Amazon accepting Bitcoin - What can go wrong?

[Kemarit]

there is nothing wrong just the amazon are trying to do what will be good at the market like steem because btc claiming to big fee's in some users of it, that's the problem of the btc's when it is put on some good markets like amazon.

Steam (if you're referring to that service) has indeed stopped accepting Bitcoin unfortunately, but it's quite understandable if we look at it from an unbiased point of view. People won't pay $10-$15 just in fees when they with that money can top up their account and buy stuff. I hope that Steam will rethink their decision once lightning network becomes publicly available. It should take away the current inconvenience and give people what they want, and that's something actually being worth spending. In easy terms, as long as there is no lightning network, people shouldn't expect Amazon to come on board.

Yeah. seeing Steam stopped accepting bitcoin is quite sad, but we can't blame them because of the ever increasing transaction fee that we are experiencing. I guess this is the same reason why Amazon is still contemplating of accepting bitcoin and quite frankly as much as we want them to accept it, we could blame them at all for not doing it. From a business point of view, there's little money to make with, maybe they need to upgrade their infrastructure as well and the returns is that that good. I also agree with the Lighting Network alternatives, but its gonna be a uphill battle if they are going to implement it as sidechains to bitcoin.

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[Supercrypt]

I think Op is right about the numbers per transaction with amazon members this would totally be a day to two waiting time and that is bad impression to bitcoin.. Maybe Amazon accepting cryptocurrency is much buyable,, so everyone can make many choices to divide this kind of problem or it’s better Amazon will start to planned for an altcoin to be made or support because with they’re popularity that would be successful and many would invest..

Using popularity means so much, just like a game changer in a crucial game of bitcoin community. It's also a good factor to reduce the risky part. Good thinking/comment.

It is really a good factor as that would bring in a lot of investors and users into the community. Purse has been doing great trying to integrate their bitcoin escrow system into amazon purchase and people have been making good use of it.

Now, imagine going on a large scale, the rate at which bitcoin enthusiasts and to be investors will see it as a chance to use in real life. But for now, the devs have been complacent with the speed of transaction and I really do not know how long this is going to take.

[CyberKuro]

It's hard for bitcoin to meet the requirements to become the form of payment for a big business such as Amazon, bitcoin is an asset for now due to inability to fulfil so many transactions in every second, high fee and it takes a long time to be confirmed. Fiat currency or credit card is a better option to make a transaction on the daily basis. It becomes community decisions to take another step for bitcoin scale solution which can take months and even years to agree on such crucial thing, or we just can't get into mainstream transactions, and stay in the box for another year.

[Gc24]

for now it's totally unfeasible. Maybe, for the very first steps in a reality like amazon a good solution could be accepting btc only to purchase high-value gift cards ( 50$ or more). Starting with an adoption of btc only as a payment option restricted for that things (and it could be a solution to avoid third parties in gift card markets which accept btc) - but is too early to adopt it as a general payment option 

[coinplus]

I think Op is right about the numbers per transaction with amazon members this would totally be a day to two waiting time and that is bad impression to bitcoin.. Maybe Amazon accepting cryptocurrency is much buyable,, so everyone can make many choices to divide this kind of problem or it’s better Amazon will start to planned for an altcoin to be made or support because with they’re popularity that would be successful and many would invest..

Yes, Amazon has a pretty big market and the number of transactions going on every day is huge which is why bitcoin still have some pretty good development to make before then. Things would change, segwit has been on and even though it is not being used that much, time will make it change.

I am really looking forward now to seeing the LN deployed because that is the only way this can work and it is really long overdue.

[BettingTips]

I think it's just a news on an online newspaper, we don't know it's true or not. I think we need to hear the orginal announcement from the CEO of Amazon to know what will happen, if they will accept Bitcoin for payment on their market or not. For now we can't sure about anything, it's just conjecture

[bitgolden]

It's not as bad as you think

It's true that bitcoin tx is taking ages to be confirmed but with a higher fees which can go up to 100$ sometimes if you have many inputs then this sucks

Well, it may not be as bad as we all think now, but it is better to be safe than be sorry.
We have all known what network congestion can be like and we do not know the level at which the Amazon community is going to embrace bitcoin yet, but we sure do have to be prepared for it so we can get it right.

Still, I feel we really need a push and rather than staying in our comfort zone, it should better happen so that something can be done fast.

[earnmoneyonl]

The only thing could go wrong is the volatility of bitcoin price. That is the only issue at this time. The price is going too fast then make a good is too expensive in short time.

