Amazon to accept bitcoin payments directly... the real breakthrough!?

[2pointo]

Hi All,

I'm new here but I'm not new here if you know what I mean. Everything has come along way from how I remember it six to seven years ago when I first found discovered it. This is my first post so just walk with me on this one. A couple of days ago I had a dream that you could pay for everything on Amazon with bitcoin. Crazy I know... but then I thought wait that isn't that crazy.

So I started doing some research. I found a company which developed a browser extension to support payments on amazon with bitcoins (Not sure if its against the rules to post the company so I wont)... I'm sure there is a demand for it as I've seen the trade volume on a well known p2p exchange using Amazon gift cards. I say all of that to say this, what do you think that would do to the value?

Surely this would be the moment which would solidify mass adoption of the currency?

Just a few crazy thoughts going through my mind... whats your opinion 

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[Wexnident]

Uhm no. Hell, a few shops in the internet and irl have already started accepting payment through Bitcoin, so I see no reason as to why it would actually become a "breakthrough". Not only that, those people ignorant about BTC would actually stay away from it instead of approaching it. Why? Because of its volatility. I mean, they have a lot on their plate already, and if they actually invest on something unknown to them, they'd basically be wasting both their time and money right? (I'm not talking bad about BTC, just the perspective of a person who doesn't know anything about it).

It's an option, but it isn't a priority. It's that kind of relationship right now with BTC and various stores it has connections to. It's still a step, albeit a really small one though, which makes it unworthy of the word "breakthrough" imo. And yea, honestly, it's a crazy opinion alright... in a bad way.

[fiulpro]

Hi All,

I'm new here but I'm not new here if you know what I mean. Everything has come along way from how I remember it six to seven years ago when I first found discovered it. This is my first post so just walk with me on this one. A couple of days ago I had a dream that you could pay for everything on Amazon with bitcoin. Crazy I know... but then I thought wait that isn't that crazy.

So I started doing some research. I found a company which developed a browser extension to support payments on amazon with bitcoins (Not sure if its against the rules to post the company so I wont)... I'm sure there is a demand for it as I've seen the trade volume on a well known p2p exchange using Amazon gift cards. I say all of that to say this, what do you think that would do to the value?

Surely this would be the moment which would solidify mass adoption of the currency?

Just a few crazy thoughts going through my mind... whats your opinion 

This is the first time am hearing about something like this , this is really amazing , I think if they have made a software integrating the bitcoins and the money with the Amazon indirectly then they can also do this with other websites using the same integration , this way there won't be only one site on which we will be able to make payments with Bitcoins , great invention I do think they just need to make it legal and get it in their name ,market like any other app and I think it would be a good thing to try it if its working nicely.

[tvplus006]

...
So I started doing some research. I found a company which developed a browser extension to support payments on amazon with bitcoins...

I don't know what app you're talking about, but back in 2018, Moon launched BTC payments via the Lightning Network on Amazon. Now you can use any wallet with Lightning support for the Chrome browser via the Moon extension: https://paywithmoon.com/ You can read more information in the developer blog: https://blog.lightning.engineering/posts/2019/03/20/loop.html

[erikalui]

It's not new and these are indirect methods of paying with crypto on sites like Amazon and Purse too lets users buy things from Amazon at 20-30% discount with the help of gift cards or using Amazon GC balance.

I don't know what app you're talking about, but back in 2018, Moon launched BTC payments via the Lightning Network on Amazon. Now you can use any wallet with Lightning support for the Chrome browser via the Moon extension: https://paywithmoon.com/ You can read more information in the developer blog: https://blog.lightning.engineering/posts/2019/03/20/loop.html

Moon has disabled this payment method and only supporting these ecommerce websites: http://prntscr.com/r64r4o

Hey everyone! Quick update: Amazon transactions have been disabled and will be reenabled in Q1 2020 when we launch a major update to Moon. Along with reenabling Amazon transactions, you'll have access to a much wider variety of merchants.

[rdbase]

^^
There are several ways to pay for amazon products with cryptocurrency by using giftcards to load them. But OP is talking about paying directly without needing to go thru these middle men. Which probably take a bit for fees because these companies dont do processing for free and they need to make money some how to sustain their business. Just like any other IRL would.
https://coinsspent.com/where-to-spend-bitcoin-in-2019/how-to-pay-with-bitcoin-at-amazon/

The one that came to mind was gyft.
Never used any of the above mentioned methods before so can not comment on how reliable or useful they are to the general amazon customer.
But buying directly from them using your cryptocurrency wont happen since the moon company is no longer doing it thus amazon probably saw it as a failure and they could do it better with their own sort of cryptocurrency.
They want to have their version of libra to rival other market makers.

