Bitcoin

Amazon Will not Accept Bitcoin Payments Anytime Soon

JP Buntinx | September 23, 2017 | 11:00 pm
ewsBTC Aamazon no Bitcoin
Bitcoin

Amazon Will not Accept Bitcoin Payments Anytime Soon

JP Buntinx | September 23, 2017 | 11:00 pm

A lot of people are excited about the news involving Amazon and Bitcoin payments. Some sources claim the company will enable cryptocurrency payments soon While that is an interesting opinion, it is also highly unlikely that will happen. In fact, Amazon shows no interest in any additional payment methods right now. It would be an interesting development if true, though.

This is not the first time we see rumors regarding Amazon and cryptocurrency payments. It would be a welcome change to see this happen. After all, the world’s largest online retailer accepting the only global payment method would yield some intriguing results. Unfortunately,  this is nothing more than wishful thinking right now. This will not change anytime soon, though, despite what some sources may claim.

No Bitcoin Payment Option for Amazon

Not too long ago, there was an online petition to force Amazon to accept Litecoin payments. While an ingenious idea, it never materialized either. It is evident Jeff Bezos has big plans for his top company, but cryptocurrency isn’t part of it. That doesn’t mean Bezos himself is crypto-averse, mind you. It doesn’t make much sense for Amazon to venture into cryptocurrency right now. The market simply is too volatile and it is still a  very niche payment method at best.

Statements like these will create a lot of friction among cryptocurrency users, though. “Fake news’ like this will create  a lot of disappointment when it doesn’t come true. Most people are well aware of how the chance of Amazon accepting Bitcoin is virtually zero right now. That doesn’t mean things won’t change in the future. However, for now, it will not happen whatsoever. There is nothing wrong with dreaming, but we have to keep both feet on the ground as well.

It is true the cryptocurrency world needs more major merchants and retailers to come on board. Some companies dropped Bitcoin support altogether earlier this year. Too few people use cryptocurrency for actual purchases, which isn’t surprising. While no one doubts Bitcoin’s transaction value as a whole, a small percentage of this money is effectively used to pay bills and purchases. Whether or not this situation can change in a significant manner remains to be seen.

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  • vegas

    Venezuela has already shown the world that it depends on Bitcoin for goods and services. Mexico and Puerto Rico will probably follow suit. If NK and US go to war, which is looking more and more likely, retailers will be forced to accept BTC because FIAT will become worthless. Alternatively, USD can collapse simply due to the 21 trillion hole and continued unlimited overspending thanks to natural disasters.

    Either way here’s your article summarized tldr; Amazon may or may not accept bitcoin. We don’t know. It depends on everything.

    • AnnySid

      If NK and US go to war i bet NK will target internet backbones us economy is too strong but it depends on tech which can be interfered and that the weak point. block chain depends on internet too so it is its weak point.. gold is the only thing that will rise war starts. there is only one gold, can not be created, not like eth bitcoin litecoin shitcoin etc… i can create new one in 4 minutes as you know. but no one creates gold. that’s the weak point. of cryptoscam.

      • Taran Ramjit

        Wrong, there is only a limited number of bitcoins that can be created; it’s more scarce than gold. Fact of there matter is there are a lot more gold in circulation than bitcoin.

      • Darin Malone

        Bitcoin max ever is 21,000,000. Bitcoin is the future of money. Not dependent on ANY government. You can laugh at this. That’s cool, but blockchain technology is here to stay.

        • Kris Meaney

          Not likely when it cost $20 to send $1. The only reasonable transaction would be in the $hundreds of dollars, otherwise it is not worth it. Plus, who wants to wait 10 days to buy a cup of coffee or 10 days to confirm a purchase on amazon. Amazon can ship within 24 hours, but it would have to wait 10 days for confirmation. Bitcoin is just unreasonable. Its value may hold because of its scarcity, but it will never be a useable form of payment, not in its current iteration. Cryptocurrencies of 2nd and 3rd generation could work, but Bitcoin is useless.

      • Vince Verrette

        truthfully, i dont think fiat will become worthless based on war, if anything war is what fuel the US economy. however, one day, fiat currencies will collapse, that is inevitable. the process of money creation around the world is based of a mathematical equation that doesnt work. considering the USD already lost 99% of its purchasing power in the last 100 years, and that this rate is going exponentially. you could look at an other 99% drop in purchasing power in ~40years. that alone is a VERY good reason to stay clear from fiat. only use fiat to transact, put everything else in something that maintains or gain value. if you dont like crypto currencies, get gold. its that simple.

    • Kelvin Waters

      Retailers will be “forced” by who to accept bitcoin? And what crystal ball are you using to verify that FIAT would become worthless based on a war between NK and the U.S?? Did the FIAT become worthless during WWI & WWII and every incident since??? Your assumptions are laughable.

      • Jodi AndBrad Berning

        The USD didn’t become worthless during the works wars because it still had the gold standard to back it up. The gold standard was dropped prior to ww2 (Most likely at this time, no one understood this, as many STILL think our dollar is backed by gold even yet today) , the US completely severed from gold in 1971. There is NO GOLD STANDARD anymore! I’d be a but more nervous about the USD now!

  • Paul

    After the collapse of 2009 this was the latest and in recent times the biggest reminder of the volatility of FIAT currencies. Many ‘experts’ predict that another, perhaps bigger one will happen again. Is it a coincidence that surge of cryptocurrencies really started around the same period? Let’s face it, I like many others are continuing to pay the price of unscrupulous banking and trading practices with our hard earned cash. At some point it will reach a point when enough people abandon traditional banks in their droves.It’s already started. It will increase. We are at the beginning of the tipping point. The big surge has yet to occur, but as more large and small companies (me being one of the little guys who already accepts Bitcoin) take cryptocurrencies it will be an unstoppable Tsunami.

  • Santa Hansen

    There are more trust in Bitcoin then the US$
    It says it all. 🙂

  • ELLAS

    Bitcoin would cripple Amazon lol, its too slow and outdated. But Bitcoin Cash would be an asset to Amazon, because its fast and scales well.

    • ATI nsider

      That I have to agree with my fellow Greek from Greece. Say hi to the most intelligent & good looking people on the planet for me.

  • ATI nsider

    Bitcoin is SLOW & Expensive. Useless for retail.

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