What's holding back Amazon & eBay from adopting Bitcoin?

[dothebeats]

Adding a new payment method with little demand in the market means spending resources and time on something that wouldn't be beneficial for the company. Honestly there are only a few people still interested in using bitcoin as a payment method, due to the fact that the fees are not really economical for small purchases and the wait time is longer when compared to the payment methods that they are already accepting for their platforms. Regulation also adds to the hindrance, though I think with enough support and backing from the private sector, regulation would be quite easy to accomplish—with the right connections, of course.

[1714279883]

1714279883

[Welsh]

Adding a new payment method with little demand in the market means spending resources and time on something that wouldn't be beneficial for the company. Honestly there are only a few people still interested in using bitcoin as a payment method, due to the fact that the fees are not really economical for small purchases and the wait time is longer when compared to the payment methods that they are already accepting for their platforms. Regulation also adds to the hindrance, though I think with enough support and backing from the private sector, regulation would be quite easy to accomplish—with the right connections, of course.

Most countries are either in the process of regulation or have already achieved regulation. So, it would likely be taxed the same as other types of income for most countries. For example, capital gain tax, and income tax. Though, the fees are absolutely an issue for Bitcoin to be used as a every day currency, regardless of the platforms its implemented on.

[DaveF]

I would think that Amazon with it's big data know stuff.
Stuff like how many gift cards are sold through Bitrefill / BitPay / Coingate / Bidali and can figure out if it's worth it for them to accept BTC and other cryptos as payment.
They would also know stuff like how long between when the card is bought and entered into their system and spent.
And all the other important information about that like cost of BTC / crypto at time of card purchase vs time spent. etc....

-Dave

[Welsh]

I would think that Amazon with it's big data know stuff.
Stuff like how many gift cards are sold through Bitrefill / BitPay / Coingate / Bidali and can figure out if it's worth it for them to accept BTC and other cryptos as payment.
They would also know stuff like how long between when the card is bought and entered into their system and spent.

They probably don't know an exact amount, but could definitely do some calculated estimations due to the traffic that they get for searches etc. However, I would expect if not Amazon, but the people behind it are already invested in Bitcoin as a sort of reserve, rather than a currency they use on a daily basis. It would just make sense for most big companies to be invested in it one way or another.

[verita1]

I think it will happen soon. Amazon, Ebay and most of the ecommerce companies need to adapt to the new times. When I visit these sites I can realize that even the design of their pages need a touch-up, it shows that the years have passed.
Amazon's job position exists and is a latent need for the company.
Amazon is a giant that innovated in its time, now it is in its best moment to give way to bitcoin and cryptocurrencies and we are still not talking about the NFT and Play to Earn market that are dazzling many.

[just_Alice]

Just recently Amazon denied the widespread assumption that they will accept Bitcoin as a payment method. However, it looks like they’re thinking of it as a possibility. I wouldn’t rely on anything Tesla has to say, because during the past half a year they’ve changed their mind too many times

Amazon, on the other hand, may be taking their time to make a decision and evaluate all the risks. But once they do, I’m certain it will be final and we won’t see them running between sides, because they value their reputation.

[CaVO32]

Just recently Amazon denied the widespread assumption that they will accept Bitcoin as a payment method. However, it looks like they’re thinking of it as a possibility. I wouldn’t rely on anything Tesla has to say, because during the past half a year they’ve changed their mind too many times

Amazon, on the other hand, may be taking their time to make a decision and evaluate all the risks. But once they do, I’m certain it will be final and we won’t see them running between sides, because they value their reputation.

I strongly believe that it is only matter of time before they announce about crypto acceptance in their payment system, Amazon in particular. Maybe even before the year ends there might be some kind of development here even if they denied it for the moment. If they see other merchants accepting crypto, they may consider it soon.

[mk4]

1. Bezos hates Bitcoin. He's a billionaire, he owns a corporation and he is actively working with other corporations, governments, authorities and so on. Hence, the idea of a currency they can't overtake or heavily profit from makes them pull back from helping it grow in any way. Look at Musk, what he's done is he's promoted DOGE to his own advantage. In the end, the poor got poorer, Musk got richer, the crypto scene has lost trust in front of potentially millions due to the pump and dump and so crypto had zero benefits from his crap.

