Bitcoin Forum

Amazon is now the latest company to be jumping to the cryptocurrency world by creating their own currency so it can be used as payment system in their marketplace.
It's yet to be concluded if amazon is already developing their new currency or they are just in a study face as things is still in secret.

Source https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival (https://www.techradar.com/uk/news/amazon-set-to-launch-its-own-bitcoin-rival)

All these corporate starting own currency makes no sense for decentralization but it may be useful for the companies to reward platform users and keep track of several things on blockchain. I wouldn't invest in any of these to be fair.

They don't want to be late to the crypto arms race. If they don't take a shot at it, someone else will. It may start out as a rewards program in the early stages like what Francis said but could evolve into some much bigger.

I've waited for this type of news for like forever so why now Amazon? The truth is amazon don't even need to build a separate token for their platform, amazon isn't a payment solution gateway like mastercard or PayPal, it's a store so why not just implement crypto payment? We can just start buying stuff with bitcoin and others on amazon, that will be so cool

Corporate money will give them too much power as for me. This wont be a true crypto

What are amazon team thinking? It's really not needed honestly, they should just implement crypto payment solution for buyers like ebay did, that's more than enough and it will make things easier for buyers who only have crypto coins in wallets to buy goods

I am not surprise some of these big tech companies are jumping into digital currency, the reason why projects like Bitcoin and co gained huge adoption is because it is an open source project and any jack can come in and improves the protocol if accepted but project like this is all about control and centralisation. This is bad for the crypto we want

I don't think this news is true or much, as it attracts readers to more clicks.
If Amazon decides to buy bitcoin or create a digital currency, this news will spread and we will not need to read it from an anonymous link.
Also, I do not think that they need to create a currency currency (it needs many regulatory obstacles) and they are making millions of dollars.

I could imagine they are creating blockchain based coins and then just make some kind of centralized service like google pay or apple pay. It's same thing but the coin can be universally used without the need of centralized system.
Though I think they are just trying to compete in blockchain and not seriously trying to make profit out of it, just integrate crypto to their system and that's enough but they took the long way.

Even though it won't be a real crypto currency it could still work. Amazon is by far the largest online retailer and has customers all around the world. They are accepting payments in all types of currencies, so adding their own currency/crypto coin to their portfolio would just offer more options for the seller and buyer. Due to the size of Amazon this coin could be big but only if it's getting accepted all around the world.

They can implement their own payment system. Even though their main service isn't all about payment processing but them being a leading e-commerce business, they can create whatever they want. Amazon isn't just all about e-commerce but they have different branches of businesses that they offer. If they want to create their own digital currency, it's their choice and it's been long overdue since they should have planned or announced it to the public.

Recently, a lot of big companies are starting to cooperate with cryptocurrencies or issue their own cryptocurrencies, and this is very good because more people will start using cryptocurrencies and, of course, such a big company like Amazon will open up access to its cryptocurrency to the whole world, which of course will increase the company's revenues and I think it was a very correct decision since now the cryptocurrency sphere has started to develop very quickly.

Or better yet, don't create your own digital currency. I don't think this will help in any adoption for crypto such as bitcoin or DASH or LTC. As this is going to be internal for them. Amazon is jumping on the bandwagon but in the wrong way.

They should have accept bitcoin as mode of payment, simply as that. This is just like Facebook having their own, Libra, which has failed even before taking off.

It would really be adding to the legitimacy of BTC and other crypto assets if they just decide to be like Tesla accepting BTC. On the other hand, its easy for them to track things if its their own currency because its still using a blockchain. They wouldn't have a problem in making users use their coins since they do have a big database of users. Its a private blockchain I guess?  

Amazon starting to have their own coin, but wouldn't this end up just like facebook's libra as well?

The point of currency is to be exchangeable for ALL goods and services, not just on some one single platform. Why would people bother to exchange their fiat or crypto for AmazonCoin instead of paying directly with the former options. Especially if there are some extra fees when you convert to AmazonCoin.

This also applies to cryptocurrency - we don't need all these altcoins, only Bitcoin is truly useful and maybe Ethereum, if smart contracts will actually be adopted, which is a big question.

