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Author Topic: Amazon accepting Bitcoin - What can go wrong?  (Read 1522 times)
Kprawn
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November 03, 2017, 03:54:27 PM
#1

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this?  Huh Huh

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November 03, 2017, 04:11:08 PM
#2

I follow what is happening with Amazon, and today's news are throwing new light on this situation. https://www.cryptocoinsnews.com/amazon-subsidiary-registers-ethereum-cryptocurrency-domains/?utm_content=bufferc7af1&utm_medium=social&utm_source=twitter.com&utm_campaign=buffer
I don't understand fully what is happening here, I will copy one sentence from article "large organizations regularly register domain names to protect their brand, and that as such the move, by itself, isn稚 enough to jump to any conclusions". What will happen and why they opened this domains is not clear, do they have any plans or they are just protect their brand we will see.


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November 03, 2017, 05:15:44 PM
#3

If we wait for the perfect solution it will take too much time. For now the solutions are palliative, but work for sometime anyway. People who deal with Bitcoins know its currently limitations, people are aware about it and if they still want to use the digital currency, go on...

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November 03, 2017, 06:01:26 PM
#4

If we wait for the perfect solution it will take too much time. For now the solutions are palliative, but work for sometime anyway. People who deal with Bitcoins know its currently limitations, people are aware about it and if they still want to use the digital currency, go on...

With the way of purse.io still amazon purchases is possible with the bitcoin. There is many options available in online to use the bitcoin to recharge mobiles, air tickets and purse provides the payment options. Last month announcement from the Amazon team that making bitcoin to use in their site. Will take more opportunities to the re-sellers who doing selling for amazon.

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November 03, 2017, 10:31:47 PM
#5

I think a high percentage of amazon customers opt for the free shipping option which can take 2+ weeks. Waiting for bitcoin to confirm, on top of a 2 week shipping time may not be that much of an inconvenience.

The "scaling problem" could be a good problem to have. One way of viewing it is: "bitcoin can't be used to buy a cup of coffee and isn't ready for a prime time, mainstream, role". The flipside of that might say that if bitcoin's network lacks the transactional volume to cover all transactions, retailers might expand their platform to include support for other crypto to fill the vacuum. One perspective is likely over-optimistic while the other is the opposite. The likely outcome could be somewhere inbetween the two.

Bitpay green lights transactions on the 1st confirmation which isn't too bad.

Amazon accepting bitcoin would be similar to an official endorsement. If the public sees amazon endorsing bitcoin while banker CEO's condemn bitcoin it will create a divide, a conflict of mainstream opinion as opposed to the typical unified front the media is often able to maintain. That could encourage the public to research and learn about crypto more rather than believe the mainstream media angle of it being a bubble, which could be a good thing even if transactions aren't instantaneous.


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November 03, 2017, 10:36:53 PM
#6

I think a high percentage of amazon customers opt for the free shipping option which can take 2+ weeks. Waiting for bitcoin to confirm, on top of a 2 week shipping time may not be that much of an inconvenience.

The "scaling problem" could be a good problem to have. One way of viewing it is: "bitcoin can't be used to buy a cup of coffee and isn't ready for a prime time, mainstream, role". The flipside of that might say that if bitcoin's network lacks the transactional volume to cover all transactions, retailers might expand their platform to include support for other crypto to fill the vacuum. One perspective is likely over-optimistic while the other is the opposite. The likely outcome could be somewhere inbetween the two.

Bitpay green lights transactions on the 1st confirmation which isn't too bad.

Amazon accepting bitcoin would be similar to an official endorsement. If the public sees amazon endorsing bitcoin while banker CEO's condemn bitcoin it will create a divide, a conflict of mainstream opinion as opposed to the typical unified front the media is often able to maintain. That could encourage the public to research and learn about crypto more rather than believe the mainstream media angle of it being a bubble, which could be a good thing even if transactions aren't instantaneous.



Let's say we skip wait-times altogether. Say nobody gives a shit (a lot of people do, though). What about the fees? The astronomical fees from say, 200k utxo in mempool? I think it could hurt bitcoin more than it would help which gets me ranting about Core's incompetence.
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November 05, 2017, 05:32:02 AM
#7

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this?  Huh Huh
I wont see any problems regarding on this matter if they would add up bitcoin on their payment options. We do know that once bitcoin has being transferred it cant be reverted which this thing would really matter if Amazon management would consider this thing.Once payment is already reflected then normal transactions would be done after that.If they cant comprehend those kind of situations then for sure they wont really accept it and would rather stay on the traditional ways since they are already here for how many years using that payment options.


