What's holding back Amazon & eBay from adopting Bitcoin? - page 2.

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

Quote from: Welsh on July 30, 2021, 04:53:48 PM

Quote from: DaveF on July 30, 2021, 04:48:13 PM

I would think that Amazon with it's big data know stuff.
Stuff like how many gift cards are sold through Bitrefill / BitPay / Coingate / Bidali and can figure out if it's worth it for them to accept BTC and other cryptos as payment.
They would also know stuff like how long between when the card is bought and entered into their system and spent.

They probably don't know an exact amount, but could definitely do some calculated estimations due to the traffic that they get for searches etc. However, I would expect if not Amazon, but the people behind it are already invested in Bitcoin as a sort of reserve, rather than a currency they use on a daily basis. It would just make sense for most big companies to be invested in it one way or another.

Also makes you wonder if the fact that there are all these places to get gift cards with BTC is part of the reason they are slow to adopt it.
When bitrefill buys a gift card from Amazon they pay X for it and Amazon then has the local fiat and you have a gift card that can sit there for a while till you spend it. But Amazon has the money.

2 points:
#1: Now if they take BTC they don't get $95 up front for a $100 gift card that can sit there unused for months.
If they DO take BTC they get $40 for the $40 drive I just bought today and not one cent more, till I spend more.

#2: People with gift cards DO tend to spend more because it is "just sitting there" so instead of just getting the $40 drive I get the $6 cable "just in case" and the $8 pack of socks since I'm on their site anyway.

So for them, at least in the short term, is it better to let bitrefill and the others do the work of taking crypto for them?

Just a breakfast thought.

-Dave

MusaMohamed

sr. member

Activity: 966

Merit: 306

Quote from: kryptqnick on July 30, 2021, 11:13:21 AM

I think it's just a longer road than we tend to notice. Paypal CEO admitted holding BTC in 2019, and Elon Musk owned some BTC back in 2018. This shows some initial interest of decision-makers, which over a year or two can lead to a company adopting Bitcoin as well. But Bezos never showed any interest in Bitcoin, so there's no primary background to build adoption upon. As for Omidyar (the eBay founder), he opted for Libra and also didn't express interest in BTC, so it's the same case as with Bezos. I think they're just not ready to adopt because their companies are already successful, and maybe they don't feel like it's worth it. After all, it's dealing with authorities, figuring out the regulations, taking the risks related to Bitcoin's volatility among other things. But they'll come around eventually, especially if the adoption trend continues.

Big corporations and their CEOs or founders would invest in Bitcoin and crypto long time before the day they announce adoption from their corporations.

They are human and they will not announce big adoption just to bring chances to others whilst they don't get anything from their preparations for such adoption.

Started with small groups, limited early Bitcoin adopters, then to small companies, institutions and big Techs. Soon we will see more big corporations, more billionaires invest in Bitcoin and crypto.

More time passes, more younger billionaires appear and they are more adaptive to modern trends with crypto market is one such trends. Because they are young, they will be more open-minded and eagerly to make changes in their corporations.

Tahsin Kabir Kollol

full member

Activity: 1610

Merit: 102

There are several reasons why large companies do not use Bitcoin as a medium of exchange. The main reason they do not accept Bitcoin is because of the government's ban on Bitcoin and the fact that it is considered illegal in almost every country. Moreover, due to the volatile price of bitcoin, the government, as well as well-known companies, are reluctant to transact through it. Tesla and some other companies decided to accept Bitcoin but later canceled it for various reasons, which made other medium and small companies fearful of making a decision. The big companies in different countries are not able to accept Bitcoin even if they want to in order to show their commitment to the government of the country.

mk4

legendary

Activity: 2870

Merit: 3873

Paldo.io 🤖

Quote from: 20kevin20 on July 30, 2021, 01:35:54 PM

1. Bezos hates Bitcoin. He's a billionaire, he owns a corporation and he is actively working with other corporations, governments, authorities and so on. Hence, the idea of a currency they can't overtake or heavily profit from makes them pull back from helping it grow in any way. Look at Musk, what he's done is he's promoted DOGE to his own advantage. In the end, the poor got poorer, Musk got richer, the crypto scene has lost trust in front of potentially millions due to the pump and dump and so crypto had zero benefits from his crap.