Amazon is big and yes their token or coin will be easily adopted but as time goes on it won't matter anymore, it will be better if they accepts crypto coins as means of payment on their website than trying to get into blockchain, something they never have experience with before, anyway anything can happen, remember Polkadot and Avalanche are stronger today because they have blockchain experts as team members, I hope amazon team know what they are doing

Currently Amazon does not have a stronghold in the digital currency world, maybe amazon looking to change that by launching its digital currency project.
Amazon is yet to announce the launch of the project, and it is still unclear.
after this we can see More corporations could adopt similar method in the future as cryptocurrencies slowly gain mainstream.

I don't believe that this is a 💯 genuine news, I think we should wait and see if more concrete news about this rise up in coming days, though to me it's a foolish plan if amazon plans to build it's own token, for what purpose? To shop on their store? Bitcoin, Litecoin, Doge, BCH, and others will do this just fine

Another altcoin in the making, or is it?

Is it just the title of that article or Amazon is really making a digital currency that would "rival" Bitcoin? It is not specified in the article so maybe that is just the part of the author of this article. Other articles about it just talk about Amazon preparing/working on a Digital Currency that would be launched in Mexico. This just means that they are crossed out in accepting Bitcoin.

I heard it first from tiktok, is it HBar ? Hedera is big project which backed by amazon and has real use caee, it will goes viral. Im not advising some one to pick it, but i my self think its worth to buy couple hundred dollar to HBarr while the price is still low.

If they are planning to launch full-fledged centralized crypto all over the world then surely they will be facing legal issues like what happened with Libra project from facebook because governments never want those corporates to make money for themselves since they are giving huge revenue to the economy with fiat transactions.

The article provided didn't match with the url, it written as "Bitcoin rival" while the amazon digital currency doesn't have any power or better system comparing to Bitcoin.

It just still a plan and not have official launch/release about the coin, just like Diem (knowly as Libra) created by Facebook. And until now there's no official announcement about the Diem coin, still on progress.

The coin will be centralized and controlled by amazon, similar as Binance exchanges has Binance coin. The value will be based on the service reputation.

This is somewhat a trial and error and I hope they were right with their decision. But if I was in the company, I certainly not agree with this, there is a huge risk with this. And if we could remember, many projects having difficulties doing this, and some (many) had failed already. I'm afraid this plan will turn like that and only gives them losses.

But I believe it was run through many test and market exposures and if that resulted in positive, then we can say the success is really at its near.

it would be difficult if the government had that kind of thinking. what they think should be the advancement of technology and how the country's revenue can increase with the crypto from large companies. good regulation that benefits both parties should be a solution, not a prohibition.

Creating their own coins, huh?
I guess it's like those rewards system in  some e-commerce sites. Not sure how would this play out and I am not sure as well why would someone buy it just to buy merchandise inside the site instead of just paying with bank account.
It would be at least convenient if they also allowed Bitcoin payment.

Another big company gets into the crypto world this is interesting.. If this crypto is a volatile then the price will be explode for sure once this coin get listed in the market but I don't think if they can successfully launch their own crypto because facebook still having a problem, you know their government is very strict when it comes to crypto.

Now governments are printing money so they can print any amount as they wish but these companies replace the fiat system by the government then companies will have the power to print money and governments are going to obey what companies orders to them?

some time ago Facebook and Telegram have announced their own currency and then Tesla has included bitcoin as a means of payment for their products and now Amazon is doing the same thing by adopting crypto into its company, with many large companies in the world today adopting crypto of course it will making Crypto more popular so that it will allow the government to provide regulation of the current development of crypto, although now many governments are banning crypto but with the adoption of crypto by large companies it will certainly pave the way for crypto to get comprehensive regulation in governments.

I think it would be much better if they used already existing truly decentralized coons like btc, eth or ada for their platform, creating a new coin for their platform would mean they want to control it and it would definitley be a centralized coin.

