Topic: What are the difficulties with Amazon accepting Bitcoin payments？ (Read 310 times)

This is a non-issue. All the items available in Amazon is priced in fiat currency. After they start accepting BTC, it may be possible to pay using your coins. But at the same time, since the prices are given in fiat, the coins will be immediately converted to USD or any other fiat currency once the payment is made. So volatility is not an issue (unless Amazon has an idea to store at least some of the coins they receive for the long term). They may use some provider like Coinbase to process the Bitcoin payments. As soon as the coins are received, Coinbase will convert it to fiat as per the prevailing exchange rates. 

Bitcoin's value will not be considered bitcoin is the most popular currency in terms of price fluctuations. There are no difficulties in accepting amazon bitcoin payments as it will further increase the demand for bitcoin transactions with online payments based on amazon will be easier this is our fear so there is no mechanism to control when it collapses or goes up.

If the price of Bitcoin is taken as the standard price, if the price of Bitcoin is high, no one wants to buy something worth $5 with $50. The pricing problem is difficult to solve,

I think it's a regulatory issue. Amazon doesn't want to get in trouble just for accepting bitcoin or other crypto. they prefer to play it safe, and don't want to speculate about this. that's why they immediately refuted this speculation. if the regulations on bitcoin and crypto were clearer, they might have adopted bitcoin a long time ago.

Amazon already denied that they are going to accept bitcoin by the end of the year. The rumor started spreading when amazon posted a job looking for digital currency and blockchain experts/project leads. This along with other news like tesla likely going to accept bitcoin probably made the price of bitcoin soar and go above $39,000 USD. I don't think companies like Amazon would be facing any difficulties in accepting bitcoin. Going to be a very interesting week.

If I am not wrong, it is already possible to pay in Amazon using PayPal Bitcoin. So ideally there should not be much issues for Amazon, if they want to accept direct payments in Bitcoin. One issue that comes to my mind is that the tax calculation may get complicated, due to the volatile exchange rates. That would mean much more paperwork and effort from the tax consultants. Ideally, they should start with some country that is more friendly towards cryptocurrency before the rollout in the United States. Germany and Japan are two countries that come to my mind right now. 

I don't see any of those difficulties a problem for Amazon, the government problem can easily be solved by having their lobbyist do the work, there are existing technology that can be used to convert crypto payments for fiat for business that anyone can use including the biggest e-commerce platform in the future.

I think it should be priced in U.S. dollars, and the bitcoin price of this product will fluctuate at any time. This is just using Bitcoin as a means of payment. The opposite scheme is to use Bitcoin for pricing, and each commodity has a fixed Bitcoin price, but this may not pass the U.S. regulatory agency.

From an accounting point of view, my first reaction is how to verify the converted price in the future, because the price of Bitcoin changes all the time.
There are also expensive handling fees. Will the handling fees be more expensive than the price of the goods？This will affect sales.

Now the price of Bitcoin has fallen back to 37,000, just because Amazon explained that the news was untrue.


Yes, there are various issues that need to be discussed, both in terms of law and technology. Amazon's acceptance of Bitcoin is a national event, and Bitcoin still has many problems to overcome.

Yes, although Bitcoin can buy gift cards, and there is a little discount. But I believe many people will not pay with Bitcoin，There is a paradox. Bitcoin holders are mostly speculators. Those who buy bitcoin believe that bitcoin will appreciate, and these people generally don’t use these bitcoins to buy daily necessities.

I agree that they don't want to spoil what their plan really is. Well, what cityam did was probably a leak from any of their staff.

As the fun stopped I've said, it's about the market which reacted quickly that which is already $40k then it drops to $37k so fast.

Things can change so fast with their denial and they just don't want to expose what they're planning with in the future. But those hirings that they've posted, it's not hidden.

I read the news but I think the spokesperson doesn't say if no chance for crypto to be adopted in Amazon. He just clarifies that for now, there is still no specific plan for it. So, it is not true if the fun is stopped directly as you said. However, this news probably brings impacts to Bitcoin price or crypto market as a whole. There will be a bit of decrease in almost all crypto today, I guess.

