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Author Topic: What is the reason Amazon hasn't adopted Bitcoin?  (Read 521 times)
Yoshinoya
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June 18, 2019, 03:59:33 AM
 #1

Amazon is the largest e-commerce company in the world. All their products are built on developing and enhanced technology. Since its inception, Amazon has always fostered a positive attitude towards new trends and the latest technological advances, this is because they are part of the internet revolution, a revolution that can only be won by being optimistic about technology.

So, why hasn't Amazon adopted Bitcoin?

Let's see this way, Bitcoin praised the Amazon package very well. Amazon has an international reach and allows people to buy products from sellers in countries from all over the world.

Part of the Amazon revolution is the shrinking of the earth, which means people can buy products internationally at lower prices and send them in a short time.

As is well known, Amazon only supports payments through FIAT currencies and traditional banks, this can slow down the payment process and means that merchants are charged. But using Bitcoin will erase, both of these problems.

In addition, the use of Bitcoin will also allow Bitcoin investors to access the giant platform wherever they are.

Problems that hinder the adoption of Bitcoin

The problem here is because of the lack of regulation around Bitcoin, not because Amazon is afraid of Bitcoin or because they are afraid of a lack of regulation, but this seems to be an Amazon case that is too big to adopt a product that can eventually fail.

If a company the size of Amazon continues to adopt Bitcoin, it will cause a massive surge in asset popularity, which can ultimately put Amazon or Bitcoin at risk. I think the message here is that Amazon is not afraid of Bitcoin, they just haven't accepted Bitcoin and are still in advanced studies.

Will Amazon adopt Bitcoin?

We know that Amazon, among other giants like Facebook, is exploring blockchain technology. When crypto is becoming more mainstream and when Bitcoin becomes more mature we can begin to hope that companies like Amazon will start accepting Bitcoin payments, maybe now, adoption is not safe enough for e-commerce giants, and this is to protect their customers.
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June 18, 2019, 04:22:34 AM
 #2

the main reason is about applicable regulations. and both visa, paypal, and others, they certainly won't let this work. if bitcoin can be used, they will lose huge profits. so even when all countries have accepted and legalized bitcoin, not necessarily e-commerce like big like amazon, ebay will use it.

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June 18, 2019, 05:53:03 AM
 #3

the main reason is about applicable regulations. and both visa, paypal, and others, they certainly won't let this work. if bitcoin can be used, they will lose huge profits. so even when all countries have accepted and legalized bitcoin, not necessarily e-commerce like big like amazon, ebay will use it.
I agree if the main problem of Not Amazon has been adopted by Bitcoin as their payment option is regulation, but if it is associated with other vitual money payments such as paypal or payoneer it is the competition they have to face in the financial industry. Moreover Bitcoin still requires third parties to withdraw their funds into traditional money as a daily necessity.
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June 18, 2019, 06:21:32 AM
 #4

the biggest problems is first the people who are not that willing to spend their bitcoins and any big business like Amazon that is already working fine without any issues and is making tons of money don't see the "need" to go through all the trouble of adding a new payment method for a highly volatile currency that sometimes also has a high fee.
and second is that they don't feel the competitive pressure yet. for example if something like Open Bazaar grew big enough to threaten their business by taking a big portion of their customers and merchants then they will start panicking and thinking about competing.

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June 18, 2019, 06:25:53 AM
 #5

The reason for this is purely regulations. I'm sure we'll see that Also Amazon will accept Bitcoin in future. I don't even think it's going to be just BTC, maybe they could even create a new currency with loyalty awards.

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June 18, 2019, 06:28:58 AM
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 #6

I think the main reason is that not enough people will be using BTC to make their purchases and its not worth the hassle spending millions in coding and another million to train the support staff when issues arrive.

Most people who buy on Amazon will buy it anyways on Amazon so they will get paid anyways. If they added BTC the sales wouldn't increase by much.

Sites like Newegg accepted it because most of their customers were computer savvy and a larger percentage of those were actually miners. So it made sense for Newegg. And many miners probably ordered from Newegg just for that reason instead of another computer retailer. So they gain business actually instead of Amazon which would retain that same customer in the first place.

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June 18, 2019, 06:44:58 AM
 #7

why would they adopt bitcoin? is there some evidence that many people would be interested in using it---enough to justify the costs? or is it only a niche of crypto holders who want it because "amazon adopting bitcoin" will pump the market?

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June 18, 2019, 06:52:49 AM
 #8

Amazon is the largest e-commerce company in the world. All their products are built on developing and enhanced technology. Since its inception, Amazon has always fostered a positive attitude towards new trends and the latest technological advances, this is because they are part of the internet revolution, a revolution that can only be won by being optimistic about technology.

So, why hasn't Amazon adopted Bitcoin?

Let's see this way, Bitcoin praised the Amazon package very well. Amazon has an international reach and allows people to buy products from sellers in countries from all over the world.

Part of the Amazon revolution is the shrinking of the earth, which means people can buy products internationally at lower prices and send them in a short time.

As is well known, Amazon only supports payments through FIAT currencies and traditional banks, this can slow down the payment process and means that merchants are charged. But using Bitcoin will erase, both of these problems.

In addition, the use of Bitcoin will also allow Bitcoin investors to access the giant platform wherever they are.

Problems that hinder the adoption of Bitcoin

The problem here is because of the lack of regulation around Bitcoin, not because Amazon is afraid of Bitcoin or because they are afraid of a lack of regulation, but this seems to be an Amazon case that is too big to adopt a product that can eventually fail.

If a company the size of Amazon continues to adopt Bitcoin, it will cause a massive surge in asset popularity, which can ultimately put Amazon or Bitcoin at risk. I think the message here is that Amazon is not afraid of Bitcoin, they just haven't accepted Bitcoin and are still in advanced studies.

