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randegibran
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August 01, 2021, 06:36:11 AM |
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I think it is more inclined to government regulations that still prohibit the crypto world, maybe if it no longer applies to the prohibition regulations and I am very sure they will be happy to adopt it, this will only be a matter of time for the company it's in taking steps to adopt bitcoin. this is very good for the development of bitcoin in the future
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geegaw
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August 01, 2021, 02:26:47 PM |
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I think it is more inclined to government regulations that still prohibit the crypto world, maybe if it no longer applies to the prohibition regulations and I am very sure they will be happy to adopt it, this will only be a matter of time for the company it's in taking steps to adopt bitcoin. this is very good for the development of bitcoin in the future
It is possible that many countries are banning bitcoins, but there are also a fair number of countries that do not have bans on bitcoin payments and can accept bitcoin, Amazon and Ebay are huge commercial organizations and across the continent, they can't say they don't know these things but until now, even the slightest intention to apply does not exist. So I'm not inclined to government regulation that can prevent any decision from Amazon and Ebay, they obviously don't really trust and don't have the necessary recommendations on bitcoin. |
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worle1bm
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August 01, 2021, 03:05:08 PM |
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They have to cater to whole global payments pattern and some users use it and some still order and pay with traditional methods of COD and card payments because still less percentage of people use bitcoin at this time.But the main concern is they will soon accept this mode of payment also and will show them under AUM in balance sheet soon even though they have denied rumors of accepting btc at this time.Amazon is the biggest e-commerce site and Jeff bezos richest person on planet and they have to cater with global customer needs and met with regulationary measures of each country but we can soon see it on the list.
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Abiky (OP)
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August 01, 2021, 10:29:58 PM |
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It's highly like just because they simply don't see that much demand. If they accepted bitcoin, probably sub 1% of their userbase is going to use bitcoin. And volatility shouldn't even be a problem, because bitcoin payment processors that automatically converts the bitcoin to fiat at PoS already existed since forever.
There's also a chance that they're trying to dodge potential problems with the government, but it's highly likely to be the former.
That's certainly true, mate. Fiat still has a lot of users, compared to Bitcoin. Amazon's user base consists mostly of customers who pay in credit/debit cards. Despite Bitcoin's popularity, the cryptocurrency is still lacking mainstream adoption. Not only that, but the slow transaction confirmation times and high fees makes Bitcoin a terrible currency for daily payments. Retailers like eBay and Amazon want something that's fast, cheap, and easy to use. So far, Fiat (either through debit/credit cards) is "King" when it comes to making transactions instantly at a fraction of the cost. The Lightning Network aims to solve most of Bitcoin's problems, but it's quite difficult for the average person to understand. It's unlikely online retailers will adopt Bitcoin anytime soon. Just my thoughts  |
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ene1980
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August 01, 2021, 11:59:44 PM |
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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. If there is no law regarding cryptocurrency, which mean there is no restrictions about it unless the government comes out and bans them altogether, Amazon is functioning in multiple countries and they could have easily accepted Bitcoin and if they wanted to KYC you customer for using Bitcoin they could have done that as well. So it is not even an excuse for not accepting. 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. If volatility is the reason they are going to claim, they can use many payment gateways that would instantly convert the Bitcoin to any currency of their choice and it is not another excuse to not accepting Bitcoin payments. |
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NathanielParker
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August 02, 2021, 01:15:45 AM |
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Although Amazon has not announced the permission to pay with Bitcoin for the time being, I think for the time being that they will adopt Bitcoin with a high probability next year, or develop their own currency. If obstructed, it is mostly the government's factor. For example, when the Chinese government issues a ban, many news about encryption are no longer allowed to be published on the website, and Chinese companies will not oppose the government. Another part of the reason I think is that Amazon's user demand is not great. I think even if Bitcoin payment is enabled, there will not be too many users using Bitcoin to pay.
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Roy Asher
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August 02, 2021, 01:54:45 AM |
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I don't think they need to accept Bitcoin payments. I see that I don't know much about whether they are willing to pay with Bitcoin. Most people are unwilling to pay with Bitcoin, and most of them use Amazon for small purchases. I think it does not apply. If Amazon sellers do not enter the cryptocurrency space, how can they make a profit and start paying in Bitcoin? Whether it is a buyer or a seller, I personally would not choose to pay with Bitcoin.
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ARTURVH
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August 02, 2021, 03:09:45 AM |
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Volatility is holding the general public back from using it, and if Amazon or Ebay were to implement it that would likely only increase the amount of volatility, and they would likely have a plethora of complaints about how last week this product was worth $10, and now its priced at $50. We already have those sort of complaints when they run deals on their platform, it would only be exaggerated if Bitcoin was implemented. There's also complexity to adding Bitcoin to the platforms especially to Ebay. Bidding for example, would have to be done separately for each item, so you either select a fiat or Bitcoin based auction, because otherwise due to the volatile nature of Bitcoin, you could really overspend based on the ending point of that auction or could underpay which could hurt the seller.
Agree with you. Although I don't know how Amazon and eBay work, solving the instability caused by liquidity should be their biggest obstacle to adopting Bitcoin. |
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Kiley33
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August 02, 2021, 03:24:03 AM |
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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. If there is no law regarding cryptocurrency, which mean there is no restrictions about it unless the government comes out and bans them altogether, Amazon is functioning in multiple countries and they could have easily accepted Bitcoin and if they wanted to KYC you customer for using Bitcoin they could have done that as well. So it is not even an excuse for not accepting. 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. If volatility is the reason they are going to claim, they can use many payment gateways that would instantly convert the Bitcoin to any currency of their choice and it is not another excuse to not accepting Bitcoin payments. If Amazon chooses to use cryptocurrency, there are many more issues he has to consider. The first is whether the product is priced in US dollars or Bitcoin. Indeed, Bitcoin fluctuates. People may not agree to use Bitcoin for pricing. Of course It can also be a discount with bitcoin payments (now Amazon has gift cards). And it also depends on whether the government does not allow the use of Bitcoin, they are still regulated by law. |
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Abiky (OP)
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August 05, 2021, 01:55:16 PM |
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If volatility is the reason they are going to claim, they can use many payment gateways that would instantly convert the Bitcoin to any currency of their choice and it is not another excuse to not accepting Bitcoin payments.
They can also use stablecoins without the need to "cash out" Bitcoin into Fiat. This saves time and money, than either accepting Bitcoin directly or converting it to Fiat through a payment gateway. I think the main reason why online retailers are avoiding Bitcoin is because of the KYC/AML regulations from mainstream governments. After all, crypto payments don't require ID verification whatsoever. Paying with crypto is like paying with cold, hard cash. Imagine criminals buying stuff on Amazon and eBay using crypto without leaving any trace (sort of). It would force these retailers to close their business for good (due to government pressure)! Unless crypto/Blockchain tech becomes more regulated, I don't think online retailers will adopt Bitcoin anytime soon. Just my opinion  |
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paxmao
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August 05, 2021, 03:35:07 PM |
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These giants are about knowing their clients, even if the client does not want it, and about getting more control and more power over the market. If you think of it, Amazon does not even accept PayPal. Bitcoin is for its own nature, difficult to control or perhaps impossible and is not particularly good for keeping track of personalised customer data. Henceforth, these companies are unlikely to have a near term strategy and in the future my take is that they will be, at most, late adopters, when mainstream is already there.
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