Highly unlikely. Let's not forget that whatever these people feel about bitcoin or literally anything, if it can help boost their business, they would accept it. Same reason why Jamie Dimon seems to dislike bitcoin with passion, but yet JP Morgan already has a bitcoin fund. Why? Because it's going to make them money.

[Tahsin Kabir Kollol]

There are several reasons why large companies do not use Bitcoin as a medium of exchange. The main reason they do not accept Bitcoin is because of the government's ban on Bitcoin and the fact that it is considered illegal in almost every country. Moreover, due to the volatile price of bitcoin, the government, as well as well-known companies, are reluctant to transact through it. Tesla and some other companies decided to accept Bitcoin but later canceled it for various reasons, which made other medium and small companies fearful of making a decision. The big companies in different countries are not able to accept Bitcoin even if they want to in order to show their commitment to the government of the country.

[MusaMohamed]

I think it's just a longer road than we tend to notice. Paypal CEO admitted holding BTC in 2019, and Elon Musk owned some BTC back in 2018. This shows some initial interest of decision-makers, which over a year or two can lead to a company adopting Bitcoin as well. But Bezos never showed any interest in Bitcoin, so there's no primary background to build adoption upon. As for Omidyar (the eBay founder), he opted for Libra and also didn't express interest in BTC, so it's the same case as with Bezos. I think they're just not ready to adopt because their companies are already successful, and maybe they don't feel like it's worth it. After all, it's dealing with authorities, figuring out the regulations, taking the risks related to Bitcoin's volatility among other things. But they'll come around eventually, especially if the adoption trend continues.

Big corporations and their CEOs or founders would invest in Bitcoin and crypto long time before the day they announce adoption from their corporations.

They are human and they will not announce big adoption just to bring chances to others whilst they don't get anything from their preparations for such adoption.

Started with small groups, limited early Bitcoin adopters, then to small companies, institutions and big Techs. Soon we will see more big corporations, more billionaires invest in Bitcoin and crypto.

More time passes, more younger billionaires appear and they are more adaptive to modern trends with crypto market is one such trends. Because they are young, they will be more open-minded and eagerly to make changes in their corporations.

[DaveF]

I would think that Amazon with it's big data know stuff.
Stuff like how many gift cards are sold through Bitrefill / BitPay / Coingate / Bidali and can figure out if it's worth it for them to accept BTC and other cryptos as payment.
They would also know stuff like how long between when the card is bought and entered into their system and spent.

They probably don't know an exact amount, but could definitely do some calculated estimations due to the traffic that they get for searches etc. However, I would expect if not Amazon, but the people behind it are already invested in Bitcoin as a sort of reserve, rather than a currency they use on a daily basis. It would just make sense for most big companies to be invested in it one way or another.

Also makes you wonder if the fact that there are all these places to get gift cards with BTC is part of the reason they are slow to adopt it.
When bitrefill buys a gift card from Amazon they pay X for it and Amazon then has the local fiat and you have a gift card that can sit there for a while till you spend it. But Amazon has the money.

2 points:
#1: Now if they take BTC they don't get $95 up front for a $100 gift card that can sit there unused for months.
If they DO take BTC they get $40 for the $40 drive I just bought today and not one cent more, till I spend more.

#2: People with gift cards DO tend to spend more because it is "just sitting there" so instead of just getting the $40 drive I get the $6 cable "just in case" and the $8 pack of socks since I'm on their site anyway.

So for them, at least in the short term, is it better to let bitrefill and the others do the work of taking crypto for them?

Just a breakfast thought.

-Dave

[Lucius]

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations? Do you think these companies will adopt Bitcoin soon? Or it'll never happen? Your input will be greatly appreciated. Thank you very much

I don’t understand why people think Amazon or eBay would benefit from introducing Bitcoin as a payment option? It's no secret that very few people use BTC as a currency, and that people generally know very little about how to make a transaction correctly - first of all, I mean the fee which if set incorrectly can mean that the transaction will be stuck for hours or days. Customer services would certainly have their hands full, and customers would certainly be quite dissatisfied.

Every company is looking for a profit, and I honestly think that such large companies would have more problems than benefits from BTC at the moment - and it is better to postpone such a decision than to have a situation where something is first accepted and then repealed.