[adzino]

Hi All,

I'm new here but I'm not new here if you know what I mean. Everything has come along way from how I remember it six to seven years ago when I first found discovered it. This is my first post so just walk with me on this one. A couple of days ago I had a dream that you could pay for everything on Amazon with bitcoin. Crazy I know... but then I thought wait that isn't that crazy.

So I started doing some research. I found a company which developed a browser extension to support payments on amazon with bitcoins (Not sure if its against the rules to post the company so I wont)... I'm sure there is a demand for it as I've seen the trade volume on a well known p2p exchange using Amazon gift cards. I say all of that to say this, what do you think that would do to the value?

Surely this would be the moment which would solidify mass adoption of the currency?

Just a few crazy thoughts going through my mind... whats your opinion 

We have been hearing that Amazon will be accepting bitcoin "soon", but there has been no update on the news. No way I am going to trust a browser extension to allow me to pay in bitcoin from my wallet. There is no guarantee that the extension developers might go rouge and add some sort of backdoor to the extension.
Yeah they have good volume, but it is kinda risky to buy off amazon cards from random people on the internet. Those might be stolen or bought illegally.
You can always always buy Amazon Giftcards from well known sellers that accepts bitcoin (try Bitrefill if you haven't).

[coolcoinz]

I've bought codes for Amazon a few times through an exchange instead of withdrawing to my bacn account and I was very happy with how fast it was. There weren't any problems from Amazon as well.
Direct payments would be great because I'd be able to pay after buying a product instead of having to charge the account before making the purchase. That second way always makes you send more because you don't know if you get a discount and how much the shipping will cost. Let's wait and see. Adding BTC payments to such a big store would cost a lot of money.

[erikalui]

^^
There are several ways to pay for amazon products with cryptocurrency by using giftcards to load them. But OP is talking about paying directly without needing to go thru these middle men. Which probably take a bit for fees because these companies dont do processing for free and they need to make money some how to sustain their business. Just like any other IRL would.
https://coinsspent.com/where-to-spend-bitcoin-in-2019/how-to-pay-with-bitcoin-at-amazon/

The one that came to mind was gyft.
Never used any of the above mentioned methods before so can not comment on how reliable or useful they are to the general amazon customer.
But buying directly from them using your cryptocurrency wont happen since the moon company is no longer doing it thus amazon probably saw it as a failure and they could do it better with their own sort of cryptocurrency.
They want to have their version of libra to rival other market makers.

I know that but these gift card methods are only profitable to those buying the gift cards at a huge discount and not the ones selling them. Also, moon did not clarify why they stopped supporting Amazon and they said they would launch it soon so looking to see how it works. It's just a new way to pay and that too only on Amazon.com not other sites so it's not useful for others. Amazon could easily use coinbase or another exchange if they don't want to direct accept bitcoins but they don't seem interested.

[o_e_l_e_o]

I couldn't tell you the last time I bought something on Amazon for fiat and not for a voucher or gift card I had bought using bitcoin. Bitrefill is currently my go-to supplier. As well as being a quick and easy way to spend bitcoin, it has the added privacy bonus of not letting my credit card company monitor all my purchases.

Surely this would be the moment which would solidify mass adoption of the currency?

It might help adoption, but a single retailer accepting bitcoin, even one as ubiquitous as Amazon, is not going to catalyze mass adoption on its own. Maybe bitcoin users who also use Amazon (which will be the majority of bitcoin users, because the vast majority of people in countries where Amazon operates use Amazon) would start using bitcoin instead of fiat when shopping at Amazon, but it's unlikely to cause huge numbers of people to get involved in bitcoin for the first time. As long as Amazon continue to accept fiat payments, then accepting bitcoin alongside offers little incentive to try out bitcoin for the first time. We also need more than just Amazon to accept bitcoin, since they would likely use a payment processor who sells all the bitcoin they accept immediately for fiat. We need a whole ecosystem of bitcoin, with employees at Amazon opting to be paid in bitcoin because they have plenty of available merchants or retailers at which they can spend it.

[gentlemand]

Nope.

Unless Amazon starts offering discounts on everything exclusively for Bitcoin it won't make the slightest difference and they'll be unwilling or unable to offer such discounts. And why the hell would they? And by the time you throw in exchange fees, hassle and fluctuations there may not be any discount left.

No one buys something to buy something.

Merchant adoption is a dead end for now albeit a very convenient one for people already into it. It will never drive people into using it. It's a byproduct.

What's needed are employers to give the option of people being paid in Bitcoin. That would drive things much harder.

[Captain Corporate]

 We literally had amazon, steam, microsoft and some other major places DIRECTLY accept bitcoin during the peak of 2017, not everyone remembers that because amazon wasn't allowing bitcoin payments on stuff like books or diapers or whatever but they were accepting it for both twitch and prime payments which was a breakthrough of sorts, you could send tips or subscribe to streamers and get prime membership all using bitcoin directly paying to amazon, no third party no nothing. Hell I bought some games on steam using bitcoin, at that time I wasn't really in a bad financial situation since I made a ton of profit during 2017 peak so I literally just bought games on steam DIRECTLY using bitcoin and enjoyed the profits that way as well.