Highly unlikely. Let's not forget that whatever these people feel about bitcoin or literally anything, if it can help boost their business, they would accept it. Same reason why Jamie Dimon seems to dislike bitcoin with passion, but yet JP Morgan already has a bitcoin fund. Why? Because it's going to make them money.

CaVO32

full member

Activity: 1848

Merit: 158

Quote from: just_Alice on July 30, 2021, 06:54:15 PM

Just recently Amazon denied the widespread assumption that they will accept Bitcoin as a payment method. However, it looks like they’re thinking of it as a possibility. I wouldn’t rely on anything Tesla has to say, because during the past half a year they’ve changed their mind too many times Cheesy

Amazon, on the other hand, may be taking their time to make a decision and evaluate all the risks. But once they do, I’m certain it will be final and we won’t see them running between sides, because they value their reputation.

I strongly believe that it is only matter of time before they announce about crypto acceptance in their payment system, Amazon in particular. Maybe even before the year ends there might be some kind of development here even if they denied it for the moment. If they see other merchants accepting crypto, they may consider it soon.

just_Alice

hero member

Activity: 1274

Merit: 622

Just recently Amazon denied the widespread assumption that they will accept Bitcoin as a payment method. However, it looks like they’re thinking of it as a possibility. I wouldn’t rely on anything Tesla has to say, because during the past half a year they’ve changed their mind too many times Cheesy

Amazon, on the other hand, may be taking their time to make a decision and evaluate all the risks. But once they do, I’m certain it will be final and we won’t see them running between sides, because they value their reputation.

verita1

member

Activity: 1358

Merit: 81

I think it will happen soon. Amazon, Ebay and most of the ecommerce companies need to adapt to the new times. When I visit these sites I can realize that even the design of their pages need a touch-up, it shows that the years have passed.
Amazon's job position exists and is a latent need for the company.
Amazon is a giant that innovated in its time, now it is in its best moment to give way to bitcoin and cryptocurrencies and we are still not talking about the NFT and Play to Earn market that are dazzling many.

Welsh

staff

Activity: 3304

Merit: 4115

Quote from: DaveF on July 30, 2021, 04:48:13 PM

I would think that Amazon with it's big data know stuff.
Stuff like how many gift cards are sold through Bitrefill / BitPay / Coingate / Bidali and can figure out if it's worth it for them to accept BTC and other cryptos as payment.
They would also know stuff like how long between when the card is bought and entered into their system and spent.

They probably don't know an exact amount, but could definitely do some calculated estimations due to the traffic that they get for searches etc. However, I would expect if not Amazon, but the people behind it are already invested in Bitcoin as a sort of reserve, rather than a currency they use on a daily basis. It would just make sense for most big companies to be invested in it one way or another.

DaveF

legendary

Activity: 3500

Merit: 6320

Crypto Swap Exchange

I would think that Amazon with it's big data know stuff.
Stuff like how many gift cards are sold through Bitrefill / BitPay / Coingate / Bidali and can figure out if it's worth it for them to accept BTC and other cryptos as payment.
They would also know stuff like how long between when the card is bought and entered into their system and spent.
And all the other important information about that like cost of BTC / crypto at time of card purchase vs time spent. etc....

-Dave

Welsh

staff

Activity: 3304

Merit: 4115

Quote from: dothebeats on July 30, 2021, 04:25:02 PM

Adding a new payment method with little demand in the market means spending resources and time on something that wouldn't be beneficial for the company. Honestly there are only a few people still interested in using bitcoin as a payment method, due to the fact that the fees are not really economical for small purchases and the wait time is longer when compared to the payment methods that they are already accepting for their platforms. Regulation also adds to the hindrance, though I think with enough support and backing from the private sector, regulation would be quite easy to accomplish—with the right connections, of course.

