[2019-02-02]Amazon Might Have to Issue a Cryptocurrency Soon - page 2.

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legendary

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STOP SNITCHIN'

Quote from: o_e_l_e_o on February 06, 2019, 05:50:19 PM

Quote from: pixie85 on February 06, 2019, 01:45:15 PM

But we can't deny the positive aspects.

Oh, there are plenty of positive aspects for sure. Amazon are probably losing hundreds of millions of dollars each year to credit card fees, which is by far the most common purchasing method. Even a fee of 1% would work out as over a billion dollars given their revenue of ~$180 billion. This could all be extra profit for them if they started accepting bitcoin.

It's not that simple. They'd need to worry about converting those coins into fiat. A processor like Bitpay charges 1%, so it's looking less lucrative already. If consumers demand it, I'm sure it'll eventually happen, but I see no real signs of demand from consumers.

o_e_l_e_o

legendary

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Quote from: pixie85 on February 06, 2019, 01:45:15 PM

But we can't deny the positive aspects.

Oh, there are plenty of positive aspects for sure. Amazon are probably losing hundreds of millions of dollars each year to credit card fees, which is by far the most common purchasing method. Even a fee of 1% would work out as over a billion dollars given their revenue of ~$180 billion. This could all be extra profit for them if they started accepting bitcoin. It's not like they don't know about bitcoin, so we can only assume the cost-benefit analysis is not favourable for them at the present time.

On a side note, Jeff Bezos reckons there will be 1 trillion people living in solar system at some point (https://www.cnbc.com/2018/10/15/blue-origins-jeff-bezos-predicts-1-trillion-humans-in-the-solar-system-wired-summit.html). That's an awful lot of people to split not many bitcoins.

LeGaulois

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Top Crypto Casino

Quote from: o_e_l_e_o on February 05, 2019, 12:31:49 PM

Zhao said this because Wordlfirst closed its business and many sellers were using it, but Amazon won't jump in the crypto world just to make the sellers happy. Some others will take the slots, no problem because yeah the company is so big (and the demand is so small). On the top, Amazon seems to prefer focusing on blockchains platform with AWS rather than the crypto industry.

Nameless27

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A collaboration and possible cooperation with this two company would make a big impact in cryptocurrency this year. Isn’t it late for over a year or so, before this implementation must have been done. The top exchange will support and help the highest and most popular online markets like amazon.

With proper negotiations on going (IF) is highly on time for the next run of crypto popularity that has been paused last year.

Amazon coin would be a big hit.

fudster

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If its binance that is going to help do the ICO for Amazon, this won't end well . BTT is the most recent proof that its going to be another pump and dump. But then again, this is going to be a huge promotion for cryptocurrency. If amazon is going to be really doing it, the best course of action is to find ways to have good amount of funds ready to buy after the price dip.

gentlemand

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Welt Am Draht

Quote from: pixie85 on February 06, 2019, 01:45:15 PM

But we can't deny the positive aspects. Crypto payments would allow people from poor countries who are afraid of using their local currencies to order stuff from Amazon. The problem is they aren't that global yet and there are many shipping restrictions. I found out multiple times that I either had to pay more for something to be shipped to my country or that it's unavailable for shipment for whatever reason. Usually because they aren't shipping big items worldwide.

I've seen Amazon described primarily as a logistics company. Accepting payments is the easy part. Getting the product to the customer is often not and I doubt Amazon would risk wrecking that to serve territories who may not offer them much in the way of profit.

Accepting crypto makes no sense for them. Existing crypto users can use gift cards, but they're more interested in hoarding. The 99+% of their customers who don't have it have no reason to pay with it either.

pixie85

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Quote from: o_e_l_e_o on February 05, 2019, 12:31:49 PM

Because of demand. I struggle to believe that Zhao doesn't realize this - I suspect he is just being deliberately facetious.

Take Amazon as an example. Amazon is ubiquitous. It already has an enormous market share all over the world. How much do you think their profits would increase if they started accepting crypto. Sure, some people, maybe even quite a lot of people, would move from paying in fiat to paying in crypto, but how many new customers who have never used Amazon before would start using Amazon solely because they started accepting crypto. Not many.

Now think about how much effort it would take for Amazon to integrate crypto payments - everything front the front-end development right through to the new regulations and tax paperwork, some of which barely exists in many countries. It would be a huge undertaking for very little monetary gain, and after all, these private companies are first and foremost interested in profit.

But we can't deny the positive aspects. Crypto payments would allow people from poor countries who are afraid of using their local currencies to order stuff from Amazon. The problem is they aren't that global yet and there are many shipping restrictions. I found out multiple times that I either had to pay more for something to be shipped to my country or that it's unavailable for shipment for whatever reason. Usually because they aren't shipping big items worldwide.

o_e_l_e_o

legendary

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Because of demand. I struggle to believe that Zhao doesn't realize this - I suspect he is just being deliberately facetious.

Take Amazon as an example. Amazon is ubiquitous. It already has an enormous market share all over the world. How much do you think their profits would increase if they started accepting crypto. Sure, some people, maybe even quite a lot of people, would move from paying in fiat to paying in crypto, but how many new customers who have never used Amazon before would start using Amazon solely because they started accepting crypto. Not many.

Now think about how much effort it would take for Amazon to integrate crypto payments - everything front the front-end development right through to the new regulations and tax paperwork, some of which barely exists in many countries. It would be a huge undertaking for very little monetary gain, and after all, these private companies are first and foremost interested in profit.

ppblockchain

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Recently, the founder and CEO of Binance Changpeng Zhao in his twitter account said that sooner or later, Amazon will have to issue its own cryptocurrency. What caused such assumptions and will Zhao announcement become reality?
How it all started?

At first the Binance founder stated in his Twitter that he does not understand why any e-commerce business does not accept cryptocurrency. Later on, in the same post, Zhao listed some of the main features and benefits that a cryptocurrency can offer compared to traditional payment methods.

Topic: [2019-02-02]Amazon Might Have to Issue a Cryptocurrency Soon - page 2. (Read 328 times)