Amazon Bitcoin Poll

[bittraffic]

Every big institutions today already have Bitcoin on their balancesheet. They too should have.
It will still be good to accept BTC for Amazon even if they know only a few people are going to spend BTC on ecommerce sites especially that Amazon is going to ask KYC too.

What better time than now because the more people learn about them accepting Bitcoin, people who have cryptocurrencies on their wallets are potentially their customers.

[GeorgeJohn]

You're wrong there. All the big companies that accept Bitpay, which is probably the most used payment processor for Bitcoin (at least this is  from what I can see) do so because they want to accept Bitcoin-paying customers, but they actually do not want to accept another currency other than USD or whatever fiat it is they receive.

I'm wrong how? Does it mean that all the ambiguous or popular companies accepts payment with btc... The simplest truth about it is ...NO, shall if they fails to accept other currencies I think it left for them, because is not every body or anyone that come to patterner with them will go in accordance with their condition, basically fiat is the pioneer of all the currencies, and digital currency can't depart from fiat due to it's more influential than anyone or other currencies.

[leea-1334]

If no, why not? Tesla, SpaceX, Twitter, Square, Paypal, Visa, etc are all adopting, does the largest ecommerce platform not have anything to gain here? I think they're more likely to have BTC than go out of their way to build their own crypto like facebook.

I do not think accepting Bitcoin as a means of payment is the same as adoption. Adoption usually means actual use of the Bitcoin network, which I am very sure not all of these names you mentioned are doing. Maybe Twitter wants to do it some day because it wants to do Bitcoin defi. But if you use Paypal now you do not even have to have a Bitcoin wallet.

[robattfield]

There have been reports of this, and they completely denied it, but actually I find this to be the remarkable thing. 
Perhaps such news can stimulate growth in the short term, but we will wait for this to happen.

[Vishnu.Reang]

No. Because growth companies such as Amazon need their cash ready to be used for more growth. Not saying it's impossible though, who knows what the economy would be like then. Just unlikely in my opinion.

Amazon is running out of sectors to expand its business. Recently they have been making some overpriced purchases, which makes zero economic sense. One example is the acquisition of MGM (Metro Goldwyn Mayer) studios, for $8.45 billion. It made most of the MGM movies (4,500) and TV shows (17,000) available on Amazon Prime Video. But given the fact that most of the blockbuster movies can't be immediately added (due to existing agreements), the deal looked overpriced. On top of that, there are concerns regarding anti-trust actions.

[Shame_Game]

Of course, yes. It is unlikely that they would have refused the additional profit.

[2double0]

Very good question.
They will 100% sell their coins because their deals are in cash and they need to pay the vendors the exact values for their sold items, so I don't see it as an adoption but rather being used as an alternative to cash only. Your question rose more questions in my mind, and I am going to throw them here in a few moments.

And by the way, there must be a third option in the poll - 'May be'.

[ivankoh]

Perhaps such news can stimulate growth in the short term, but we will wait for this to happen.

A lot of rumors about Amazon in the past, Although recently they continue to deny supporting bitcoin and claim not to hold a stake in it. But for a long time, Amazon has been really interested in bitcoin and crypto market, they were planning to create a new coin but so far, everything is unconfirmed. So those are huge signals to believe that they will be entering the market with bitcoin soon. If it is indeed happening, the market now looks to be cheering but I think it is not serious to set up a short rally.

[worle1bm]

If yes, expand a bit. Do you think they're going to convert some cash into BTC, or will they just accumulate by accepting btc as payment?

If no, why not? Tesla, SpaceX, Twitter, Square, Paypal, Visa, etc are all adopting, does the largest ecommerce platform not have anything to gain here? I think they're more likely to have BTC than go out of their way to build their own crypto like facebook.

If they are exploring Blockchain technology and hiring expert for that purpose even if they are not planning to accept BTC at the moment but it's one step forward for acceptance and for sure they will be adding it as payment option if not as an investment on asset side of their balance sheet which is also a positive point for adoption.The million of users who order from this biggest e-commerce website will also use btc payment option.But I am not sure they will take this decision by Jan 2022 or not but they will do it which matters the most.

[DarkDays]

If yes, expand a bit. Do you think they're going to convert some cash into BTC, or will they just accumulate by accepting btc as payment?

If no, why not? Tesla, SpaceX, Twitter, Square, Paypal, Visa, etc are all adopting, does the largest ecommerce platform not have anything to gain here? I think they're more likely to have BTC than go out of their way to build their own crypto like facebook.

Interesting to see that this as a thread already, and even more so to see the results with more people expecting Amazon to accept crypto payments...

Personally, I think it will take some time for Amazon to get the infrastructure required to accept BTC as payment directly (on top of gift cards), and seeing how governments moved their regulatory power onto exchanges, Amazon could potentially have issues with legislations too. Which is why I do not see this as a feasible outcome in the next 2-3 years.