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November 05, 2017, 06:14:33 AM
#8

Using Bitcoin in online transactions can make it more efficient and safe. A person can make transactions anywhere and he/she is sure that the payment will be received. So for me, Bitcoin in Amazon is a great thing to push through. It can make things easier for both the Amazon and their customers. As you can see, everything is going digital nowadays and we should accept change especially if it is for a better cause.
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November 05, 2017, 07:00:26 AM
#9

Bitcoin being accepted by major online retailers like amazon, ebay and more others is making sense of happiness among shoppers.
People would not need to wait for hours, mostly the retailers that accept bitcoin do confirm payment as soon as first confirmation of transaction takes place.
Retailers will not go through bitcoin payment system until they have a perfect scaling solution for their clients payments.

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November 05, 2017, 07:15:38 AM
#10

Bitcoin being accepted by major online retailers like amazon, ebay and more others is making sense of happiness among shoppers.
People would not need to wait for hours, mostly the retailers that accept bitcoin do confirm payment as soon as first confirmation of transaction takes place.
Retailers will not go through bitcoin payment system until they have a perfect scaling solution for their clients payments.
If all that can happen then Bitcoin will be better than now. Great e-commerce will make bitcoin better known and its use will be wider. Systematically this can make an increase in Bitcoin prices. I saved some Bitcoin at the moment and I started to exchange local currency to Bitcoin for use in purchasing goods online. I am now regularly buying cellular credit and paying electricity bills using Bitcoin. and if amazon and ebay can accept Bitcoin then it could be 50% financial system many people will be controlled by Bitcoin.



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November 05, 2017, 07:34:09 AM
#11

The more I look at it and more news coming out about it, only good things I can react on this matter. Amazon is a big company that can only boost more bitcoin popularity to its client. This is something I知 looking forward to experienced. This year is the best of all, when it comes to cryptocurrency history.

What can we expect more about bitcoin + amazon now? when the price is at 7400$ is it a big jump if indeed will happen this year or maybe an early next year. I don稚 see but thinks on this news.

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Aamir1
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November 05, 2017, 09:10:51 AM
#12

I don't think it will do any bad for bitcoin at all. We all know that there are obviously millions of people using Amazon right now, and yes, many of them, or maybe most of them does not even know about bitcoin and it would be their first time to see it or use it if they want, but i don't think they will consider it a bad choice if they understand the whole concept of it rather than just looking at the time a transaction takes or the high fees right now. They would surely use bitcoin instead of any other payment option because i don't think if a person needs something urgently they would use online shopping for it, and if it is nothing about being early, why bother about the confirmation of your payment? Let it take its time and wait for your product to get shipped to you.



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November 05, 2017, 10:50:26 AM
#13

Not sure how this will directly affect BTC but I知 curious as to how amazon would go about this scenario.
Say someone buys an item when BTC is $5000/BTC. They then decide to return the item a few days later by which point the price changes significantly (up or down). How would amazon go about it? If they refund you in BTC they could potentially lose a lot of money on the refund if the price of BTC goes up, assuming that they exchange the BTC for FIAT given the fact that they need to forward payments to sellers and the like...



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November 05, 2017, 08:13:54 PM
#14

I think bitcoin is not effective for payment methods, more likely to be effective for investments like gold, because the price is very expensive,
or there is a store like amazon for payment method with minimum price to buy valuable goods, and no method of payment on goods that are cheap

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November 05, 2017, 09:15:48 PM
#15

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this?  Huh Huh

if amazon accept bitcoin price may increase more than 3,000$ less than 1 day
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November 05, 2017, 10:19:44 PM
#16

I'm not sure whether my thinking is right or wrong, but from my view such an acceptance from Amazon will truly take bitcoin reach next levels of growth in terms of acceptance, usage from people as well market circulation. Same time there are possibilities of dropping the same service, because several companies have initiated plans of accepting bitcoin and stopped it once they felt its not used much by the people as expected.



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November 05, 2017, 10:24:01 PM
#17

I think bitcoin is not effective for payment methods, more likely to be effective for investments like gold, because the price is very expensive,
or there is a store like amazon for payment method with minimum price to buy valuable goods, and no method of payment on goods that are cheap

That can easily be 'solved' with off-chain implementations like Lightning Network, which would allow an insane number of transactions to be pumped through per second, and that potentially at ultra low cost. It will allow people to conduct micro transactions (which will significantly spark adoption in third world countries), and thus also purchase things that are priced at sub $1 levels without any problems. In that regard, it would suit you to adjust your stance on Bitcoin as currency. Currently I do admit that the fees as per their fiat value look high, but that's because the price has gone up significantly, and partly because Segwit (still) isn't being put into practice as much as I would like it to be.

