Topic: What is the reason Amazon hasn't adopted Bitcoin? - page 2. (Read 813 times)
Maybe if Amazon accepts bitcoin then there will be some big companies like visa and mastercard will be harmed because there are no more consumers who shop using the services they provide, besides if Amazon accepts bitcoin then they will also not be used by people living in a country which prohibits the use of bitcoin, obviously it will not be so profitable they will choose to use conventional payment methods using a credit card.
I think the main reason is that not enough people will be using BTC to make their purchases and its not worth the hassle spending millions in coding and another million to train the support staff when issues arrive.
Most people who buy on Amazon will buy it anyways on Amazon so they will get paid anyways. If they added BTC the sales wouldn't increase by much.
Sites like Newegg accepted it because most of their customers were computer savvy and a larger percentage of those were actually miners. So it made sense for Newegg. And many miners probably ordered from Newegg just for that reason instead of another computer retailer. So they gain business actually instead of Amazon which would retain that same customer in the first place.
Most people who buy on Amazon will buy it anyways on Amazon so they will get paid anyways. If they added BTC the sales wouldn't increase by much.
Sites like Newegg accepted it because most of their customers were computer savvy and a larger percentage of those were actually miners. So it made sense for Newegg. And many miners probably ordered from Newegg just for that reason instead of another computer retailer. So they gain business actually instead of Amazon which would retain that same customer in the first place.
I agree with this point of view. But I believe they will integrate bitcoin in the future also, once they see that mass adoption is already huge. Because if not, they will be left behind. As of the moment, they are not into it but more than likely they are already studying crypto behind the curtains. As you said, maybe, it's not yet time for them to accept crypto as they might lose a lot of money by doing so. But I think, it is already in their pipeline. A go signal is just needed to include crypto in their payment system.
amazon has become a global phenomenon. it is in no hurry to accept bitcoin knowing bitcoin can go to the moon. maybe amazon is giving the mass public to be aware of blockchain technology. amazon will accept bitcoin maybe in 5 to 10 years . by then digital money is truly here. as of now its mass accumulation of bitcoin before jeff bezo papa accepts bitcoin.
Amazon actually bought a bunch of cryptocurrency domains according to whois. In 2013 it bought the amazonbitcoin.com and in 2017 it bought a couple more. It's mainly for strategic reasons that they do it so if bitcoin does become huge, they can still be on the forefront. I would venture they stand more to benefit from stablecoins though.
Source - https://www.coindesk.com/amazon-subsidiary-registers-3-cryptocurrency-web-domains
Also, one of Amazon's competitors - Overstock - also issued Ravencoin, which is a PoW similar to BTC. Overstock's team is very bullish on cryptocurrencies as a method of payment and differentiation in the ecommerce space.
Currently, there's ways for people to purchase amazon gift cards just with BTC through Bitrefill as well: https://www.bitrefill.com/gift-cards/?hl=en
Source - https://www.coindesk.com/amazon-subsidiary-registers-3-cryptocurrency-web-domains
Also, one of Amazon's competitors - Overstock - also issued Ravencoin, which is a PoW similar to BTC. Overstock's team is very bullish on cryptocurrencies as a method of payment and differentiation in the ecommerce space.
Currently, there's ways for people to purchase amazon gift cards just with BTC through Bitrefill as well: https://www.bitrefill.com/gift-cards/?hl=en
I would think with a company as global and standardized as it has become to everybody who sees their name they have no use to put bitcoin as an option accepted to perform payments for their products offered.
They want to hold all the power and I think if they start to accept it then bezos will see in a way he is not in total control and thus does not hold all the power.
Big businesses such as this see bitcoin as a threat to their business even though it is not.
They want to hold all the power and I think if they start to accept it then bezos will see in a way he is not in total control and thus does not hold all the power.
Big businesses such as this see bitcoin as a threat to their business even though it is not.
As long as the majority of their transaction is made using the traditional way, I dont think they will adapt or add Bitcoin as form of payment in their site. However, Amazon may start observing how the market reacts in Facebooks Libra. Who knows, maybe Amazon is also working on their own coin.
Why Amazon should start to add Bitcoin to its system? The demand from people is too low to even care about it. It won't bring enough new customer nor increase their sale. It's not Amazon that needs Bitcoin, it's Bitcoin that needs Amazon. Not even talking about the problem when it comes for USA consumers, not even talking that Amazon has already its own payment processor, so they surely would prefer to work on something to make it more used instead to add something else. And it makes sense
Completely centralised finance system regulations is a reason still Amazon waiting to accept bitcoin as a payment mode. You are adding me payment gateway ap is a very simple matter for Amazon team.
Since Bitcoin is a decentralized cryptocurrency they are looking for best option to add it soon.
Since Bitcoin is a decentralized cryptocurrency they are looking for best option to add it soon.
Since other tech giants like facebook are now focusing on blockchain technology and crypto currencies, there is a high chance, Amazon will do the same. Just give it some time. In the mean time, others who wants to spend on Amazon using bitcoin indirectly, the best way would be buying Amazon gift cards using crypto currencies and then using those gift cards to purchase goods from amazon.
