Amazon Set to Accept Cryptocurrency?

legcramp

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https://www.tomshardware.com/news/amazon-set-to-accept-cryptocurrency


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(Image credit: Tom's Hardware)

While there are big companies that do accept cryptocurrencies as payments, Amazon is not one of them, perhaps because of its unpredictable volatility. Yet the company is about to change its attitude towards cryptocurrencies and even plans to develop a special cryptocurrency and blockchain strategy.

Business Insider has found an Amazon job listing that seeks a leader who will develop the retailer's Digital Currency and Blockchain strategy as well as a product roadmap. The future employee of Amazon will be a part of The Amazon Payment Acceptance & Experience Team is responsible for 'how Amazon’s customers pay on Amazon’s sites and through Amazon’s services around the globe,' which pretty much implies that one of the world's biggest retailers will start accepting cryptocurrency as payments sometimes in the future.

Indeed, Amazon has confirmed to Business Insider that it is going to accept cryptocurrencies, but did not reveal when exactly this is set to happen.

"We are inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon," a statement by Amazon reads. "We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible."

Amazon used to be pretty sceptic about cryptocurrencies back in 2017 due to lack of demand, but as more people start using cryptocurrencies to keep their savings or make investments, there are obviously enough parties interested in using various digital coins for payments and avoid their conversion to real money.

What remains to be seen is how Amazon plans to mitigate volatility of cryptocurrencies like Bitcoin that can fluctuate significantly even during a week. Perhaps, the company will simply convert Bitcoins to real money quickly. Alternatively, it may attempt to make some additional profits by waiting till a digital currency goes up in price.

But no matter what Amazon will do with cryptocurrencies it gets as payments, the very idea that such a large retailer will accept cryptocurrencies increases their value and makes some of the holders richer.
 

MrGuvernment

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will end up just a 3rd party processor probably in some form like everyone else to lower the risk or they pretty much just instantly convert it to fiat as soon as possible. I mean they could afford to sit on it too but they want profits also.
 

sleepeeg3

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will end up just a 3rd party processor probably in some form like everyone else to lower the risk or they pretty much just instantly convert it to fiat as soon as possible. I mean they could afford to sit on it too but they want profits also.
Coinbase.

Of course every cryptocurrency went vertical in price, because of this.

Amazon said:
You will leverage your domain expertise in ... Central Bank Digital Currencies
Do they know something I don't? What are they talking about - the Petro? Everything else is a work in progress.
 
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GiGaBiTe

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I'm surprised they didn't do it sooner. Newegg has accepted Bitcoin for a long while now, and I actually bought the current PC I'm using with Bitcoin I forgot about in 2013 that appreciated in value to a good amount.

The only issues with Bitcoin are the transaction fees and the fact that sometimes the transaction confirmation takes an inordinate amount of time.
 
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I think this is more to do with the impending introduction of government backed cryptocurrencies. Normalizing the idea if you will.
 

noko

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Amazon ships to over 100 different countries, not having to deal with currency exchanges, banking systems etc. using a different method would seem to make some business sense. Now I don't think BTC would be the coin of choice, Ethereum using smart contracts would be better but probably too slow and costly. Why Amazon do not have Stable coins as an option in this matter I do not know but would seem very easy to setup. Blockchain is also very useful for inventory, shipping, licensing and so on, Web based. Maybe when decentralized trading of coins without a need for a centralize exchange is more available and used will large companies start to incorporate Crypto as payment options.
 
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