Amazon accepting Bitcoin - What can go wrong? - page 4.

reactorjuno

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Quote from: bearexin on October 06, 2018, 06:17:08 AM

Quote from: Kprawn on November 03, 2017, 10:54:27 AM

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this? Huh

I don’t see any much disadvantages in Amazon accepting Bitcoin as a payment method except that transaction takes a few minutes and not hours like you said. If Amazon accepts Bitcoin, it will raise people’s interests and lots of people would love to try out Bitcoin and see how it works.

And by the way, the time it takes for your transaction to be confirmed depends on the fees to chose to pay; priority or regular fees. If you choose priority, your payment will be processed faster.

Well the thing is, the transaction is not instant, and yes in some cases it can take several hours if you are not willing to pay a reasonable fee. The thing is, some are not willing to pay a $5 fee if they buy a book that costs $10 (that's 33% fee).

In my opinion, Bitcoin would be more interesting and convenient to be accepted by flight companies, or car dealers, and obviously in the real estate. I very doubt Amazon will accept Bitcoin any time soon. Hope to be proved wrong of course.

bearexin

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Quote from: Kprawn on November 03, 2017, 10:54:27 AM

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this? Huh

I don’t see any much disadvantages in Amazon accepting Bitcoin as a payment method except that transaction takes a few minutes and not hours like you said. If Amazon accepts Bitcoin, it will raise people’s interests and lots of people would love to try out Bitcoin and see how it works.

And by the way, the time it takes for your transaction to be confirmed depends on the fees to chose to pay; priority or regular fees. If you choose priority, your payment will be processed faster.

Aivaryamal

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The issue of scaling cryptocurrencies is a matter of time and now the developers of new projects are trying to take into account the shortcomings of the known digital money

domarakooth

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Quote from: Vinalians on May 19, 2018, 11:51:07 PM

I've just read an article about the accepting of bitcoin in amazon at first it is good and there are some people who uses bitcoin as mode of payment in amazon but time passes the amazon company are not getting more profit in using bitcoin and also the volatility of bitcoin is so high and their might be just get lost that is based on the article that i read.

If Amazon discourages the use of bitcoin and they stop it from using it on their site, they will only harm themselves as they will lose the customers who are willing to buy in bitcoins.

frostmourne0311

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Quote from: 1mile on October 04, 2018, 10:33:25 AM

One thing is for sure if Amazon decides to accept bitcoin is a definite price increase in bitcoin.

And the last quarter of 2018 will be marked as the return of crypto currencies market.

Mespirst

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Quote from: Vinalians on May 19, 2018, 11:51:07 PM

I've just read an article about the accepting of bitcoin in amazon at first it is good and there are some people who uses bitcoin as mode of payment in amazon but time passes the amazon company are not getting more profit in using bitcoin and also the volatility of bitcoin is so high and their might be just get lost that is based on the article that i read.

Bitcoin volatility is one thing but it does not mean that Amazon abandons bitcoin and do not use it at all. As time passes by, the bitcoin value will be stable and more people will like digital currency.

Brat ipoh

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What my concern is rate of bitcoin increasing and how online shopping billing will be created and the transaction charges also confuse the payment method for amazon this things has to be rectified. I believe all the discrepancies will be sorted out as soon as possible for the sake of Bitcoin

hanlap

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If Amazon integrates Bitcoin, when successful Bitcoin application, other cryptocurrency will also increase, and retailers must also adapt and accept to maintain the work.

1mile

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One thing is for sure if Amazon decides to accept bitcoin is a definite price increase in bitcoin.

nickwen

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Amazon's plan is a good thing or not?we still have to look and think.
On the one hand, they will provide law enforcement agencies and authorities with information related to bitcoin. This clearly reduces the value of anonymous promises in the electronic money world. Although the public ledger, as the name implies, is public.
On the other hand, Amazon supplies and its stability help providers have an efficient mechanism for accepting bitcoin payments. This is a powerful boost for Bitcoin's broader search effort. .

yohananaomi

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Hire Bitcointalk Camp. Manager @ r7promotions.com

Quote from: Kprawn on November 03, 2017, 10:54:27 AM

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this? Huh

there should be many who will accept bitcoin is a good thing, but if the transaction will be slow it is better to find the best way to avoid it.
just waiting for the next news from amazon about this...