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November 05, 2017, 10:24:45 PM
#18

Let's say we skip wait-times altogether. Say nobody gives a shit (a lot of people do, though). What about the fees? The astronomical fees from say, 200k utxo in mempool? I think it could hurt bitcoin more than it would help which gets me ranting about Core's incompetence.

Fees are a controversial topic. One school of thought says: core developers are to blame. The opposing school of thought says: miners are creating a crisis to justify getting rid of core devs, to centralize the development and mining paradigms of btc under their own domain.

Awhile ago, I posted an article containing evidence to support the latter argument, in this thread:

https://bitcointalk.org/index.php?topic=2277787.0

The case for bigger blocks is open for debate. Its very possible there are hidden political agendas behind the call for increases in block size. Rather than legitimate technical or engineering based need for it.

If you follow software engineers on twitter or social media. Its always interesting to see them weigh in and comment on the debate. They don't necessarily support segwit2x or bigger blocks like some might expect them to.

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November 05, 2017, 10:55:03 PM
#19

This are all rumors still no official announcement about it in amazon i think the transaction time is just fine where you have to wait 10-20 minutes for the transaction to get confirmed also some big company namely CME group have accepted bitcoin so this might convince anazon to also invest in it. Amazon is advertising bitcoin and have been jumping to conclusions we should just wait on what move they're goin to make.



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November 05, 2017, 11:22:27 PM
#20

If anyone has BTC but has no idea about the confirmations when using it, that would be like buying a mobile phone without any knowledge of how to use it. Also when a person buys BTC that person must have created a BTC wallet in order to receive the bought BTC. And after purchasing BTC that same person will see that it needs confirmation etc before it becomes available for spending, the wallet will show that. But if a person decides to let all of this done by another person due to laziness, then that person deserves the anguish when trying to spend it as a reward for their own stupidity.

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November 05, 2017, 11:59:49 PM
#21

I think a high percentage of amazon customers opt for the free shipping option which can take 2+ weeks. Waiting for bitcoin to confirm, on top of a 2 week shipping time may not be that much of an inconvenience.

The "scaling problem" could be a good problem to have. One way of viewing it is: "bitcoin can't be used to buy a cup of coffee and isn't ready for a prime time, mainstream, role". The flipside of that might say that if bitcoin's network lacks the transactional volume to cover all transactions, retailers might expand their platform to include support for other crypto to fill the vacuum. One perspective is likely over-optimistic while the other is the opposite. The likely outcome could be somewhere inbetween the two.

Bitpay green lights transactions on the 1st confirmation which isn't too bad.

Amazon accepting bitcoin would be similar to an official endorsement. If the public sees amazon endorsing bitcoin while banker CEO's condemn bitcoin it will create a divide, a conflict of mainstream opinion as opposed to the typical unified front the media is often able to maintain. That could encourage the public to research and learn about crypto more rather than believe the mainstream media angle of it being a bubble, which could be a good thing even if transactions aren't instantaneous.

Thinking this way it makes sense. We are not talking about perishable food items that must be bought and consumed fast, we are talking about other products that don't have expiration date, so there isn't any problem in waiting some days or even weeks as you said to have the product sent. It's enough time to have the transaction finished paying a lower fee and if the transaction cancels because a very low fee reason, just cancel the package as well, it works fine.

And a big business like this can really make more people start thinking about Bitcoin and its advantages. There are many people who use Amazon services, but don't know or don't have interest in BTCs yet, but after an adoption like that it's possible that these people change their minds and spread the word about Crypto-Currency. It's good especially to make more sellers adopt BTC.

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November 06, 2017, 01:01:18 AM
#22

I mean, if you order from Amazon you're putting in your address, name, phone number, etc. So I don't really see an issue. Not only would that boost Bitcoins price but it would also give people that have large quantities of BTC an option to buy shit.

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November 06, 2017, 03:52:10 AM
#23

I think a high percentage of amazon customers opt for the free shipping option which can take 2+ weeks. Waiting for bitcoin to confirm, on top of a 2 week shipping time may not be that much of an inconvenience.

The "scaling problem" could be a good problem to have. One way of viewing it is: "bitcoin can't be used to buy a cup of coffee and isn't ready for a prime time, mainstream, role". The flipside of that might say that if bitcoin's network lacks the transactional volume to cover all transactions, retailers might expand their platform to include support for other crypto to fill the vacuum. One perspective is likely over-optimistic while the other is the opposite. The likely outcome could be somewhere inbetween the two.

