Using Bitcoin as a Payment Method in E-Commerce

The concept of E-commerce has emerged in the last decades of the 20th century as a consequence of the rapidly expanding communication sector. The flourishing and significant growth of E-commerce has led to increasing demand for alternative payment methods of cryptocurrency. In 2009, Bitcoin was introduced as a decentralized digital currency and is now considered as the first virtual currency and the most popular across the global network. This study investigates the feasibility of using Bitcoin for E-commerce payments and implements time series forecasting models to determine its short-term growth. Results show a slow yet steady increment of Bitcoin usage for E-commerce payments, although traditional payment methods will retain its major segment of the market for the next few years