stuffokator (OP)
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January 25, 2019, 12:40:37 PM |
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There are a lot of small shops which accept crypto payments around the world. However, in my opinion, what will really push the cryptocurrencies forward is the adoption of Bitcoin by some big player in the trading industry, such as Amazon.
What do you think, will Amazon start to accept Bitcoin as a payment method if its price rises to new-record values again (like in 2017)? Could it be that they are not adopting it because they treat crypto as a hostile technology for their business? Or they just don't take Bitcoin seriously, like thinking it will despair in the near future?
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Dreamchaser21
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January 25, 2019, 01:29:16 PM |
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I’m sure they’ve done some research already about cryptocurrency and with bitcoin of course but maybe they are just waiting for the right time. I’ve heard about the new Samsung phone, which enables cryptocurrency maybe this is the start for a big players to slowly adopt the technology, we will see this when the market pumps.
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o_e_l_e_o
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January 25, 2019, 05:35:23 PM |
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What do Amazon have to gain by accepting cryptocurrency?
To start accepting bitcoin, they would also need to be able to refund orders in cryptocurrency, as well as solve problems regarding "stuck" transactions, hacked/lost/stolen accounts with outstanding balance on them, etc. They would need to set up hot and cold wallets, a means of converting to fiat, new crypto support staff and teams, new tax regulations, etc. It would be a huge undertaking for them. Now, what do they have to gain from it? Some new customers, sure, but probably not enough (yet) to justify their initial set up costs.
Yes, it would be great for all businesses to start accepting crypto, but at the end of the day, these are private businesses and will only undertake something if they think it will bring them more profit.
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superstarbtc
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January 25, 2019, 06:33:22 PM |
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Amazon won't accept bitcoin in near future they may develop their own cryptocurrency having their own cryptocurrency open up lot of opportunities for them
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dothebeats
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January 25, 2019, 06:34:18 PM |
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Most likely not, as there aren't any reason for Amazon to accept cryptocurrencies on its platform, and certainly they'd just use a third-party service to instantly convert crypto to fiat, which is another service they'd have to pay for if ever. Should they go the route of keeping coins as is, Amazon needs someone experienced to manage the wallets and rhe workarounds for general safekeeping which, again requires extra costs. So yeah, from a business POV, adding cryptocurrencies isn't viable even during a bull run which mostly lasts a for only a few months.
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cizatext
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January 25, 2019, 07:12:35 PM |
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Amazon use to accept bitcoin even when the price was below what we have presently till lately when their stop the acceptance of bitcoin as means of payment recently they reason is unknown but I believe in the nearest future their are going to redress they action and start accepting bitcoin again.
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snipie
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January 25, 2019, 07:21:02 PM |
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There are a lot of small shops which accept crypto payments around the world. However, in my opinion, what will really push the cryptocurrencies forward is the adoption of Bitcoin by some big player in the trading industry, such as Amazon.
What do you think, will Amazon start to accept Bitcoin as a payment method if its price rises to new-record values again (like in 2017)? Could it be that they are not adopting it because they treat crypto as a hostile technology for their business? Or they just don't take Bitcoin seriously, like thinking it will despair in the near future?
The problem is not bitcoin price skyrocketing or not. It is essentially related to the volatility. Amazon/sellers/, if it will implement bitcoin payments, it has to adjust too many times daily the goods price which is not obvious. The solution is to use bitpay or an alternative method/exchange to let the customer paying directly with BTC but the main question : it worth the effort for the moment? We need more and more adoption of the blockchain technology first! |
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HandsomePeople
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January 25, 2019, 07:24:40 PM |
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The price doesn't matter to those companies, they don''t accept bitcoin directly because it's so volatile, there is actually a third party that convert bitcoin right away and send it to company as fiat. Amazon is giant company, they will receive huge requests if they accept bitcoin, plus they need your info to add it in their every day collected data, they don't support anonymity.
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romero121
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January 25, 2019, 07:27:49 PM |
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Amazon getting engaged into all form of business will not directly get into the bitcoin adoption into the business. As few users suggested volatility is the one that makes the corporate people stand away from bitcoin usage into their business. Probably Amazon will start accepting payments in the form of bitcoin through an intermediary such as bitpay, which has been into this business long back itself.
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Crypdon
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January 25, 2019, 09:26:29 PM |
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Bezos is already the richest man in the world, there i no need for him to change anything. People make extreme changes when there is a need to compete with other companies. However, amazon is already the top dog so they won't take bitcoin unless that changes
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khufuking
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January 25, 2019, 09:41:22 PM |
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Big players never work like this and companies like Amazon will never accept Bitcoin directly, let us have an example here, Amazon make sales for $100M in one day worth of Bitcoin only to find that Bitcoin price drop by %5 (which is 100% normal in Crypto space) now they find themselves down by %5 I don't think that will be an acceptable thing in big companies for big companies to start accepting Bitcoin there should be a way to instant liquidate Bitcoin or even liquidate it before paying by an integrated system with a major exchange that can allow that to happen.
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Ranly123
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January 25, 2019, 10:10:37 PM |
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There are a lot of small shops which accept crypto payments around the world. However, in my opinion, what will really push the cryptocurrencies forward is the adoption of Bitcoin by some big player in the trading industry, such as Amazon.