Bitpay green lights transactions on the 1st confirmation which isn't too bad.

Amazon accepting bitcoin would be similar to an official endorsement. If the public sees amazon endorsing bitcoin while banker CEO's condemn bitcoin it will create a divide, a conflict of mainstream opinion as opposed to the typical unified front the media is often able to maintain. That could encourage the public to research and learn about crypto more rather than believe the mainstream media angle of it being a bubble, which could be a good thing even if transactions aren't instantaneous.

Thinking this way it makes sense. We are not talking about perishable food items that must be bought and consumed fast, we are talking about other products that don't have expiration date, so there isn't any problem in waiting some days or even weeks as you said to have the product sent. It's enough time to have the transaction finished paying a lower fee and if the transaction cancels because a very low fee reason, just cancel the package as well, it works fine.

And a big business like this can really make more people start thinking about Bitcoin and its advantages. There are many people who use Amazon services, but don't know or don't have interest in BTCs yet, but after an adoption like that it's possible that these people change their minds and spread the word about Crypto-Currency. It's good especially to make more sellers adopt BTC.

Still merchants won't process your order/s until after a decent number of confirmations on your transaction has been received so if you put a low fee and it took a few days before it reached the minimum confirmations, your order could be delayed and might no longer fit to the stated free shipping time frame.

So In conclusion to that I think its still a problem although I'm sure there are users who are still willing to pay high fees for fast confirmation.



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November 06, 2017, 04:59:40 AM
#24

I dont think Amazon will ever accept crypto currencies. They are regulated by country laws and going against country rules will surely hurt them. And after Morgan's and such high profile people statements, i dont think these giants are going to go into BTC etc.
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November 06, 2017, 08:42:30 AM
#25

I don't think Amazon will accept bitcoin within a short time.
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November 06, 2017, 09:11:23 AM
#26

I think this should be a consequence that must be agreed between Amazon and the other party that to transact using bitcoin there is of course a process that must be understood and for me it does not become a complicated problem as long as there is acceptable agreement for that matter. and I think this will be understandable for bitcoin users because it's definitely happening. to overcome this kind of thing for a faster transaction is certainly not an easy thing I think it takes a long time for an improvement to the way the transaction can be done quickly this is indeed a homework that must be addressed so that many business people who want to accept the system payment using bitcoin if it happens of course will greatly facilitate bitcoin users by way of transaction using bitcoin.

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November 06, 2017, 11:30:30 AM
#27

I think bitcoin is not effective for payment methods, more likely to be effective for investments like gold, because the price is very expensive,
or there is a store like amazon for payment method with minimum price to buy valuable goods, and no method of payment on goods that are cheap

That can easily be 'solved' with off-chain implementations like Lightning Network, which would allow an insane number of transactions to be pumped through per second, and that potentially at ultra low cost. It will allow people to conduct micro transactions (which will significantly spark adoption in third world countries), and thus also purchase things that are priced at sub $1 levels without any problems. In that regard, it would suit you to adjust your stance on Bitcoin as currency. Currently I do admit that the fees as per their fiat value look high, but that's because the price has gone up significantly, and partly because Segwit (still) isn't being put into practice as much as I would like it to be.
yes, I hope so too, I have not understand about segwit or other recently appeared, which I know only the cost of expensive transactions that are not effective for the method of payment, especially if the store adds to the fee  Smiley

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November 06, 2017, 12:19:11 PM
#28

I dont think Amazon will ever accept crypto currencies. They are regulated by country laws and going against country rules will surely hurt them. And after Morgan's and such high profile people statements, i dont think these giants are going to go into BTC etc.
It won't be a problem at all for Amazon to accept Bitcoin. It's just them not seeing any benefit in doing so at this point, where we also have to take Bitcoin's current technical limitations into consideration.

We have been dealing with full blocks for quite some time now, and this hasn't changed with the activation of SegWit. From there we should just wait for second layer applications on top of Bitcoin to push things forward.

I perfectly understand why Amazon isn't yet willing to allow people to pay with Bitcoin. And if you're so desperately looking for an alternative way, then head over to purse.io ~ it allows you to buy things with Bitcoin from Amazon.