Read again

Well, they can deny that all they want but they're hiring a blockchain expert so...

If they aren't planning to accept Bitcoin as payment, I would assume that means they are planning to add Bitcoin to their balance sheet.  Given Jeff Bezos' feud with Elon Musk, he probably views Bitcoin as a potential separator of their wealth.  For competition's sake, Jeff Bezos will have to take a stake equal or greater than Tesla's to ensure that his net worth doesn't get left behind Elon's in the event BTC makes a run into the triple digits and beyond.  I suspect other car makers will also have to follow suit to ensure they remain competition. 

As far as the difficulties with accepting payments...  At this point it's pretty straight forward.  They can build a payment system or use someone like Coinbase to be an intermediary, but I suspect fees and the blocksize limit remain obstacles likely too great for Amazon to overcome in order to accept payments.  Maybe if the Lightning network takes off they would consider using that, but I don't think it is popular enough to make an impact to their business.  That's why I believe we'll see them first add Bitcoin to their balance sheet (maybe 1.5-2.5 billion dollars worth) and then see how feasible it is for them to accept it.  This is the point in the game where Lightning needs to step up and prove it's ready for primetime or else we will start to see a push to make changes to the blocksize limit that will make Roger Ver's efforts look incredibly reasonable in comparison.

Well, the fun stopped.

--> https://www.reuters.com/article/amazon-cryptocurrency/amazon-denies-report-of-accepting-bitcoin-as-payment-idUSL4N2P23OT

Yes, BTC can be spent online for gift cards but paying with crypto straight off is not as easy as it may sound.

This is because of all the regulations governments want to introduce some of which are still unclear. Until that gets untangled I do not see Amazon accepting crypto payments right off the bat. There will be a lot of planning, and resources needed to put the infrastructure and legislation in place for it and it all feels too early for it to happen now.

So this is why the price is going up so rapidly, I knew there had to be a fundamental reason for this to happen, anyway if Amazon wants to accept payments in bitcoin they will have to use the lightning network as this is not the same as Tesla which is charging you a lot of money for their cars while in this case poeple are buying cheap stuff and they need low fees, also since Amazon saw what happened to Facebook I do not think they are going to make the same mistakes and will just accept bitcoin and finally I think the US regulators may allow it as long as you go through KYC to buy stuff in Amazon.

May be in the far future it will happen when Bitcoin will be more accepted in the bigger part of the world, and more legalised in lots of countries. What is Amazon? The trading platform. Big trading platform. Of course Tesla and Amazon they are different and the interest to these to objects from government is different, there are lots of nuances there in this point. But as a perspective of course it is possible and may happen when it will be really profitable for Amazon and regulators. But nowadays it looks more like a rumour. .

prices go up, so how can we find out who is ready to increase prices, while Amazon itself is still in the planning stages? Is it just making news stories that can result in such a big price increase?

I didn't watch the early minutes rise, and missed the news on how Amazon announced the adoption of Bitcoin payments. However, I'm more and more curious as to why it took only a short time after the news, and then the whales pumped up prices. So behind the news, the popes took advantage of the situation?

From a business perspective, I can think off one major issue that Amazom will face if they start accepting bitcoin payments. It is the price fluctuations. Bitcoin is hyper active asset where the price fluctuates like nothing else. So it's a business risk for Amazon considering the daily volume of orders they usually receive.

To mitigate this, they may employ a third part service like Bitpay where they will prefer to get the settlement in cash while providing the convenience of bitcoin to their customers. No matter what happens, this news is driving the market like crazy!

I was also shocked when I saw this big price increase and it's all caused by just one rumor, it's unbelievable that this cryptocurrencies market suffers from a big manipulation of this level, it means that rich companies like amazon can do whatever they want with the price of bitcoin, this market needs to have brakes we can't continue like this and it's bad, it's not possible that a rumor can make the market have a big price increase at this level, imagine if someone will disprove this news afterwards? what will the people who buy at this price of 38600$ look like? we can't go on like this


I also agree, there are legal issues and due to things like these that a simple rumor causes the price to go up a lot I doubt amazon accepts bitcoin as a means of payment