 These are all great news but even adding the real companies accepting bitcoin won't make a huge difference, it surely would make a difference, the price would definitely go up but it wouldn't make the difference that some people are waiting for, there are people out there who are waiting for 100k or even more and unfortunately you can't get to those prices with just amazon or some other major website starting to accept bitcoin, you would need a huge financial boom from wall street or wall street-like places all around the world since they are the only ones who have enough money to make the price go up that much.

[exstasie]

No one buys something to buy something.

What's needed are employers to give the option of people being paid in Bitcoin. That would drive things much harder.

Exactly. We're still at an intermediate stage in adoption where most consumers and merchants don't have strong incentives to adopt BTC.

People tend to focus too much on this aspect. In my opinion, Bitcoin needs to become ubiquitously used as money first. When consumers are getting paid their salaries in BTC and merchants can pay their suppliers in BTC, both groups will get fully on board.

[Janation]

To be honest, I've been hearing and reading about Amazon accepting Bitcoin but I have no updates about it and I just remembered it now.

There are a lot of platforms that accepted Bitcoin, I am not a gamer but I do know Steam accepted Bitcoin. Steam is a platform in games and one of the most popular of it. Still, it did not made any impact and they stopped accepting it in the long run. I think that would be the same with Amazon. The fact that we have no updates until now means they know the risks they will take if they do that.

[julius caesar]

So I started doing some research. I found a company which developed a browser extension to support payments on amazon with bitcoins (Not sure if its against the rules to post the company so I wont)... I'm sure there is a demand for it as I've seen the trade volume on a well known p2p exchange using Amazon gift cards. I say all of that to say this, what do you think that would do to the value?

Surely this would be the moment which would solidify mass adoption of the currency?

If the Amazon would really accept bitcoin as a part of their transaction, it will cause a huge impact to the cryptocurrency since a bit company are now using it. It will for surely gonna have a huge price movement to the market and might cause a bull run. This is might be also a trigger to other company to officially accept crypto as their part of every transaction that they are going to do.

[black_widow]

I'm not sure about the security of this method of payment at the moment. I agree that this is a good idea, and that it would make life easier for people, but so far this is at the level of introduction to the masses, I personally would not use such applications and extensions in browsers. Perhaps everything was done with high quality, but for some reason I do not yet have confidence in this.

[mu_enrico]

This article might be interesting for you. https://www.investopedia.com/articles/company-insights/090216/when-will-amazon-accept-bitcoin-amzn.asp

tl;dr
You could still purchase Amazon gift cards with Bitcoin and use it. So it's pretty much buying with Bitcoin. Since there are companies that were already doing this, I don't think reinventing the wheel would be a breakthrough.

Surely this would be the moment which would solidify mass adoption of the currency?

Let's put the browser extension aside, Amazon accepting Bitcoin would be good for the ecosystem. But, IMO we need more than that. We need everyone, and every major retailer to accept Bitcoin.

[ololajulo]

No one buys something to buy something.

What's needed are employers to give the option of people being paid in Bitcoin. That would drive things much harder.

Exactly. We're still at an intermediate stage in adoption where most consumers and merchants don't have strong incentives to adopt BTC.

People tend to focus too much on this aspect. In my opinion, Bitcoin needs to become ubiquitously used as money first. When consumers are getting paid their salaries in BTC and merchants can pay their suppliers in BTC, both groups will get fully on board.

The immediate you expect will come soon as ever when there is high anticipation for the bull market, toward the end of the year online market store will open transaction with bitcoin and some other altcoins , then most of the market will prefer payment in bitcoin if customer demands and store for the asset, there usual is to close the market after bull market like we had. Bitcoin enthusiast will still stick with fiat than bitcoin for the asset value.

[meanwords]

Not bad, considering that amazon is one of the leading platform out there but I don't think it will impact Bitcoin too much. I don't see a lot of people using Bitcoin as payment except those who really own Bitcoin. Though it will help with Bitcoin adoption, I rarely see people use Bitcoin for online shopping. Can't imagine people buying Bitcoin just to shop in amazon.

[Stedsm]

It won't make much difference except one major possibility that in the look after of the happenings in one of the biggest platforms for online shopping and almost anything, other big competitive platforms will also start accepting Bitcoins which will surely give a boost to the learnings of people who haven't even heard of BTC (yes, there are still many places where they don't know about BTC or anything about crypto) and it may also help boost the value of BTC because they will definitely want to be a part of those fresh geeks who find themselves learning and spending something new, something that is not certain at its value and can be worth more or less today or tomorrow.