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Author Topic: Amazon accepting Bitcoin - What can go wrong?  (Read 3798 times)
Extr22
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November 09, 2017, 08:15:09 PM
 #41

great news now we can easy buy hardware all over world hope to be right news
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November 10, 2017, 12:31:44 AM
 #42

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
 #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.
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
 #44

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
 #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.

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
 #46

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
 #47

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
 #48

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
 #49

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?

My BTC address for your tips:
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November 13, 2017, 09:28:11 AM
 #50

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
 #51

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
 #52

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
 #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.

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
 #54

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’t 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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November 17, 2017, 01:34:43 PM
 #55

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’t 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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November 17, 2017, 01:49:21 PM
 #56

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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November 17, 2017, 02:17:20 PM
 #57

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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November 18, 2017, 08:54:08 AM
 #58

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.

I don't think this would be the real problem. Normal people won't be using bitcoin to buy stuff on amazon, only people who already own BTC and know about its transaction times would be using this option.
I actually think that amazon accepting BTC would have a really positive effect on Bitcoin and its price.

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November 18, 2017, 03:50:48 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.
Yes for sure the point of the bitcoin is now having the high price and the income with the passage of the I am sure not only the Amazon but a lot of the sites are accepting the bitcoin now, I am hoping to have the bright and the best price in the bitcoin and a lot of the people are here who are using the bitcoin, it is the need of the day because the bitcoin is giving a lot of the profit to the people who are investing in the bitcoin and it will be the most popular currency.

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November 18, 2017, 05:34:33 PM
 #60

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.

But then you may need to adjust your transaction fees to make the transaction fast as if you apply in Lighting sale you get 10 minutes  to complete the transaction, also if Amazon starts accepting Bitcoin it will not easy to integrate the process in the system as buying and selling of goods comes under economic services of the nation. If there is too much enrollment of Bitcoin it may lead to regulations which can end the real meaning of Bitcoin transactions.

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