What do you think, will Amazon start to accept Bitcoin as a payment method if its price rises to new-record values again (like in 2017)? Could it be that they are not adopting it because they treat crypto as a hostile technology for their business? Or they just don't take Bitcoin seriously, like thinking it will despair in the near future?
During the time when Bitcoin price is at it's highest, Amazon already showed interest in it. But after that bullish time, there is no more news about Amazon adopting to accept Bitcoin as means of payment. I think they do some thorough research on whether or not they would accept Bitcoin as part of the currency to be accepted in their transactions. |
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Kemarit
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January 25, 2019, 10:24:02 PM |
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There are a lot of small shops which accept crypto payments around the world. However, in my opinion, what will really push the cryptocurrencies forward is the adoption of Bitcoin by some big player in the trading industry, such as Amazon.
It could be, but there are a lot of factors to consider before any services (big and small) starts to accept crypto as payment. What do you think, will Amazon start to accept Bitcoin as a payment method if its price rises to new-record values again (like in 2017)? Could it be that they are not adopting it because they treat crypto as a hostile technology for their business? Or they just don't take Bitcoin seriously, like thinking it will despair in the near future?
As a business, you need to ask what incentives does your company will have to accept crypto? What risk, specially how volatile this market is. If the risk outweigh the benefits then its logical for businesses not to accept crypto at this moment. There are a lot of rumors before, even news about Paypal accepting crypto surfaces, but nothing concrete has come out. |
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BitHodler
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January 25, 2019, 10:25:34 PM |
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Bezos is already the richest man in the world, there i no need for him to change anything. People make extreme changes when there is a need to compete with other companies. However, amazon is already the top dog so they won't take bitcoin unless that changes
It doesn't matter how rich you are or how well a certain business is performing, you always have to look at every possible way to grow your revenue and profit streams, which Amazon has to do in order to please shareholders. The reality however is that Bitcoin can't even handle 1% of their volumes, which explains why there is no point in giving it a shot. To add, the speculative nature of Bitcoin makes people hold their coins instead of spending them. If Amazon or any other similarly large scale business gets to a point it is interested in Bitcoin, it will come down to how LN is handling high transaction volumes. In a year or two it might be capable of that, right now it definitely isn't. |
BSV is not the real Bcash. Bcash is the real Bcash.
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trader34
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January 25, 2019, 10:34:26 PM
Last edit: January 27, 2019, 07:50:25 PM by trader34 |
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I do not think that Amazon will ever accept payments in cryptocurrencies, also because of the high price volatility they have, which probably won't make customers confident in buying goods and services on their site using cryptos.
It is more likely that in the future Amazon could create its own cryptocurrency, if the market develops.
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pixie85
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January 25, 2019, 10:39:27 PM |
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They don't have to do it because they are profiting indirectly by selling their gift cards for BTC and other cryptocurrencies. If some of the crypto funds end up being used to buy stuff on Amazon anyway there's no need to risk it and build whole infrastructure to provide direct crypto payments. If you're talking about crypto payments through a third party processor it's very likely they will add it as an option.
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crzy
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January 25, 2019, 10:49:23 PM |
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Bigger price doesn’t mean its good because its getting too expensive and for sure Amazon knows that if bitcoin make a new peak, it will dump again and that is why its risky for them. If Amazon really wants to adopt, they will do it during the bear market because the value is very low and they can get higher profit when it rises again.
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Oceat
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January 25, 2019, 11:26:51 PM |
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There are a lot of small shops which accept crypto payments around the world. However, in my opinion, what will really push the cryptocurrencies forward is the adoption of Bitcoin by some big player in the trading industry, such as Amazon.
What do you think, will Amazon start to accept Bitcoin as a payment method if its price rises to new-record values again (like in 2017)? Could it be that they are not adopting it because they treat crypto as a hostile technology for their business? Or they just don't take Bitcoin seriously, like thinking it will despair in the near future?
Probably not, it is just like how steam accepted cryptocurrency before on 2017 but stopped already after they noticed how fast the volatility changed and how miners fee rose too fast per transactions. That's why they have to stop using it before so probably Amazon is doing it too. Whatever their reason, I think they have to make constant changes if they have to accept cryptocurrency. |
3996
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boyptc
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January 26, 2019, 12:24:26 AM |
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This has been rumors since 2016 (IIRC) but I don't think that Amazon will join the crypto revolution. Until now it's just a rumor or I guess it's now a dream that will never come true.
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jhenfelipe
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January 26, 2019, 12:29:51 AM |
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What do you think, will Amazon start to accept Bitcoin as a payment method if its price rises to new-record values again (like in 2017)?
No. Obviously, price will not be the only basis. We knew that AMZ has considered the idea of accepting Bitcoin as a payment option before and it was regardless of the price. I think people should adopt the use of cryptocurrencies first and companies will follow. Let's say the number of AMZ customers who own and use crytocurrencies (esp. BTC) became higher and constantly growing, I think they can make a request to AMZ about accepting BTC. IMO most companies would like to know their customer's pov, the more customers who are in favour the higher chance of consideration. Still, it's a good thing that Amazon adopt the technolgy, they use Blockchain on AWS. |
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