What will happen for Amazon to accept Bitcoin?

[tunaduong]

So far Amazon has shunned Bitcoin as a payment method. With PayPal entering the crypto market So can Amazon do that?
With $ 280 billion in annual revenue, Amazon is a global leader in e-commerce. So far, however, it has shunned Bitcoin and other cryptocurrencies as a method of payment (although it's nice to sell you goods decorated with the Bitcoin logo). For Bitcoin supporters, the prospect of the world's largest e-commerce company accepting Bitcoin payments is quite an interesting one - one that will signal mainstream adoption of cryptocurrencies. and promote a wave of new Bitcoin adoption. Amazon holds a whopping 47% share of the US e-commerce retail market, with net sales in excess of $ 280 billion (as of 2019) and has more than 150 million Prime users worldwide. And that's just Prime. While not being disclosed, Amazon's user base is certainly much higher. Enthusiastic demographic of cryptocurrencies - it seems that Amazon's acceptance of payments in Bitcoin is undisputed. However since 2014 onwards, Amazon has refused to accept Bitcoin.
In your opinion if Amazon accepts bitcoin, where will its value go and what do you think about this matter?

[target]

Amazon or any other company not yet accepting BTC right now will only consider BTC once they find out they are what Micheal Saylor is saying was "sitting on a melting ice".  When the value of the stocks they own or the billions of USD on their accounts are slowly diminishing in value.

Or if they are losing customers because more people are using cryptocurrency to pay for products online.

[DaveF]

Depends on which part of Amazon.
The retail side will more or less have to convert BTC to fiat. They have tight margins and are always growing / expanding so they need to keep cash moving.
So it might give a boost to the price on the announcement but after that not much.

On the AWS side, they might do some arbitrage and sit on it for a bit till the price goes up before selling, but they really can't just sit on it like cash in the bank.

-Dave

[Bttzed03]

So far Amazon has shunned Bitcoin as a payment method. With PayPal entering the crypto market So can Amazon do that?

First they observe how the public will react. There was a topic about Paypal reaching 85% of Binance.US volume and if they're seeing that, it probably wouldn't take long before they follow Paypal's footsteps. All that is needed is a partnership between Amazon and a company that deals with bitcoin. They don't to worry about conversions for their merchants and all that volatility.

[CODE200]

It's the influence which is the key player in this situation.
PayPal is known for years already while cryptocurrencies are just having popularity approximately in the past 5 years, and up until this point, this technology is not yet being accepted to many local markets probably due to doubts and other reasons. Since PayPal adopted this technology, it is more likely that other networks and companies are already planning to do so, just waiting on how this technology will benefit PayPal. The project has just started and eventually, once results are obvious, it will determine if this industry will be more in mainstream. If Amazon will do the same thing, a domino effect could be triggered.

[ChiBitCTy]

I think the only e-commerce / retail giant out there that has ever accepted bitcoin was Overstock, and I'm not sure that they do anymore.  I think that Amazon simply doesn't have the need or desire to accept bitcoin payments right now.  Honestly if they did, how many of us would even use it?  I think bitcoin needs to evolve as a currency before this will happen.

[Beparanf]

BTC is extremely volatile that's most the big merchant like Amazon is hesitating to accept. It will be hard for them to process return in a volatile currency. Plus the cryptocurrency regulations is still uncertain so they don't to risk on using it since there business is running smoothly using fiat and there is no strong demand for Bitcoin to use in there platform.

I believe in case they decided to accept BTC in the future, They will not directly accept BTC but they will use third party services to convert instantly BTC to fiat.

[7788bitcoin]

However since 2014 onwards, Amazon has refused to accept Bitcoin.
In your opinion if Amazon accepts bitcoin, where will its value go and what do you think about this matter?

There might be a number of reasons why amazon did not accept bitcoin in 2014 as it was a global brand and bitcoin was a new kid on the block and there is no regulation and they do not want to fall against the other side of the law if some country might ban its transaction and it could be a problem for their business and there might be other reasons as well to understand what decentralized currency fit in this frame. As a community we care less if amazon accepts or not and for a long time we had sites such as purse.io who bridged that gap.

[dothebeats]

With a company as big as Amazon, they can easily let other companies do the honors of being the first in cryptocurrencies or whatever. They can afford to do so, and they can catch up. Knowing that they have a huge control, popularity and influence around the global market, they can just enter the market and still be big on it. Right now, it seems that they couldn't care less about the state of crypto market, even though it has been posting greens while the rest of the investment market is on the reds. Amazon adopting bitcoin is still far from happening, as Bezos and co. are still busy exploiting other markets and businesses that they already control.

[LeGaulois]

You guys forget to consider something:

Payal and Amazon can not be compared. The first is a payment processor and the second an e-commerce platform, they're both in a totally different industry.
Secondly, regarding Amazon, they can't add Bitcoin like Paypal is doing, there are some legal sides to it. If it worth it for Paypal to add BTC because people will be able to buy/sell Bitcoin and there is a high demand for it, people don't use Amazon to buy BTC.

Next, the excuse for the volatility isn't an excuse anymore in 2020. There are multiples ways to convert it automatically in fiat, (with a 3rd party or yourself with API) but Amazon probably doesn't want to be tied with an exchange platform. On the marketplace, sellers want to be paid in fiat and not in bitcoins

The reality:

The demand to pay with cryptocurrencies is very small, so small that it doesn't worth the time to look after. Maybe it seems to you there is a demand here, but here we're bitcoiners, outside of the community it is totally different. People are not interested to pay with BTC, and surely not interested to bother to buy BTC to then spend them on Amazon. Better to use fiats directly to save time and fees.

