Amazon accepting Bitcoin - What can go wrong?

[reactorjuno]

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?  

I don’t see any much disadvantages in Amazon accepting Bitcoin as a payment method except that transaction takes a few minutes and not hours like you said. If Amazon accepts Bitcoin, it will raise people’s interests and lots of people would love to try out Bitcoin and see how it works.

And by the way, the time it takes for your transaction to be confirmed depends on the fees to chose to pay; priority or regular fees. If you choose priority, your payment will be processed faster.

Well the thing is, the transaction is not instant, and yes in some cases it can take several hours if you are not willing to pay a reasonable fee. The thing is, some are not willing to pay a $5 fee if they buy a book that costs $10 (that's 33% fee).

In my opinion, Bitcoin would be more interesting and convenient to be accepted by flight companies, or car dealers, and obviously in the real estate. I very doubt Amazon will accept Bitcoin any time soon. Hope to be proved wrong of course.  

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[pinkpanther03]

I heard that amazon online shop was bitcoin accepted, but I never try it yet to shop in amazon using Bitcoin as payment to their platform.
But honestly speaking, I am planning to buy nano wallet and mining rig which is Asic using bitcoin, once I receive my profit in crypto currency, but for now waiting for awhile. 

[ocid]

does not rule out the possibility if Amazon accepts payment options by using bitcoin this is a business strategy carried out by Amazon to get more customers. and I don't think this is a complicated problem as long as both parties, between Amazon and customers, can accept the consequences of the payment option with the bitcoin method and in my opinion, this will make it easier for every consumer in terms of payment because as we know that bitcoin has interesting features in transaction matters.

[The Sceptical Chymist]

Man, this thread is a year old already and Amazon (and eBay, too) have yet to start accepting bitcoin.  That's unfortunate--I remember this thread from last year and I thought we were actually going to get some good news from at least Amazon, but not to be I guess.

As I've said many times, I'm not a huge fan of spending bitcoin, but in the past 5 months or so I've accumulated more than I've had in quite a while and I haven't always wanted to hold it.  I probably would have bought some stuff from Amazon if I could have paid for it there in an easy way.  Selling bitcoin for PayPal always makes me nervous, even though I tend to trade with one individual who hasn't let me down yet.  It's still always risky, and there are times when I'd rather just not convert to fiat, and Amazon is one of the biggest marketplaces on the internet.  If you could just pay for things there with bitcoin there would be zero need to sell bitcoin for cash.

Any idea what their thinking is on this one?  I haven't read anything lately about it or really any big merchants starting to accept bitcoin.

[hannahboy]

The issue of scaling cryptocurrencies is a matter of time and now the developers of new projects are trying to take into account the shortcomings of the known digital money

Yeah you are right. Scaling issue will not last for long and soon will be controlled. Many people face this problem while he transfers his coins to his bank account. In my country we also face this problem, but I hope in the near future this issue will be solved and people will feel ease about their transactions. We should be patient and build our confident on crypto.

[nickwen]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

[PaulLines]

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?  

I don’t see any much disadvantages in Amazon accepting Bitcoin as a payment method except that transaction takes a few minutes and not hours like you said. If Amazon accepts Bitcoin, it will raise people’s interests and lots of people would love to try out Bitcoin and see how it works.

And by the way, the time it takes for your transaction to be confirmed depends on the fees to chose to pay; priority or regular fees. If you choose priority, your payment will be processed faster.

Well the thing is, the transaction is not instant, and yes in some cases it can take several hours if you are not willing to pay a reasonable fee. The thing is, some are not willing to pay a $5 fee if they buy a book that costs $10 (that's 33% fee).

In my opinion, Bitcoin would be more interesting and convenient to be accepted by flight companies, or car dealers, and obviously in the real estate. I very doubt Amazon will accept Bitcoin any time soon. Hope to be proved wrong of course.  

I agree that there are some issues relating to transactions but as the use of crypto increases the developers will also go into new innovations in this technology. They will provide ease to its users and will overcome these issues soon. It in the future the use of crypto will be normal and we will have many transactions platforms, then I think nobody will wait for long time for his transitions.