Most countries are either in the process of regulation or have already achieved regulation. So, it would likely be taxed the same as other types of income for most countries. For example, capital gain tax, and income tax. Though, the fees are absolutely an issue for Bitcoin to be used as a every day currency, regardless of the platforms its implemented on.

dothebeats

legendary

Activity: 3542

Merit: 1352

Cashback 15%

Adding a new payment method with little demand in the market means spending resources and time on something that wouldn't be beneficial for the company. Honestly there are only a few people still interested in using bitcoin as a payment method, due to the fact that the fees are not really economical for small purchases and the wait time is longer when compared to the payment methods that they are already accepting for their platforms. Regulation also adds to the hindrance, though I think with enough support and backing from the private sector, regulation would be quite easy to accomplish—with the right connections, of course.

Slow death

legendary

Activity: 3164

Merit: 1127

Leading Crypto Sports Betting & Casino Platform

Quote from: Abiky on July 30, 2021, 10:26:00 AM

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations?

I ask you the following question:

how many times have you heard things like:

1 - Don't sell your bitcoins, make hodl... hodl, hodl

2 - I'm holding my bitcoin until the price reaches $300,000

how many times have you heard this kind of stuff? I can answer you:

you must have heard this many times.

so how many people are interested in using bitcoin to buy stuff on Amazon and Ebay? I believe that the number of people is very small that it's not even worth ebay and amazon to accept bitcoin as a means of payment

Quote from: Abiky on July 30, 2021, 10:26:00 AM

Do you think these companies will adopt Bitcoin soon? Or it'll never happen?

one day they will accept, but for now in this crypto market people are interested in 3X profits and not using cryptocurrencies to make purchases

aoluain

legendary

Activity: 2436

Merit: 1362

Quote from: 20kevin20 on July 30, 2021, 01:35:54 PM

2. Bitcoin is simply not popular enough for Amazon to do business with it. Bezos follows trends for sure, but he doesn't follow small ones. Bitcoin doesn't have that many users so his move to adopt Bitcoin on his platform would probably end up the same way Steam's did back in 2014 or so when they added BTC to the payment methods.

Yes my answer to the initial question

Quote from: Abiky on July 30, 2021, 10:26:00 AM

What's holding back Amazon & eBay from adopting Bitcoin?

is "they dont need to" and they dont see Bitcoin as a threat or that they are losing
sales or revenue. They realise the vast majority of people have and are buying
Bitcoin to invest for the future and not to buy consumables with,
but they will make they move when they know its an opportune time.

Welsh

staff

Activity: 3304

Merit: 4115

Volatility is holding the general public back from using it, and if Amazon or Ebay were to implement it that would likely only increase the amount of volatility, and they would likely have a plethora of complaints about how last week this product was worth $10, and now its priced at $50. We already have those sort of complaints when they run deals on their platform, it would only be exaggerated if Bitcoin was implemented. There's also complexity to adding Bitcoin to the platforms especially to Ebay. Bidding for example, would have to be done separately for each item, so you either select a fiat or Bitcoin based auction, because otherwise due to the volatile nature of Bitcoin, you could really overspend based on the ending point of that auction or could underpay which could hurt the seller.

So, you would probably see the vast majority of users selling for fiat only, and then nothing really changes on their platform, except they put all that effort into implementing something that isn't going to be used by the majority of their users.

hatshepsut93

legendary

Activity: 3024

Merit: 2148

Quote from: Abiky on July 30, 2021, 10:26:00 AM

Day after day, Bitcoin and other cryptocurrencies grow in popularity as people flock from the current monetary system. Ever since the year started, a number of companies announced their decision to adopt Bitcoin at its fullest. Companies like Tesla and PayPal have joined the crypto/Blockchain craze, adding "fuel" to crypto assets' prices on the market.