GangNamSK

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Quote from: daxiake on April 27, 2018, 12:19:54 PM

There are many coins with high speed and low transaction fee (IOTA) and they can be used as a payment system if the problem of slowness and high transaction fee continuous with BTC. eCommerce trading will be revolutionized by blockchain technology backed platforms like omnitude.

If it is applied, then they, more and more, develop. Basically amazon has been very successful, there are more electronic money transactions. It's so great for users and lucrative deals.

liutiaoming1

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The slow processing speed of transactions will prevent Amazon from opening for digital currencies. But if Bitcoin and Ethereum at the moment can not serve the amount of traffic needed for Amazon, then other cryptocurrencies with this task will cope. For example, an altcoyin like Ripple, during the tests, coped with volumes of 1500 transactions per second.

Mikado$

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The issue of Amazon being able to accept bitcoin as a payment method is entirely feasible. In fact, there are still leaks on this issue before. However, it has not been authenticated yet. I think if that happens, the demand for bitcoin users will be closer and more diversified. Bitcoins will become more common and useful, along with good growth value. That is a great thing that I can look forward to.

katiecbell

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Quote from: Kprawn on November 03, 2017, 10:54:27 AM

I see a lot of people pushing for companies like Amazon to accept Bitcoin as a payment option. Have we considered the

implications of these decisions? Let's say we cannot scale to "service" the need for millions of new people who would use

this technology for the first time. What a big embarrassment would it be, if people waited 13 hours for their transactions to

be confirmed. Doing this now will hurt Bitcoin more than any other "bad" thing that has happened to it before.

We need to wait for the perfect scaling solution to address this problem, before Amazon or any other big retailer starts to

accept Bitcoin as a payment option. The Lightning Network might get us close, but it is not a proven technology yet.

Let's hear your thoughts on this? Huh

Have you ever checked out the purse.io? If you have, then does it take up to thirteen hours for your payment to be confirmed? Lol. So if Amazon starts to accept Bitcoin the process will be the same like when you are making use of purse. I believe that Amazon has seen that Bitcoin will not be in good favor of their business, so there is no need for them to accept it.

And by the way, we don’t even need it. If you feel like you want to buy anything from Amazon, then do so by making use of the purse.io site and you will even get up to 25% discount 🙂

imsotiredofmoviereboots

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Op is correct that it is still not the right time. It is like we are offering a solution that also needs solution or needs to be fixed first. But for me, I can't really wait for this happen because Bitcoin + Amazon and other huge online stores = BTC1 straight to that sweet, sweet $500k.

bitofc

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Amazon is the king of e commerce. If Amazon actually ended up accepting bitcoin that would be huge for mainstream adoption. We would see new all time highs very quickly. I do believe Amazon would create their own coin first before they would consider taking btc as payment though. Amazon likes to develop all their own stuff (hardware, software, etc.)

yora12

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The World’s First Blockchain Core

indeed it is a different perspective and I liked it. It would be much more effective to make things work perfectly than to include it in such places rather than making it too early, face a short pump and let it be removed from their system.

parlament9

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OPEN GAMING PLATFORM

what bad is in that such companies chose payment in bitcoin as an alternative as $? for cryptocommunity - the pleasant gift, for the rest of the world is a way once again to pay attention to bitcoin.
The company excellent and turns at them huge. I think, it is logical to simplify to clients life that they shopped for the huge sums so far isn't present regulation and taxes

CRYPTOGANGSTERs

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I think that Amazon will use cryptocurrency to pay for goods only if it can solve the problem with the scalability and speed of transactions. Even if something does not work out right after the introduction of such a payment method, I think that this problem will be quickly corrected and this will not affect the cryptocurrency negatively.

Topic: Amazon accepting Bitcoin - What can go wrong? - page 4. (Read 5123 times)