[Hawker]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

there is no such plan from Amazon till today. Amazon never announced that they'll accept Bitcoin. and I don't expect that to happen in near future. bitcoin has gained a place for itself. but there are dozens of other payment solutions also. and Amazon doesn't accept all of them. I assume Bitcoin for them is just like he other payment options. 

[chainedblocks]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

Amazon is fast growing online company and now when they start accepting bitcoin they will enhance their services and business. It is also easy for people to buy products in Amazon and pay them from their wallet. Transaction sometimes takes long time but it will be covered in the future. Now people will prefer to buy their daily necessities online. The world is going to change.

[petermike]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

Amazon is fast growing online company and now when they start accepting bitcoin they will enhance their services and business. It is also easy for people to buy products in Amazon and pay them from their wallet. Transaction sometimes takes long time but it will be covered in the future. Now people will prefer to buy their daily necessities online. The world is going to change.

I think if Amazon accepts Bitcoin, it gives buyer an incentive to trade directly in Bitcoin, and with the bank accounts associated with Bitcoin, it would be technically simple to click activity.

[sirohige]

in my opinion it's a good step taken and chosen by Amazon because maybe Amzon has realized that bitcoin will become very expensive in the future so that Amazon keeps and accepts bitcoin as much as they can by utilizing bitcoin payments they will be able to get bitcoin with a very large amount and it is also their strategy to attract increasingly high demand because there will definitely be lots of people shopping using bitcoin payments.

[yvesp110]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

Amazon is fast growing online company and now when they start accepting bitcoin they will enhance their services and business. It is also easy for people to buy products in Amazon and pay them from their wallet. Transaction sometimes takes long time but it will be covered in the future. Now people will prefer to buy their daily necessities online. The world is going to change.

I think if Amazon accepts Bitcoin, it gives buyer an incentive to trade directly in Bitcoin, and with the bank accounts associated with Bitcoin, it would be technically simple to click activity.

It is good news because now we will be able to buy hardware from any part of the world I am sure it will increase the price of bitcoin as well,. It will allow the online billing and it will open new gates of success for the investors as well, I think everyone should invest this way as it is the only way to get more income than any other investment after this great news.

[portalufonet]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

Amazon is fast growing online company and now when they start accepting bitcoin they will enhance their services and business. It is also easy for people to buy products in Amazon and pay them from their wallet. Transaction sometimes takes long time but it will be covered in the future. Now people will prefer to buy their daily necessities online. The world is going to change.

Amazon really understands what its users need and accepting Bitcoin payments is a great strategy for them. I think in the future the use of bitcoin and cryptocurrency in transactions and payments will be common throughout the world because more and more coins are meeting the needs in many different areas.

[EdenHazard]

in my opinion it's a good step taken and chosen by Amazon because maybe Amzon has realized that bitcoin will become very expensive in the future so that Amazon keeps and accepts bitcoin as much as they can by utilizing bitcoin payments they will be able to get bitcoin with a very large amount and it is also their strategy to attract increasingly high demand because there will definitely be lots of people shopping using bitcoin payments.

That's true, if this happens to amazon that accepts bitcoin as a payment system then the positive impact of bitcoin will be visited by many new users. However, OP has another view if this has happened, all we know the process of bitcoin transactions is still slow, only a few transactions can be processed within one second so as if everyone uses bitcoin then there will be many transactions that are pending. Maybe it will be a solution if the lightening network can be functioned immediately so that every transaction can be passed quickly.

[shield132]

Man, this thread is a year old already and Amazon (and eBay, too) have yet to start accepting bitcoin.  That's unfortunate--I remember this thread from last year and I thought we were actually going to get some good news from at least Amazon, but not to be I guess.

As I've said many times, I'm not a huge fan of spending bitcoin, but in the past 5 months or so I've accumulated more than I've had in quite a while and I haven't always wanted to hold it.  I probably would have bought some stuff from Amazon if I could have paid for it there in an easy way.  Selling bitcoin for PayPal always makes me nervous, even though I tend to trade with one individual who hasn't let me down yet.  It's still always risky, and there are times when I'd rather just not convert to fiat, and Amazon is one of the biggest marketplaces on the internet.  If you could just pay for things there with bitcoin there would be zero need to sell bitcoin for cash.