And Tesla immediately stopped accepting Bitcoin. And there hasn't actually been much companies adopting it as a payment method. And people absolutely don't "flock from current monetary system". Even almost all Bitcoin holders are still using fiat much more than they use Bitcoin for their payments.

Quote from: Abiky on July 30, 2021, 10:26:00 AM

There's been some rumors that Amazon will adopt Bitcoin as payment method, but they haven't been confirmed yet. These rumors caused Bitcoin's price to jump back to $40k at a fast pace. If an official announcement comes from Amazon, prices could go to the roof.

You probably didn't hear the latest news, but Amazon actually debunked that they plan to accept Bitcoin. This whole thing seemed like a market manipulation.

pealr12

hero member

Activity: 1946

Merit: 502

Who knows what there reasons are, probably they are still observing the crypto situation before they venture into the market just like PayPal, they must have realise what they are missing for not adopting btc, they both have huge customer base that will be willing to use btc whenever they decided to accept it in their platform, but I have the feeling they will soon jump into the moving train.

CryptocurencyKing

hero member

Activity: 1288

Merit: 504

Most of it for me goes about regulations. There is a lot of profit that could be made out of bitcoin by whale investors should they choose to. That includes Amazon and eBay. They are a huge online based companies and adding bitcoin payment option to there menu would have been a very good thing.

I think this would be sorted out sooner than later should they be able to keep governed aside and look towards what good they could do for and bitcoin could do for them. Popularity is a no question for bitcoin else, the price could have been a lot down now, we all know the laws of demand and supply about this.

For Amazon, I think sooner or later, they would be looking towards incorporating bitcoin I there payment option. With the rumor being out, it there means, an evaluation would be on going. Perhaps, the system for its collection and accountability has not been properly put in place and as such, the rumors have to be denied for now. Just a thought!

ChiBitCTy

legendary

Activity: 2282

Merit: 3014

I think what's holding them back is what is holding most companies back from currently accepting bitcoin as payment. Right now bitcoin and other cryptocurrencies are simply too volatile , slow to transact and expensive. I absolutely do believe if we solve these issues that that will change, but we may be a little ways off from that happening. I do think that adding them to the payment platform could make sense being that there are some people whom would prefer to pay in bitcoin and therefore they would possibly get more business that way.

AniviaBtc

sr. member

Activity: 1120

Merit: 272

First 100% Liquid Stablecoin Backed by Gold

Amazon have different countries that serves as their big consumers and some of them prohibits bitcoin. They just want to play safe and think of other factors not only bitcoin.

If they think that, that is good for them to just wait for more time and think other factors then that will help them to regulate bitcoin in their system.

There are things that we should not rush especially that we are thinking other constituent in cryptocurrency or bitcoin world.

20kevin20

legendary

Activity: 1134

Merit: 1598

I have 2 theories out of which at least one I suspect Bezos is applying:

1. Bezos hates Bitcoin. He's a billionaire, he owns a corporation and he is actively working with other corporations, governments, authorities and so on. Hence, the idea of a currency they can't overtake or heavily profit from makes them pull back from helping it grow in any way. Look at Musk, what he's done is he's promoted DOGE to his own advantage. In the end, the poor got poorer, Musk got richer, the crypto scene has lost trust in front of potentially millions due to the pump and dump and so crypto had zero benefits from his crap.

2. Bitcoin is simply not popular enough for Amazon to do business with it. Bezos follows trends for sure, but he doesn't follow small ones. Bitcoin doesn't have that many users so his move to adopt Bitcoin on his platform would probably end up the same way Steam's did back in 2014 or so when they added BTC to the payment methods.

I had a 3rd theory I apparently forgot while writing this post, lol. These are the most likely scenarios imo.

Topic: What's holding back Amazon & eBay from adopting Bitcoin? - page 2. (Read 425 times)