big tech companies are finally starting to acknowledge the importance of cryptocurrency in today’s world by having a built in API for web browsers that has a bitcoin payment option. API The API is directly built into the companies web browsers and will give the customer the option to pay with cryptocurrencies.  Currently, it will be installed in Google’s Chrome, Microsoft’s Edge, Apple’s Webkit, Mozilla’s Firefox, the Samsung Internet Browser and Facebook’s in-app browser.  These companies are all part of W3C, or the World Wide Web Consortium which aimed to bring cryptocurrency payment methods to the people way back in 2013.  While the API was announced on Thursday, there is still a long way to go as the actual work of creating the browser extensions have not started.  The browser will directly store the cryptocurrency and users will be able to pay from a drop down menu much like how there is a drop down menu for different card payments. The Road Ahead If you taught you could use your cryptocurrency at any online store, you were wrong.  Once the API is added as an extension to the browsers, the merchant still has to allow the cryptocurrency as  a payment method.  Users will only be able to use the extension where it is supported by the store.  There will be a working demonstration of the API on October 23 to show how companies are planning to use the extension.  However, the pace at which this technology will reach consumers is dependent on how badly the W3C want to develop it.  It is this fear of delays that has stopped major blockchain/cryptocurrency companies from working with the consortium. Cryptocurrency as Payment Currently, there are not too many websites that take cryptocurrency as payment.  Many websites that take cryptocurrencies are sites such as Trade Routes which are dark net marketplaces.  It is sites like these that contribute to the negative perception of bitcoin.  Hopefully in the future, more sites will accept bitcoin as payment and it will become more mainstream.