# Introduction to Internet Commerce

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*Commerce on the Internet has come to rely almost exclusively on financial institutions serving as trusted third parties to process electronic payments. While the system works well enough for most transactions, it still suffers from the inherent weaknesses of the trust based model.*

\- Satoshi Nakamoto, Bitcoin Whitepaper

The advent of the Internet has revolutionized the way commerce is conducted, leading to the emergence of a vast digital marketplace. **Commerce on the Internet** has come to rely almost exclusively on financial institutions serving as **trusted third parties** to process electronic payments. This reliance has facilitated transactions between buyers and sellers, enabling businesses to reach a global audience. However, this system is not without its flaws. The inherent weaknesses of the trust-based model create challenges that **can hinder the growth and efficiency of online commerce**.

As the digital economy continues to expand, it is essential to understand the **limitations of current payment systems, particularly in terms of transaction costs, fraud, and the need for trust**. The traditional model, which often involves credit card processors, banks, or payment processors like PayPal, works well for larger transactions but poses **significant barriers for smaller payments**. This course will explore these issues in depth, providing insights into the challenges faced by merchants and consumers alike.


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