Could Amazon soon start accepting Bitcoin?
That is the latest rumor swirling around Wall Street and also the cryptocurrency circles.
Well I mean besides the latest Bitcoin fork, which produced Bitcoin crap, cough cough, excuse me, I mean Bitcoin gold.
Sorry about that. :)
Don't believe me, check out the price action on it:
It's down roughly 75% from where it started trading less than 2 days ago, and it hasn't even really been widely distributed yet...
Oy vey!
Anyways, back to Amazon.
Amazon is set to report earnings tomorrow after the bell. Which would be Thursday (10/26) afternoon for anyone into that sort of thing.
The point of interest isn't going to be the numbers, it's going to be the conference call, where many believe that Bitcoin might be discussed.
Especially after a German news paper added some fuel to the fire yesterday afternoon...
The paper reported that fintech sources in Silicon Valley were echoing previous hints uttered by investor James Altucher that Amazon could soon integrate Bitcoin as a form of payment on the site.
Saying:
"Even if the Oct. 26th date is not set in stone, Bitcoin introduction should probably be expected soon."
Investor James Altucher came out a month ago and said that it was likely on the table for Amazon.
James Altcher co-founded over 20 companies and has authored several books. He is a former hedge fund manager and is known to be quite accurate with his information in technology circles.
A blurb about his report can be read here:
https://icowatchlist.com/blog/amazon-begin-accepting-bitcoin-october/
Either way, we will know exactly how good his information is in just over 24 hours.
Amazon responds.
Their response is exactly what one would expect from a company in their position.
"Amazon opts to include new products or services only when these are useful for our customers - until that point, we do not engage in rough speculation."
While that may not sound like all that positive of a response, it's likely not really a negative one either.
It's likely the generic response the company has to say regardless of their position.
Amazon is being pushed by competitor Overstock.com who announced they would accept Bitcoin payments way back in 2013.
Basically, ever since that time, Amazon has faced lobbying by it's users and at some point that lobbying will likely force their hand.
Will it be tomorrow?
We shall see...
Stay informed my friends.
Sources:
https://coinmarketcap.com/currencies/bitcoin-gold/
https://icowatchlist.com/blog/amazon-begin-accepting-bitcoin-october/
Image Sources:
https://icowatchlist.com/blog/amazon-begin-accepting-bitcoin-october/
https://coinmarketcap.com/currencies/bitcoin-gold/
Follow me: @jrcornel
Amazon will most likely accept bitcoin through a 3rd party payment processor like BitPay.
I doubt they would directly accept cryptos as that would place all the security/conversion burden on them, which I doubt they would want to take on with all the hackers running around looking for the next juicy target.
Apple, Google, Facebook & Amazon are all going to adopt blockchain technology, it's only a matter of time. The potential use cases are too many and the benefits too high for them not too.
Question is: which coin will they use? They will each have a different set of requirements, so maybe they'll create their own tokens. Maybe EOS or Bitshares is best suited to handle what they need done. Maybe Stratis or Ripple. But Bitcoin? Highly unlikely. That coin is just too limited by its rigid community, defined by ideologies & principals. Block times below a second is lightyears away for them. BTC is simply not commercially attractive. Its strongest point is the massive hash power its network has. But even PoW seems extremely wasteful from a business point of view.
My .02
Why use someone else's coin when you can create your own and control it yourself! Premine and issue 'bonuses' to shoppers etc! I cant see them using an existing coin. If they do accept bitcoin it will spell the death of bitcoin gold/ cash/ 2x as the mass population will know of only one bitcoin. However, I cant see it happening.
Why use someone elses coin when you can create your own and control it yourself! Premine and issue 'bonuses' to shoppers etc! I cant see them using an existing coin. If they do accept bitcoin it will spell the death of bitcoin gold/ cash/ 2x as the mass population will know of only one bitcoin. However, I cant see it happening.
Then they can offer an exchange to buy "Amazon Coin" for your Bitcoin. They can always take a .5% profit on the exchange or something.
exactly! They would control the coin. Much like bitconnect do. Force you to exchange btc for their coin that they control and which they pay you in.
Right, and Bitconnect is awesome!
While it continues to pay!
I would like to believe that - it would be great for us who collect these btc goodies... all the best for their decision - may the 4th be with us - crypt on ;-)
The earlier they accepted Bitcoin the better for everyone, and if they accept bitcoin then it means Bitcoin is gradually turning into monster coin lol 😂,
Please could bitcoin ever hit its limit?
@jrcornel your post made me inquisitive 😳
Thank you.
That's actually one of the biggest worries - bitcoin hitting its limit. It is currently unregulated and unpredictable, which is the reason why it will be difficult for it to be globally accepted as a payment method. Some companies have already accepted it as payment but I think bigger companies will not take the risk right now. In the future, maybe, but as of the moment, I don't think so.
Thanks for that candid answer.
Re "unregulated" and "unpredictable" bitcoin, there is the beauty there. If no one regulates bitcoin, it remains out of control of a central authority which is usually inclined to abuse that authority to perpetuate itself (himself/herself/themselves) in power. I think this is the reason why many are now using bitcoin in the world marketplace.
It's would be win-win situation for both bitcoin and Amazon if Amazon allows
This rumour has been circulating for the past few years and has come to nothing. I hope you are right but Ill wait till Amazon announce before popping the champagne corks!
And here's my country declaring bitcoin as illegal currency and arresting those who involve in trading ..lol.😭
Exactly ! It's crazy to me people don't see that coming.
Exactly ! It's crazy to me people don't see that coming.
😆 and everybody is suffering with steemit problems on posting/commenting
what country is that?
Nepal😛
yes, they are very afraid they don't have any control over it.
I'll bet anybody 10 steem this doesn't happen.
It's only a matter of time...
Goverment will step in....
I wouldn't assume this will happen
By the time they are convinced to do so the Gov might of already threatened them not too.
I would say that Amazon isn't ready for Bitcoins. The sheer volatility of Bitcoin is still too much for Amazon's sheer volume of sales it processes, as such, it really wouldn't be in Amazon's best interest to do so yet in my opinion.
God Speed Brethren.
Bizleri bilğilendirdiginiz için teşekkür ederiz.