Even if this is true (which I think it probably is not true) it will take years before they can do anything about this. I am not joking the first time we have ever heard of facebook creating their own digital currency was early 2019, that is 2 years ago, do you know where the situation is? In concept stage right now, so facebook's coin has been in concept boardroom situation for 2 years and counting.

It is not easy for these people to end up making this kind of decisions, they are hundreds of billions of dollars worth companies and if they want to create their own currency without getting SEC punish them with insane penalties for it, they have to be very very careful about it. Long story short, even if this is true which I doubt it would be, this is going to be at least 3+ years later and not anytime soon so there is no need to talk about it just yet.

this is great news because now a lot of huge company getting started to use cryptocurrency,
but i don't think if this amazon crypto can be the rival of bitcoin mate

Even if Amazon decided to follow the example of its predecessors like Tesla and take its own niche in the crypto space, then it will only benefit everyone. On the contrary, it is very good that new coins are created by various well-known companies. Every day more and more large companies legalize and implement cryptocurrencies.

If Amazon launch it, i think people will start to buy it.
Blockchain implementation in the biggest online market which the fact that Amazon also can be considered as Tech Company, absolutely the coins will be worth to buy.

Their digital currency will probably like a stablecoin and not like the real blockchain coin where its price will fluctuate when listed to the market. The purpose of the currency could be just for the loyalty or reward system and for buying products in the Amazon store. If they are going to design it like a cryptocurrency, they will face issues to SEC.

Besides the traditional staking I know some altcoins projects like StormX work like a third party service which already offer cashback feature when shopping in sites like AliExpress, Agoda and Wish. Maybe Amazon can reproduce this feature with their own token on their site, although I don't know how free they are to offer benefits to customers because SEC vigilance.

---

I have no doubts if Amazon really launches a digital currency the success will be huge. But as the public becomes more demanding with so many interesting altcoins options around, Amazon needs to offer nice features to their currency's holders.

it makes no sense for companies creating centralized currencies that are only worth buying from them. This is simply balance, credits, vouchers, tokens,  or whatever you want to call it, it will never be a currency.

although it can be useful if you can buy those "amazon credits" in an exchange with true currencies

It isnt hard for Amazon to get in to blockchain, they also can be considered as Technology Company plus have their own server (in many regions).
I will absolutely invest to it if Amazon create coin, imagine if the Amazon token became the future of their payment processor or even their companies shares.

These company will definitely try to modify the blockchain system as they sees fit, there should actually be taxonomy or categorization for cryptocurrency since I expect there gonna be a lot more variation that modifies the blockchain system.
However, amazon creating their own crypto is the same as those private company creating stablecoin, won't change anything if any it could let crypto users purchase through their platform.

What significance does this even have to the decentralised crypto world, or DeFi in general?

It's just going to be the same as any virtual gift card that Amazon issues, except now they are using blockchain technology to do it. It's purely for internal settlement/transfer purposes and not as a medium of exchange anywhere else.

It's not going to be groundbreaking, yet people in both the crypto space and the fiat equities sphere will both overreact to it like there's no tomorrow. Just goes to show how irrational markets truly are.

It's true It's not going to be something new that tgy will come up with but it will spread the news and make cryptocurrency more known out. There is still a lot of people out there who nows nothing about cryptocurrency and this move will make adoption for crypto to other major companies that will also help spread the good word nevertheless that investing early on could be very lucrative for the future.

It isnt that shocking tho, soon even Apple, Tesla, Google and the other big companies will be making their own cryptocurrency so they wont be late on the era that is currently evolving.

specifically for amazon, are there no crypto-related regulations like what happened to Facebook? We know-how in the past Facebook also sent news related to their own coin creation with the support of several large companies. but there is a problem with crypto regulation that bothers them a little.
I actually don't think that big companies like Facebook and Tesla need crypto. why don't they adopt crypto that is already in the market if they want to simplify their market? I think there's a point in the profit that can be made from making their own coins outside of the products they sell successfully.

Amazon don't need it, the coin might be well adopted for on the long run things will go way down, people don't need new altcoins for shopping online anymore because there are so many options that fits into this part very well, people prefers bitcoin and Ethereum over many new altcoins, why can't amazon just start accepting these coins as payment ?