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November 07, 2017, 07:58:00 PM
#29

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this?  Huh Huh

Currently, bitcoin is not popular so if it is a main form of payment, it will not be effective. On average, each transaction has to wait at least 5 hours to confirm, if in e-commerce, it would be very inconvenient for the customer even though transaction with BTC is very safe. Improving confirmed time with each transaction will make BTC more and more popular in the future.  Grin

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November 07, 2017, 09:30:28 PM
#30

lets say bitcoin confirmations takes 2days
amazon shipping especially free take like a week and others like 4days
thats enough time to confirm payment i think
so sure people who decide to use bitcoin knows what it will take to get there
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November 07, 2017, 10:51:22 PM
#31

Is the time for confirming the transaction an argument for bitcoin users? Not really, because when I use bitcoin I know that it can take some hours and I personally don't care compared to using a fiat money payment system like credit card. Amazon wants to sell goods and wants to make money and if enough people ask to have bitcoin added then it's time to add it. Implement it and then see if something will go wrong.

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November 07, 2017, 11:04:10 PM
#32

The risk of getting people to know bitcoin as a currency that "takes a lot of time to transfer" or " transfers are too expensive" is not a big deal compared to the massive adoption that bitcoin could be getting from such a move.

I believe that most of the people that are going to buy bitcoins because Amazon started accepting it, will do so because they saw the payment option on the site, searched for it and found out that the tech is cool, or they saw an article about amazon accepting bitcoin and that was the first time that they heard about crypto currencies.

Also, the current network fees are not so bad compared to other payment methods.

Bitcoin is ready for the mass adoption, the network is strong, and even if blocks are usually full, the network is still stable enough to maintain more transactions.


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November 08, 2017, 02:14:54 PM
#33

I think a high percentage of amazon customers opt for the free shipping option which can take 2+ weeks. Waiting for bitcoin to confirm, on top of a 2 week shipping time may not be that much of an inconvenience.

The "scaling problem" could be a good problem to have. One way of viewing it is: "bitcoin can't be used to buy a cup of coffee and isn't ready for a prime time, mainstream, role". The flipside of that might say that if bitcoin's network lacks the transactional volume to cover all transactions, retailers might expand their platform to include support for other crypto to fill the vacuum. One perspective is likely over-optimistic while the other is the opposite. The likely outcome could be somewhere inbetween the two.

Bitpay green lights transactions on the 1st confirmation which isn't too bad.

Amazon accepting bitcoin would be similar to an official endorsement. If the public sees amazon endorsing bitcoin while banker CEO's condemn bitcoin it will create a divide, a conflict of mainstream opinion as opposed to the typical unified front the media is often able to maintain. That could encourage the public to research and learn about crypto more rather than believe the mainstream media angle of it being a bubble, which could be a good thing even if transactions aren't instantaneous.

Thinking this way it makes sense. We are not talking about perishable food items that must be bought and consumed fast, we are talking about other products that don't have expiration date, so there isn't any problem in waiting some days or even weeks as you said to have the product sent. It's enough time to have the transaction finished paying a lower fee and if the transaction cancels because a very low fee reason, just cancel the package as well, it works fine.

And a big business like this can really make more people start thinking about Bitcoin and its advantages. There are many people who use Amazon services, but don't know or don't have interest in BTCs yet, but after an adoption like that it's possible that these people change their minds and spread the word about Crypto-Currency. It's good especially to make more sellers adopt BTC.

Still merchants won't process your order/s until after a decent number of confirmations on your transaction has been received so if you put a low fee and it took a few days before it reached the minimum confirmations, your order could be delayed and might no longer fit to the stated free shipping time frame.

So In conclusion to that I think its still a problem although I'm sure there are users who are still willing to pay high fees for fast confirmation.

Why can the confirmation delay make the buyer lose the free shipping feature?

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November 08, 2017, 02:28:56 PM
#34

totally no way amazon or any company that sell the physical product with btc.

BTC too violate, and business can be red because of that.

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November 08, 2017, 04:47:07 PM
#35

This seems a major issue but not a critical one because already many online shops are using bitcoin as payment so they must have a valid procedure to confirm the transaction quickly and if not it can be solved with the passage of time as the technology is evolving.
The biggest advantage is that more people will get to know about bitcoin and its use and they will start using it too through amazon, so the confirmation time can get better with the time and we should not wait more to get it better first.

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November 08, 2017, 11:52:29 PM
#36

totally no way amazon or any company that sell the physical product with btc.

BTC too violate, and business can be red because of that.

The volatility isn't a problem at all for any store to start accepting Bitcoin. If we look at how the far majority of the stores accept Bitcoin, then it's through third party payment processors who convert all Bitcoin sales directly into fiat. Stores don't have to deal with the volatility since it's the 'problem' of the payment processor that they use at that point. I am certain that Amazon is well aware of how things go in this market, but they, whatever their reason may be, have no interest in accepting Bitcoin as payment option. So no, no store accepting Bitcoin through these third party services will end up in the red because of the volatility....