Will Amazon adopt Bitcoin?

We know that Amazon, among other giants like Facebook, is exploring blockchain technology. When crypto is becoming more mainstream and when Bitcoin becomes more mature we can begin to hope that companies like Amazon will start accepting Bitcoin payments, maybe now, adoption is not safe enough for e-commerce giants, and this is to protect their customers.
i agree as of now big company is just playing safe and just waiting for assurance until it become mature to protect their customer

 
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June 18, 2019, 07:04:42 AM
 #9

Just like many institutional investors, Amazon is taking its time in evaluating how BTC could be profitable through a proper set of regulations in the long term. It seems like Facebook preparing to dabble with crypto has caused the recent surge.

Amazon might follow suite if Facebook's experiment proves to be successful over time. It remains to be seen whether they adopt BTC or come up with their coin in such a scenario.


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June 18, 2019, 07:06:57 AM
 #10

If they determine that Bitcoin would be good for their bottom line, I'm sure they'd hop on in a heartbeat. It's probably not worth the hassle right now.

Another major factor that I see is that people might be wary using Bitcoin for services like theirs because it robs them of the ability to chargeback if things go south.

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June 18, 2019, 07:08:24 AM
 #11

the main reason is about applicable regulations. and both visa, paypal, and others, they certainly won't let this work. if bitcoin can be used, they will lose huge profits. so even when all countries have accepted and legalized bitcoin, not necessarily e-commerce like big like amazon, ebay will use it.

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June 18, 2019, 07:36:48 AM
Last edit: June 19, 2019, 06:54:06 AM by vladimirhf
 #12

scalability, speed maybe? I believe that stellar would be a better choice for e-commerce.
but I also think the lobby and regulations could make many stores accept the facebook coin in a near future.
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June 18, 2019, 08:33:16 AM
 #13

All their products are built on developing and enhanced technology.

Nope, Amazon makes a lot of things which have nothing in common with enhanced technology like bed sheets and baby diapers.

Let's see this way, Bitcoin praised the Amazon package very well.
.....
Part of the Amazon revolution is the shrinking of the earth,

Whatever you say ... Grin

As is well known, Amazon only supports payments through FIAT currencies and traditional banks, this can slow down the payment process and means that merchants are charged. But using Bitcoin will erase, both of these problems.

Nope, visa transactions are nearly instant, and with Bitcoin the consumers are going to get charged as they will have to pay the tx fee.
Secondary, a lot of people forget that if you pay a merchant via BTC the merchant has to collect the coins from the address you sent, and that is another fee.

but this seems to be an Amazon case that is too big to adopt a product that can eventually fail.

You've never heard of FirePhone, right?

If a company the size of Amazon continues to adopt Bitcoin, it will cause a massive surge in asset popularity, which can ultimately put Amazon or Bitcoin at risk.

Why?

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June 18, 2019, 08:51:16 AM
 #14

The problem here is because of the lack of regulation around Bitcoin, not because Amazon is afraid of Bitcoin or because they are afraid of a lack of regulation, but this seems to be an Amazon case that is too big to adopt a product that can eventually fail.
this can't be the reason, at least not the only one or the biggest one.
simply because there are already other big companies that have adopted bitcoin. for example Microsoft has been accepting bitcoin payments for many years now! if there was any fear of lack of regulations then others would have also been worried.

Quote
other giants like Facebook, is exploring blockchain technology.
Facebook is not exploring blockchain technology. facebook is exploring ways of making more money from a hyped up situation. what they created is no different than a bank or any of the online processors such as Paypal.

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Laxus215
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June 18, 2019, 08:57:58 AM
 #15

Amazon is huge E market worldwide,due to unclear regulation about bitcoin by different different jurisdiction Amazon not adopting payment by bitcoin. If facebook will launch their cryptocurrency there is huge probality that amazone will also come up with the similar plan as amazone is already involved in blockchain technology with their AWS platform.

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June 18, 2019, 09:01:13 AM
 #16

Should Amazon's adaptation be related to Bitcoin? Or is it about Blockchain?

Amazon will sooner or later provide integration to use a system on the blockchain. But there is no Bitcoin integration. I'm not sure how possible it is by US law if you accept Bitcoin as payment.

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June 18, 2019, 09:33:48 AM
 #17

Honestly, I do not care if amazon accepts or does not accept bitcoin as a means of payment. I never bought anything in amazon. But I would be happier if I had a bitcoin debit card and made purchases in my country. if in my country all merchants accepted bitcoin as a means of payment would be something very good.

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June 18, 2019, 09:54:28 AM
 #18

There's no reason to accept BTC.

It won't encourage more custom. It will cost them more in hassle and support dealing with problems.

The only people who want it are existing BTC hoarders who want other people to spend to make them feel good about themselves.

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June 18, 2019, 02:39:18 PM
 #19

No reason whatsoever to adopt bitcoin into their systems knowing that traditional payment methods are working well for them and their merchants and honestly, not a single thing would ever change for the company even if they decided to use bitcoin the next day. This is not being pessimistic, this is just being frank of the things at hand. I also love large retailers and merchants accepting bitcoin but with the current state of the said cryptocurrency, most are just busy speculating and making profit than using it as such, and I'm pretty sure Amazon doesn't want the hassle of having to convert coins into cash and losing potential profit along the way.

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June 18, 2019, 02:43:53 PM
 #20

maybe for the same reason why majority of the world has not yet adopted bitcoin and we are still at about 1% adoption even after 10 years of growing market and increasing popularity. it has been slow for everyone so it is understandable to see a big business like Amazon be hesitant to jump on board of something that is not that popular yet.

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