There are many points Amazon needs to aware of like if a user pays in Bitcoin and then request for a return Amazon has to pay the fees from their pocket which is not what Amazon wants. Or Amazon will be unable to identify users because then you pay from a bitcoin address your lack of information can put Amazon at risk they have 3 life on your account details rather than the sender details.
Part of the Amazon revolution is the shrinking of the earth, which means people can buy products internationally at lower prices and send them in a short time.
As is well known, Amazon only supports payments through FIAT currencies and traditional banks, this can slow down the payment process and means that merchants are charged. But using Bitcoin will erase, both of these problems.
In addition, the use of Bitcoin will also allow Bitcoin investors to access the giant platform wherever they are.
Problems that hinder the adoption of Bitcoin
The problem here is because of the lack of regulation around Bitcoin, not because Amazon is afraid of Bitcoin or because they are afraid of a lack of regulation, but this seems to be an Amazon case that is too big to adopt a product that can eventually fail.
Yep, I doesn't ship in my country. I have to go to alibaba to buy something that can actually reach my doorstep yet even them doesn't alway allow it. The first time I go into AMAZON they were only selling online book but they have grown so much and I can already find computer accessories, they always extend to new ideas which is why its surprising, facebook lead the way to make crypto more popular.
When regularization of crypto will be done, I guess we can expect Amazon to also create their own coin.
Part of the Amazon revolution is the shrinking of the earth, which means people can buy products internationally at lower prices and send them in a short time.
As is well known, Amazon only supports payments through FIAT currencies and traditional banks, this can slow down the payment process and means that merchants are charged. But using Bitcoin will erase, both of these problems.
In addition, the use of Bitcoin will also allow Bitcoin investors to access the giant platform wherever they are.
Problems that hinder the adoption of Bitcoin
The problem here is because of the lack of regulation around Bitcoin, not because Amazon is afraid of Bitcoin or because they are afraid of a lack of regulation, but this seems to be an Amazon case that is too big to adopt a product that can eventually fail.
The lack of proper regulation is also the cause why ETF isn't approved by SEC. Right now I have read a crypto news blog that facebook Libra is being stopped by the government to continue its development. Amazon knew this too well that they didn't tried getting into crypto. Facebook is just bold enough after all they are friends with the state government, I'm pretty sure the Libra development will push through.
Way more to gain for facebook to take this road. All the user date they can add to there list will be tremendous. Of course it will be sold.
I think the main reason is the price fluctuation if they sell a service or product and has a price and price of Bitcoin drop they will lose and maybe a second reason is the confirmation time.
In my opinion that is not a consideration that will be used by Amazon to refuse adopt bitcoin as payment. in my opinion the reason for regulation is a major consideration for them, imagine if Amazon is prohibited from being accessed in many country just because they adopts bitcoin
Bitcoin has long been perceived as having a value too volatile for online merchants. However, if the Facebook Libra coin encourages mass adoption of cryptocurrencies, it could spur online merchants to start accepting them.
Either of two things must happen for bitcoin to be accepted by more online merchants: (a) its value must stabilize or (b) enough people must use bitcoin that not accepting it as a form of payment will cost Amazon and other online merchants significant business.
We may find both of these scenarios coming to fruition in the coming years or within a decade at least.
Either of two things must happen for bitcoin to be accepted by more online merchants: (a) its value must stabilize or (b) enough people must use bitcoin that not accepting it as a form of payment will cost Amazon and other online merchants significant business.
We may find both of these scenarios coming to fruition in the coming years or within a decade at least.
maybe in my mind regulation is the reason why Amazon hasn't adopted bitcoin. bitcoin is not easy to be used as a transaction tool if the state is regulating and it may be one of the main causes of this.
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We know that Amazon, among other giants like Facebook, is exploring blockchain technology. When crypto is becoming more mainstream and when Bitcoin becomes more mature we can begin to hope that companies like Amazon will start accepting Bitcoin payments, maybe now, adoption is not safe enough for e-commerce giants, and this is to protect their customers.
I respect Amazon's decision. If they are still on the exploring stage then I bet they are now on a phase where in they are reconsidering it as a payment. I wonder, what took them so long to accept bitcoin payments. Many online stores now and many merchants are now adopting this kind of digital currencies. Maybe it isn't enough or they are seeking strong research results or survey on how did bitcoin payments become beneficial to their business.
We know that Amazon, among other giants like Facebook, is exploring blockchain technology. When crypto is becoming more mainstream and when Bitcoin becomes more mature we can begin to hope that companies like Amazon will start accepting Bitcoin payments, maybe now, adoption is not safe enough for e-commerce giants, and this is to protect their customers.
I am certain that amazon and other E commerce sites will start accepting bitcoin eventually because it opens up international trading with ease without any headache of cash backs for the merchants and bitcoin is the only answer to get rid of the charge back headaches and other disputes in the future, if i am speculating, the main reason i think for getting delayed is that bitcoin still needs to scale for much bigger transactions for them to accept it and the volatile transactions charges might be the reason and once lightning network is adopted, then they might open a channel and start accepting bitcoin. 
I understand the issue of regulation is playing a major set back in Amazon adopting the bitcoin, I equally think the big banks fear their profit may drastically drop and they could be troubled from the revenue drop in customers abandoning fiat because of high fee and too many limitations and TAT. Politics of power and money at play in our financial system.
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