[Tux99]

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? 

Well, everything you told us is true. I just realized if more people join in the network then it will make hard big crowded in the network itself and make the transaction waiting even longer and longer.
New bitcoiner is very important, but if the network does not being rebuilt to make fastest transaction then this is wasting

[Arkham Knight]

Amazon might be thinking that it's a high-risk gamble if they accept bitcoin now and I do agree because Steam just removed bitcoin payments because of its high volatility so maybe at a later time it will happen once it stabilized.

[GregH37]

there is nothing wrong just the amazon are trying to do what will be good at the market like steem because btc claiming to big fee's in some users of it, that's the problem of the btc's when it is put on some good markets like amazon.

Steam (if you're referring to that service) has indeed stopped accepting Bitcoin unfortunately, but it's quite understandable if we look at it from an unbiased point of view. People won't pay $10-$15 just in fees when they with that money can top up their account and buy stuff. I hope that Steam will rethink their decision once lightning network becomes publicly available. It should take away the current inconvenience and give people what they want, and that's something actually being worth spending. In easy terms, as long as there is no lightning network, people shouldn't expect Amazon to come on board.

This news has already been given as fake by several sites, do you have any reliable reference? On this issue I believe that this can give a huge headache to the company and even to the user of the currency. This is due to the high fees we pay today in transactions that would make it impossible to buy low value products. The slowness of the Btc network, which could cause some inconvenience in the price, for example the user buys a product at a price x with Btc with price Y, but its confirmation only arrives 1 or 2 hours later and that price simply is not worth anything more.

If the NN arrives in the coming months and make the promises into reality this can be softened and maybe would not give other companies add the currency as a form of payment.

[rickadone]

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? 

A bad launch like that will be very embarrassing and we do not want that, there is no point in pushing for something bitcoin is not ready yet, we need at least a few more years before that becomes a reality.

I can imagine how embarrassing it is going to be, going on that large scale and the network having a swell day from the massive transactions that would be going on. We are still looking forward to hugely going mainstream, but we are absolutely not there yet. There is still so much to do for now about the transactions which so far, only LN deployment can solve.

[Sasuke102001]

Yea rightly said, waiting for 12-13 hours or even sometimes more just for a transaction to complete would be the worst thing that has ever happened to bitcoin. This can cause a good issue and the mass media would do its work by starting to bash bitcoin and that could have a good enough effect on bitcoin. So until a solution for the long transaction time is solved it is better that companies like Amazon don't accept bitcoin as a method of payment.

[francis2]

I do not believe that any large corporation will accept bitcoin until either the lightning network is online, or there is a block size increase to reduce fees.

There is not going to be a block increase to reduce fees that is why there is now bitcoin cash, if that is what you want you can go there and use it, bitcoin is going to use the lightning network and when that is functioning things are going to change.

[duongit]

I don't think Amazon will accept bitcoin within a short time too

[plusquantu]

It is possible that a certain amount of buyers will appreciate bitcoin use in Amazon. With other types of payment still available, all types of buyers can use them.

[onnz423]

Until the lightning network is well established, and bitcoin volatility is within an acceptable range, it is extremely unlikely that Amazon will be accepting BTC in the near future. Amazon is one of the largest corporations in the world, and make most of their money due to the high number of sales they achieve with mostly low profit margin items. In order for them to remain profitable, they would have to either find a way of nullifying the fees, or only accept it for particularly high profit margin items where they can afford to take a hit to profits for the sake of long term gain.

TL DR; No chance of this occurring any time soon.

[Fortnight]

For Amazon or any other large organaization to adopt Bitcoin, it seems like they would have to find a way to deal with the extreme volatility of the currency far exceeding their market risk appetites. That Bitcoin futures have been established is a step in the right direction, but that market may need to mature and become deeper before it can accommodate hedgers on the scale of an Amazon.

[doaremon]

It is an astonishment news that Amazon is accepting btc. Because the value of bitcoin. We all know that money is relatively stable than Bitcoin if we focuse upon the value. Last year the value of btc started with 900$ and ended up with 1600$. So the graph of this increasement indicates us that the value will also remain increasing day by day. If a good is worth of 5$ then if we want to pay with btc there is a chance of increasing the value of btc. Form my point of view, It's better not to use btc incase of buying of any good.

[lincolnmad]

I think it will become big if amazon start accepting bitcoin, more people will notice bitcoin and more people will also use amazon with the bitcoin currency. Win win solution though but there are still many problem/issues on bitcoin like the fee is really big and many else.