It will probably change when the majority will use Bitcoin, and I don't mean to say it as an investment but for their daily needs. You must be rational in your thoughts and wishes.

[LUCKMCFLY]

Large companies like Amazon when they see that bitcoin reaches levels above $ 20k if they accept it, the reason is obvious, when Bitcoin reached $ 20k everyone wanted to have and sell in terms of Bitcoin, because it represents a lot of money, this means that in The moment they see that it cannot be delayed as all systems are updated through the Blockchain and the use of bitcoin increases, they will accept Bitcoin as a payment method.

For its part, the reaction in the Bitcoin market should be favorable, which can be seen reflected in the price in its increase.

[hatshepsut93]

PayPal decided to offer buying/selling Bitcoin, because they can make money off transactions fees, Amazon has no reasons to adopt Bitcoin - it's a very unpopular payment method, and even among people who own Bitcoin, so many prefer to HODL it rather than spend. We're seeing adoption of Bitcoin as an investment, store of value, but not much adoption for consumer transactions.

[2double0]

If Amazon does what PayPal did, then it will make no difference.
But if Amazon integrates a payment system which can be used to deposit real btc there, it will be a game changing decision from Amazon and will be a gift to the Bitcoin community and can only work if hefty discounts are given by Amazon on purchases through crypto. Since the market sentiments are already too much bullish and we are rolling on btc, this news will add some extra condiments to the flavor the markets are already giving us.

[CarnagexD]

First and foremost Amazon has some good intentions in not accepting bitcoin as a viavle payment method. For one, the coin is so volatile it could cause an unprecedented decline in their profits. Aside from that, the transaction fees Amazon will have to shoulder to carry on with this will far outweigh the profits they will earn using bitcoin. In the case of Paypal, them accepting bitcoin is not to procure them as a form of payment method, but as a locked-in investment.

[tunaduong]

If Amazon does what PayPal did, then it will make no difference.
But if Amazon integrates a payment system which can be used to deposit real btc there, it will be a game changing decision from Amazon and will be a gift to the Bitcoin community and can only work if hefty discounts are given by Amazon on purchases through crypto. Since the market sentiments are already too much bullish and we are rolling on btc, this news will add some extra condiments to the flavor the markets are already giving us.

If that happens I think BTC will fly above $20,000

[tunaduong]

First and foremost Amazon has some good intentions in not accepting bitcoin as a viavle payment method. For one, the coin is so volatile it could cause an unprecedented decline in their profits. Aside from that, the transaction fees Amazon will have to shoulder to carry on with this will far outweigh the profits they will earn using bitcoin. In the case of Paypal, them accepting bitcoin is not to procure them as a form of payment method, but as a locked-in investment.

Users are expecting Amazon to do it, but behind it there are still too many risks when they use Bitcoin as a means of payment, which is the drop in price as well as a huge cost to operating it, is this too much of a problem?

[ultrloa]

First and foremost Amazon has some good intentions in not accepting bitcoin as a viavle payment method. For one, the coin is so volatile it could cause an unprecedented decline in their profits. Aside from that, the transaction fees Amazon will have to shoulder to carry on with this will far outweigh the profits they will earn using bitcoin. In the case of Paypal, them accepting bitcoin is not to procure them as a form of payment method, but as a locked-in investment.

Users are expecting Amazon to do it, but behind it there are still too many risks when they use Bitcoin as a means of payment, which is the drop in price as well as a huge cost to operating it, is this too much of a problem?

The main problem why merchant doubt and hard to decide this adoption is the volatile market since there's a high possibilities that they will lose a huge amount of money if the market crash, remember they are not a cryptocurrency trader so for sure they cannot stand to hold for longer times and might their business collapsed if market goes bad for that matter.

But the one I see the benefits of it if amazon accept Bitcoin is the transaction will continuously flow and that would be a healthy scenario for Bitcoin.

[concept2]

Adding bitcoin as a payment method is a great idea. It will definitsly makes the price soaring cause of the human reactions. Though, I personally think that bitcoin will not often be used on this platform. Using visa or wire banks offers them more discount and cashback which is very attraction to consumers. Moreover, the transaction fee is an annoying issue which make people think before using bitcoin to purchase a product.

In my opinion, other cryptocurrencies should be adopted in these online marketplace rather than bitcoin. Bitcoin is consdered as digital gold which makes its price higher and higher. Though this mindset has blocked bitcoin from becoming a form of currency

[chaser15]

Amazon is working like a usual store. No that big advantage if they will accept Bitcoin but just another payment method. I also doubt customers will use mostly bitcoin payments here as it's more convenient to pay them thru bank cards.

Paypal on the other hand will take advantage of crypto-payments because of fees. And that's their service after all, payment processing system.

But whatever it is, it will be a good domino effect if Amazon will accept bitcoin as other merchants will surely follow. More acceptance, more awareness.

[Twinkledoe]

Amazon is working like a usual store. No that big advantage if they will accept Bitcoin but just another payment method. I also doubt customers will use mostly bitcoin payments here as it's more convenient to pay them thru bank cards.

Paypal on the other hand will take advantage of crypto-payments because of fees. And that's their service after all, payment processing system.

But whatever it is, it will be a good domino effect if Amazon will accept bitcoin as other merchants will surely follow. More acceptance, more awareness.

I can foresee that sooner or later, Amazon will also accept bitcoin or other alts in their payment system. It will be a domino effect when that happens. Other large ecommerce sites will follow. I guess, they are already thinking this by now.