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November 09, 2017, 06:02:03 AM
#37

totally no way amazon or any company that sell the physical product with btc.

BTC too violate, and business can be red because of that.

The volatility isn't a problem at all for any store to start accepting Bitcoin. If we look at how the far majority of the stores accept Bitcoin, then it's through third party payment processors who convert all Bitcoin sales directly into fiat. Stores don't have to deal with the volatility since it's the 'problem' of the payment processor that they use at that point. I am certain that Amazon is well aware of how things go in this market, but they, whatever their reason may be, have no interest in accepting Bitcoin as payment option. So no, no store accepting Bitcoin through these third party services will end up in the red because of the volatility....

I'm not exactly sure what you mean when you say "Stores don't have to deal with the volatility since it's the 'problem' of the payment processor."

That doesn't really make sense to me. Are you saying that if Amazon is selling some 100$ item and decide to take bitcoin for it, and the next day that dollar amount is worth 20$, that it's the payment processor's issue? I don't see how that really relates. It would seem like Amazon is the one taking the 80$ hit in that situation because they used fiat to purchase/obtain the item, and then are selling it to someone for bitcoin.

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November 09, 2017, 07:40:29 AM
#38

Amazon does not need Bitcoin, so there is no such improvement, one of the things I want the most is that Bitcoin is used as a payment method. If Amazon accepts Bitcoin as the payment method, we only know this from the price increase.



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November 09, 2017, 08:43:59 AM
#39

We don't even know if people will use that option in the first place. I'm sure most compulsive HODLers would much rather use their credit card or something. One of the reasons Amazon might not be accepting bitcoin is because it would not see much use, and there's very little pressure for them to pull the trigger.
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November 09, 2017, 10:08:29 AM
#40

Amazon does not need Bitcoin, so there is no such improvement, one of the things I want the most is that Bitcoin is used as a payment method. If Amazon accepts Bitcoin as the payment method, we only know this from the price increase.
They don't need bitcoin but they need the demand of their customers. They are aware that many of their customers are into bitcoin and as a company that are giving such service to the people they will consider something new and if that is having a lot of support from majority of their customers. And we as riders of bitcoin, have been waiting for this day that amazon starts to accept bitcoin and who knows if they announce their support to bitcoin ebay is next.  Huh

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November 09, 2017, 05:52:02 PM
#41

We don't even know if people will use that option in the first place. I'm sure most compulsive HODLers would much rather use their credit card or something. One of the reasons Amazon might not be accepting bitcoin is because it would not see much use, and there's very little pressure for them to pull the trigger.
Yeaaa that's why they have a plan to have a different place for crypto user by bought three different domain names relating to digital currencies.
Pretty reasonable move for them to not accept crypto directly and have such a smart plan.
Actually don't know what will happened then , that's just my point of view.

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November 09, 2017, 08:15:09 PM
#42

great news now we can easy buy hardware all over world hope to be right news
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November 10, 2017, 12:17:21 AM
#43

We don't even know if people will use that option in the first place. I'm sure most compulsive HODLers would much rather use their credit card or something. One of the reasons Amazon might not be accepting bitcoin is because it would not see much use, and there's very little pressure for them to pull the trigger.
Yeaaa that's why they have a plan to have a different place for crypto user by bought three different domain names relating to digital currencies.
Pretty reasonable move for them to not accept crypto directly and have such a smart plan.
Actually don't know what will happened then , that's just my point of view.
@Opquar

We don't know if people will use that option in first place, but to offer it doesn't require that people must use it in the first place. You sound like it would be a huge operation to install this payment option while it isn't!

@RealPhotoshoper

That Amazon doesn't want accept bitcoin directly is very interesting info because I already assume that they have deep ties to banks and governments and that would explain why they didn't offer it yet.

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November 10, 2017, 12:31:44 AM
#44

I'm not exactly sure what you mean when you say "Stores don't have to deal with the volatility since it's the 'problem' of the payment processor."

That doesn't really make sense to me. Are you saying that if Amazon is selling some 100$ item and decide to take bitcoin for it, and the next day that dollar amount is worth 20$, that it's the payment processor's issue? I don't see how that really relates. It would seem like Amazon is the one taking the 80$ hit in that situation because they used fiat to purchase/obtain the item, and then are selling it to someone for bitcoin.

