Unlike competitor Ebay, e-commerce giant Amazon albeit being an innovative company when it comes to technological advancements e.g. building the first ever check-out free store Amazon Go and the acquisition of Graphiq a semantic tech company and recently smart doorbell company Ring to name a few, has surprisingly not pursued the same mindset when it comes to modern payment methods for their e-commerce side of business.
Consumers of the e-commerce giant which breathes technology are restricted to only a few traditional payment options.
Last quarter, Amazon was more profitable and generated more revenue from their AWS, their cloud computing service rather than their e-commerce business.
According to CNBC: AWS remains the profit engine for Amazon, which has always operated on thin e-commerce margins.
As an investor, it is assumable that it is time for Amazon Ceo Jeff Bezos to add some focus and invest in the e-commerce side of the business e.g. offer cryptocurrency as a payment option for additional security and maximum e-commerce growth in the long run. By the looks of it, this mere possibility could be manifested into a future reality.
Amazon has already registered three crypto related domains in 2017 according to trade publication DomainNameWire, and recently obtained a patent for a streaming data marketplace (this could allow subscribers to receive real-time cryptocurrency transaction data), therefore it will only be a matter of time before Amazon starts accepting it as a payment option on their online retail platform.
The question remains which one(s). Litecoin, an open source P2P global decentralised digital currency with a market cap of $7.87B would be the most sensible choice as this coin was initially developed by Charlie Lee former Google software engineer on the Bitcoin platform also with a PoW algorithm (offering max security) as the silver to Bitcoin for the smaller transactions and therefore absolutely perfect for the e-commerce market.
Bitcoin will be there for the larger transactions but with lower transaction and relay fees (minm 0.001 LTC/kB) and faster transaction speed (2.5min or less even solve exponential scaling and transaction malleability, with Segwit and lightning network LN), Litecoin stands in a strong position to be adopted by merchants for the smaller transactions.
Numerous of online merchants have already taken the initiative to accept Litecoin as a payment option. This includes the following merchants:
E-gifter
Coinplay
Bitcoinshop
RE/MAX London
Cheapair.com
Retrotowers
All things luxery
Unlock Base
Loving Domains
Xbox Live Trials
Europay
Litecoin can be securely stored in a wallet on a computer, tablet, phone or laptop and supports numerous of OS.
Ream More ...
https://medium.com/@sweety_glamour_girl/why-amazon-should-adopt-%C5%82itecoin-4e74d804461a