[conected]

Just recently Amazon denied the widespread assumption that they will accept Bitcoin as a payment method. However, it looks like they’re thinking of it as a possibility. I wouldn’t rely on anything Tesla has to say, because during the past half a year they’ve changed their mind too many times

Amazon, on the other hand, may be taking their time to make a decision and evaluate all the risks. But once they do, I’m certain it will be final and we won’t see them running between sides, because they value their reputation.

I strongly believe that it is only matter of time before they announce about crypto acceptance in their payment system, Amazon in particular. Maybe even before the year ends there might be some kind of development here even if they denied it for the moment. If they see other merchants accepting crypto, they may consider it soon.

- As for our selves, crypto users can be rampant everywhere when this is the world we see all the time but Amazon has a different basis for defining things, that means they have employees who survey users' need to pay in crypto and survey numbers are rarely made public but in my opinion, not too many comments or requests for support, such results allow Amazon to stop human resources for this issue. Adding payments with crypto is a problem that requires Amazon to account for a lot of costs, not available to all users, many other strategies worth considering than crypto

[Dhaniii]

Just recently Amazon denied the widespread assumption that they will accept Bitcoin as a payment method. However, it looks like they’re thinking of it as a possibility. I wouldn’t rely on anything Tesla has to say, because during the past half a year they’ve changed their mind too many times

Amazon, on the other hand, may be taking their time to make a decision and evaluate all the risks. But once they do, I’m certain it will be final and we won’t see them running between sides, because they value their reputation.

I strongly believe that it is only matter of time before they announce about crypto acceptance in their payment system, Amazon in particular. Maybe even before the year ends there might be some kind of development here even if they denied it for the moment. If they see other merchants accepting crypto, they may consider it soon.

- As for our selves, crypto users can be rampant everywhere when this is the world we see all the time but Amazon has a different basis for defining things, that means they have employees who survey users' need to pay in crypto and survey numbers are rarely made public but in my opinion, not too many comments or requests for support, such results allow Amazon to stop human resources for this issue. Adding payments with crypto is a problem that requires Amazon to account for a lot of costs, not available to all users, many other strategies worth considering than crypto

I agree from your point of view, that Amazon hasn't announced the acceptance of crypto in their payment system yet. but to receive bitcoin in their system, it took me a long time especially the payment mechanism and the availability of bitcon in their wallet which is sufficient for the transaction process.

[ILuckyGuyI]

I don't think that there is something that is holding them back from adopting Bitcoin. They just seem indecisive about what to do. Not all of the companies trust Bitcoin and believe in it in the end. But I've heard some rumours about Amazon's getting ready to make a statement that they would start accepting Bitcoin soon.

[Kong Hey Pakboy]

Probably the number of people that are going to use the feature when it's finally added is probably really low and more people will still use fiat because even if they have the payment system, it's not like everyone will be able to use bitcoin so they can use it for payment, plus the company's ego is too big to use a third party that they have no power over.

[Vaskiy]

Bitcoin usage is slowly increasing with time. Maybe both Amazon and eBay are waiting for the right time to get into the acceptance of bitcoin into their business. Volatility will be considered only if they are into holding of bitcoin. As of now Bitcoin is into the early days of mainstream adoption. Even if Amazon and eBay starts accepting bitcoin, maybe a small number of users will start using it for their needs.

[randegibran]

the real reason may be that there is still a ban from the government that makes them undo their intention to adopt bitcoin as it is today, for example the ban is no longer happening in some countries I'm sure the 2 companies will adopt bitcoin on a large scale the same thing with what what is happening at this time, maybe we can understand why they still don't dare to adopt it

[Dread Pirate Roberts]

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations? Do you think these companies will adopt Bitcoin soon? Or it'll never happen? Your input will be greatly appreciated. Thank you very much

Those are big companies that are popular worldwide. and very successful and very often used. It seems that the reason you said is true because, volatility or lack or regulations because they are big company and must be regulated under government regulations. and do not know whether they want to risk their assets or not . but I believe there comes a time when it happens.

[maxreish]

I can see few reasons why they are still holding back. I mean not yet fully confirmed bitcoin and crypto payments. As many customers are in different countries and they are considering bitcoin regulations in a certain consumer's location.

Aside from that the volatility of bitcoin can also be one of the reasons. Well, there's still a solution because they can always pair it up with USDT but those companies are still have long way to plan it well.