You don't get it. If amazon sells something worth $100 in Bitcoin through a payment processor, Amazon receives the $100 in fiat (minus the fee which is 1%). In easy terms, Amazon gets paid out $99. The payment processor takes responsibility for the conversion of Bitcoin to fiat, which means that the volatility is only the concern of the payment processor. That goes up for every store accepting Bitcoin through these payment processors. They optionally can choose to go for a certain percentage that they receive in Bitcoin, and the rest in fiat, but that optional feature doesn't see much actual usage due to stores not being interested in holding something that's so volatile.

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November 10, 2017, 10:50:42 AM
#45

We don't even know if people will use that option in the first place. I'm sure most compulsive HODLers would much rather use their credit card or something. One of the reasons Amazon might not be accepting bitcoin is because it would not see much use, and there's very little pressure for them to pull the trigger.
Yeaaa that's why they have a plan to have a different place for crypto user by bought three different domain names relating to digital currencies.
Pretty reasonable move for them to not accept crypto directly and have such a smart plan.
Actually don't know what will happened then , that's just my point of view.
@Opquar

We don't know if people will use that option in first place, but to offer it doesn't require that people must use it in the first place. You sound like it would be a huge operation to install this payment option while it isn't!

@RealPhotoshoper

That Amazon doesn't want accept bitcoin directly is very interesting info because I already assume that they have deep ties to banks and governments and that would explain why they didn't offer it yet.
If i am not wrong there is a lot of discussion about the pros and cons how if amazon adopt bitcoin as a payment gateaway.
Mostly says it is scared , bitcoin is a dangerous thing , a non sense thing created on the internet etc.
The point is there a lot of feedback on how they don't want to support the project , but it was long time ago. Today might they have different plan to deal with bitcoin , i hope so.

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November 10, 2017, 11:22:16 AM
#46

What my concern is rate of bitcoin increasing and how online shopping billing will be created and the transaction charges also confuse the payment method for amazon this things has to be rectified. I believe all the discrepancies will be sorted out as soon as possible for the sake of Bitcoin.

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November 10, 2017, 02:08:21 PM
#47

We don't even know if people will use that option in the first place. I'm sure most compulsive HODLers would much rather use their credit card or something. One of the reasons Amazon might not be accepting bitcoin is because it would not see much use, and there's very little pressure for them to pull the trigger.
Yeaaa that's why they have a plan to have a different place for crypto user by bought three different domain names relating to digital currencies.
Pretty reasonable move for them to not accept crypto directly and have such a smart plan.
Actually don't know what will happened then , that's just my point of view.
@Opquar

We don't know if people will use that option in first place, but to offer it doesn't require that people must use it in the first place. You sound like it would be a huge operation to install this payment option while it isn't!

@RealPhotoshoper

That Amazon doesn't want accept bitcoin directly is very interesting info because I already assume that they have deep ties to banks and governments and that would explain why they didn't offer it yet.
If i am not wrong there is a lot of discussion about the pros and cons how if amazon adopt bitcoin as a payment gateaway.
Mostly says it is scared , bitcoin is a dangerous thing , a non sense thing created on the internet etc.
The point is there a lot of feedback on how they don't want to support the project , but it was long time ago. Today might they have different plan to deal with bitcoin , i hope so.

The latest news we got is that they are still not getting to accept bitcoin as a payment method. And I'm sure that they have look at every angle of the pros and cons of accepting it, however, from their business perspective, its unlikely that they will give in to the petition. However, I'm still positive that maybe in the future, then can sorted things out and one day accept bitcoin as payment. Because it will be another boom in their business as bitcoin is slowly gaining a wider acceptance now. It will just be a matter of time.

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November 11, 2017, 04:44:59 PM
#48

I don't see any incentive to take the risk of accepting bitcoin as a way of payment by any of the established big players. Innovation pioneers are generally small entrepreneurs cause it is their only choice to innovate. However big players can just adopt the method after they see it is working already. Hereby they have chance to test the market by basically doing anything.

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November 12, 2017, 01:51:06 PM
#49

I don't see any incentive to take the risk of accepting bitcoin as a way of payment by any of the established big players. Innovation pioneers are generally small entrepreneurs cause it is their only choice to innovate. However big players can just adopt the method after they see it is working already. Hereby they have chance to test the market by basically doing anything.
There's an incentive for them if they just understand by getting into the market of bitcoin chances of pushing other skeptic investors will be encouraged to get into bitcoin. Amazon is one of the most popular ecommerce / online shop that has millions of customers. The incentive isn't just for them but for all of us but they have to understand first what bitcoin really is and what it can give to their business.