Any idea what their thinking is on this one?  I haven't read anything lately about it or really any big merchants starting to accept bitcoin.

Personally I don't want to see amazon or ebay starting to accept bitcoins, especially amazon. At first ebay has paypal which doesn't accept even btc buy with it, so they'll stick with fiat. On another hand if they have to refund, how will they act? Seems they have to convert bitcoin in usd at the moment of payment receive and do the same on refund (consider that amazon is usually seller itself). Also imagine if amazon receives and receives bitcoin and holds it? I don't want such situation.

[Beegovere]

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?  

I don’t see any much disadvantages in Amazon accepting Bitcoin as a payment method except that transaction takes a few minutes and not hours like you said. If Amazon accepts Bitcoin, it will raise people’s interests and lots of people would love to try out Bitcoin and see how it works.

And by the way, the time it takes for your transaction to be confirmed depends on the fees to chose to pay; priority or regular fees. If you choose priority, your payment will be processed faster.

Well the thing is, the transaction is not instant, and yes in some cases it can take several hours if you are not willing to pay a reasonable fee. The thing is, some are not willing to pay a $5 fee if they buy a book that costs $10 (that's 33% fee).

In my opinion, Bitcoin would be more interesting and convenient to be accepted by flight companies, or car dealers, and obviously in the real estate. I very doubt Amazon will accept Bitcoin any time soon. Hope to be proved wrong of course.  

I agree that there are some issues relating to transactions but as the use of crypto increases the developers will also go into new innovations in this technology. They will provide ease to its users and will overcome these issues soon. It in the future the use of crypto will be normal and we will have many transactions platforms, then I think nobody will wait for long time for his transitions.

It is good decision and to my knowledge there is nothing wrong in it. Many other big online companies also started accepting bitcoin as their payment method. By these steps company and customers both will feel ease and comfort. In the near future we will see that local markets also accepting bitcoin and there would be no need to take cash in your pockets.

[Grimjule]

in my opinion it's a good step taken and chosen by Amazon because maybe Amzon has realized that bitcoin will become very expensive in the future so that Amazon keeps and accepts bitcoin as much as they can by utilizing bitcoin payments they will be able to get bitcoin with a very large amount and it is also their strategy to attract increasingly high demand because there will definitely be lots of people shopping using bitcoin payments.

It is good what is wrong with it? I don’t think that there is anything wrong in it besides it is good for the rest of the people to invest their money in bitcoin and also good for holder because they will start using their coins if they want to buy something from amazon. Some other big companies have also started accepting bitcoin and gradually the world will follow them.

[genuin]

With news like this will make many digital companies analyze the participation of BTC in their transactions will have a positive or negative impact. How come ? this class of companies as big as amazon acc btc as their payment instrument is a blow to rice for some digital companies that have considered low btc

[Eggzootechkoyn]

It's not wrong or there's nothing wrong if amazon is accepting bitcoin as payment for their online products. Instead, it is an innovation of its current system with blockchain being integrated on it. It's nice to see  such entities that are already engaged in blockchain.

[0xBitcoins]

Amazon's plan is a good thing and we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public. On the other hand, Amazon supplies and its stability help providers have an effective mechanism to accept bitcoin payments. This is a strong impetus for Bitcoin's quest for broad acceptance.

Amazon is fast growing online company and now when they start accepting bitcoin they will enhance their services and business. It is also easy for people to buy products in Amazon and pay them from their wallet. Transaction sometimes takes long time but it will be covered in the future. Now people will prefer to buy their daily necessities online. The world is going to change.

I think if Amazon accepts Bitcoin, it gives buyer an incentive to trade directly in Bitcoin, and with the bank accounts associated with Bitcoin, it would be technically simple to click activity.

It is good news because now we will be able to buy hardware from any part of the world I am sure it will increase the price of bitcoin as well,. It will allow the online billing and it will open new gates of success for the investors as well, I think everyone should invest this way as it is the only way to get more income than any other investment after this great news.

It is not good that Amazon provides personal information to law enforcement agencies, because if its customers come to know about this they will never shop online from Amazon. I will never allow anybody to reveal my personal data related to bitcoin. They have nothing to do with it. I am not using my coins in any illegal activity but using with highly reputable worldwide online company.