[Woodie]

If yes, expand a bit. Do you think they're going to convert some cash into BTC, or will they just accumulate by accepting btc as payment?

It's a yes!

Buying crypto I don't think Amazon would go that route of investment  but accepting bitcoin payments this should be part of their plans to grow their business environment as crypto is a fast growing economy which would help it grow in the long term and give it a leap over other e-commerce businesses in terms of profits and customers.

If no, why not? Tesla, SpaceX, Twitter, Square, Paypal, Visa, etc are all adopting, does the largest ecommerce platform not have anything to gain here? I think they're more likely to have BTC than go out of their way to build their own crypto like facebook.

Their competitors are adopting cryptocurrencies, and it will be unwise not to integrate this technology into its e-commerce platform as it would mean loss of business in the future, to avoid this crypto payments should be introduced.

[yazher]

Not yet since PayPal hasn't given any public positive feedback regarding their crypto implementation. Companies like Amazon are waiting for that result before they make any move. Looks like there will be a possibility but next year will probably not be the right time for Amazon because it's not that easy for them to implement that kind of service. For a huge company like that, it requires time before they finalize whatever decision they made on their meetings.

[pawanjain]

If yes, expand a bit. Do you think they're going to convert some cash into BTC, or will they just accumulate by accepting btc as payment?

If no, why not? Tesla, SpaceX, Twitter, Square, Paypal, Visa, etc are all adopting, does the largest ecommerce platform not have anything to gain here? I think they're more likely to have BTC than go out of their way to build their own crypto like facebook.

Personally, I don't think bitcoin will be accepted as payment by Amazon quite yet.
Though there's a rumor through out the world about Amazon accepting bitcoin payments by the end of the year I think it's just some crypto believe trying to spice things up.
We shouldn't believe this news unless Amazon officially announces it on the social media platforms.
It's not that I don't want bitcoin to be accepted by Amazon since I would be more than happy but it's just that we can't make our judgements based on any rumor.

[ziennakarishma21]

currently amazon is a very large store if amazon accepts BTC as a payment method i think i will list it in the payment method selection, but i still wonder if the payment is quite small compared to With BTC, the transaction costs equivalent to that item, what will they do?

[Shenzou]

I mean with how things are going it is really hard to say for sure if they will do it or not, but if more and more big companies start putting it on the table and if the news about apple also investing it and tesla reusing it, we might see a snowball effect and the bitcoin will start getting implemented into the market and we will see it grow in a big way which will lead to the price going up, so maybe we will see them holding it

[newwest]

This could be the next thing what can happen and if it happens it will be a big thing in the bitcoin world and market will rally big time. Since if amazon decides to accept the btc as a payment or even as an investment purpose invest in it will just boost the sentiments among people and many will start buying it resulting in greater demand.

[Darker45]

I think Amazon has everything to gain and nothing to lose if they decide to add Bitcoin to their balance sheet. But whether they're interested with that or not, I could only guess.

But I agree with OgNasty here. Amazon is a giant. If even the rumor, which was eventually proven false, that they will start accepting Bitcoin soon already moved the price, how much more could an official announcement does?

So I guess Amazon would be adding Bitcoin to their balance sheet. When? I do not know. But that must happen before their huge official announcement that it would now be accepting Bitcoin. That must be the best strategy, to leverage one's strong influence over the market. After all, that's Amazon. That's making Bitcoin available, or at least known or promoted, to hundreds of millions of customers around the world. That would definitely create hype.

[slaman29]

I'm wrong how?

Most of the influential companies don't really accept payment to something that will undergoes another process before conversion to cash

This is what I was referring to when I said you're wrong. You said Most companies don't accept payment that undergoes another process before cash conversion.

But Bitpay is the most used Bitcoin payment processor for merchants online. It converts BTC customers pay to fiat and gives that fiat to merchants. In fact, most Bitcoin payment processors work like this. Very few companies have actual Bitcoin wallets.

[JillianTaft]

I do not support it because I often shop online. For Amazon using Bitcoin to pay, I think the most unacceptable point is the refund, because Bitcoin is quite unstable and the price fluctuates greatly. You can buy something for $500 in one day, but you are not satisfied with it and return it for $400 (or higher) the next day because the value of Bitcoin has changed. This has brought difficulties to enterprises. This also brings a bad experience to our users.

[kryptqnick]

The rumors on Amazon planning to accept Bitcoin are debunked. There are different kinds of riches, and they have different attitudes toward cryptos. Musk has been sending mixing signals but at least showing some interest for years. Jeff Bezos, on the other hand, never seemed to care, and apart from the recent craze and a couple of earlier rumor-based articles, there seems to be nothing available about Bezos and Bitcoin. So I don't think this is happening. Not yet, anyway.