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November 12, 2017, 05:36:54 PM
#50

If amazon accepts bitcoin,then it would make bitcoin more popular and familiar among new people.By this way,amazon too could get new customers who opt to pay only in bitcoins.It would be a hassle free payment system and could be done from anywhere.If amazon accepts bitcoin payments,then more companies would keep trust over bitcoins and would start accepting bitcoins which would bring bitcoin in to the mainstream.

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November 12, 2017, 06:37:06 PM
#51

Amazon AWS has a large computing power. Is it possible for Amazon planning to use idle computing power to confirm BTC transactions selectively of Amazon shoppers? Can amazon confirm "some" BTC transactions instantly with zero fee?

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November 13, 2017, 09:28:11 AM
#52

Probably the time it will take to complete any transaction. Bitcoin takes time to confirm and in situations where there is flash sales, it could cause one to loose deals easily.

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November 14, 2017, 04:48:41 AM
#53

no one can negate advantages of BTC in payment. I think big companies will slowly accept it to follow the trend but in their way for more convenient.
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November 14, 2017, 08:09:48 PM
#54

no one can negate advantages of BTC in payment. I think big companies will slowly accept it to follow the trend but in their way for more convenient.
I will not deny not to say otherwise. But I would like to know what advantages a user can have thanks to Bitcoin for today, namely when buying a product in real life. Of course with the help of the Internet, such as the Amazon platform or others, That is, some nuances that allow the buyer to realize their plans well thanks to Bitcoin, but How do we put Bitcoin to live?

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November 15, 2017, 03:27:30 AM
#55

no one can negate advantages of BTC in payment. I think big companies will slowly accept it to follow the trend but in their way for more convenient.

There is no question that bitcoin has a lot of advantages as well as disadvantages. But we have yet to really see how big companies will accept it. For one, volatility is the one reason why amazon is not yet accepting bitcoins. Maybe they will get like a third party to handle bitcoins payments. We can only hope that they will make the right decision to accept bitcoins or even just like to experiment accepting it to see if it is profitable on their end.

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November 15, 2017, 07:23:34 AM
#56

We don't even know if people will use that option in the first place. I'm sure most compulsive HODLers would much rather use their credit card or something. One of the reasons Amazon might not be accepting bitcoin is because it would not see much use, and there's very little pressure for them to pull the trigger.
As far as I know, amazon is already accepting bitcoin as mode of payment. In fact there are some other online shopping stores as well who are providing this facility to the owners of bitcoin. I don稚 think so there can be anything which can go wrong by doing this. This is the best thing which they have done. It is because of the reason that it will help bitcoin in making better name.

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Today at 01:34:43 PM
#57

If we wait for the perfect solution it will take too much time. For now the solutions are palliative, but work for sometime anyway. People who deal with Bitcoins know its currently limitations, people are aware about it and if they still want to use the digital currency, go on...
It really would take a whole lot of time if the devs are not gingered enough to find a solution quickly. We really need a huge push sometimes as humans.

However, bitcoin would not be the only means of payment if this happens as amazon is looking into some of the top cryptocurrencies (so I heard) and if that happens, we might start seeing some real life application of some of these other ones.

Apparently, Charlie Lee may end up being right when he said, bitcoin may just end up being a digital asset and people will have to convert to some altcoins to make faster transactions or pay for products.

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Today at 01:49:21 PM
#58

As far as I know, amazon is already accepting bitcoin as mode of payment. In fact there are some other online shopping stores as well who are providing this facility to the owners of bitcoin.
Nope. Amazon itself doesn't accept Bitcoin as payment form, that should be perfectly clear to anyone. It's just that certain third party services allow you to purchase stuff from Amazon with Bitcoin, and that's really it.

Amazon will likely only come to a point to accept Bitcoin, when lightning network is up and running. Bitcoin in its current form and the sheer number of spam attacks isn't function well enough as currency tool.

Without second layer applications, nothing will change, and that's a fact. That's why people are eagerly waiting for lightning network, and that for a good reason. It will bring some much needed functionalities.

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Today at 02:17:20 PM
#59

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this?  Huh Huh
You really do have a point mate! Doing this now would probably make matters worse but we really would not know until we try or the devs might be too relaxed to look for a solution until we start seeing some little bit of these issues here and there.

The proposal of BCH and B2X is all as a result of this which does not really sound like a good solution for now, but it is getting pretty close and we cannot just avoid that. Something should be done fast, cause with or without amazon; we really need a scaling solution right now.



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