What's holding back Amazon & eBay from adopting Bitcoin? - page 3.

Dhaniii

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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. While this is certainly good news, there are still a wide number of companies that are quite behind others when it comes to adopting crypto/Blockchain tech for their own benefit. Major retailers like eBay and Amazon are yet to adopt Bitcoin as payment method. 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.

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations? Do you think these companies will adopt Bitcoin soon? Or it'll never happen? Your input will be greatly appreciated. Thank you very much

in fact they have adopted a quarter of their assets to buy bitcoins as a reserve asset to make a profit outside of the company they run. but why claim that they are not adopting bitcoin for now, maybe they should follow government regulations on prohibitions for using bitcoin as a medium of exchange for an item.

pawanjain

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Most probably it's because of the regulatory concerns that is holding them back in my perspective.
The transaction fees might be another reason but it's unlikely that these companies are not using crypto because of it's transaction charges.
If it were so they could use altcoins with low transaction charges and high speed such as Solana or other altcoins.
Demand is still low for cryptocurrencies to be accepted as payments and most people hold it only for trading and investments.
I think in the coming years as we see an increasing demand in cryptocurrencies, these companies might start using them as payment methods.

Husires

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The question is why such companies need to accept bitcoin? The reason Tesla does this is that they prefer it more than keeping the cash, but Amazon can get rid of the cash quickly and it doesn't need any more extra money.
Accepting Bitcoin will increase the headache if the user requests a refund as many users rely on Bitcoin as a store of value and therefore will not spend it.

zanezane

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I think their projected number of people is possibly the main reason why they don't want to adopt or integrate bitcoin into their system, they're probably predicting that not a lot of users are going to use that feature when it gets introduced plus there must be some cost that they want to avoid, that's probably why they don't want to adopt it.

kryptqnick

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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.

tulusikhlas

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They will definitely prepare for it, gradually we are already in the zone of large adoption of well-known platforms. It's just a matter of what steps are right for Amazon and eBay to start their first day.

For me, there are many things that we must take advantage of when everyone will adopt Bitcoin, we also certainly must not be complacent and miss how to deal with large adoption, while the dwindling supply will certainly make us more able to adapt to far more fantastic prices.

Renampun

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the biggest reason is probably that they are still obeying the government...

there are several smaller online buying and selling sites from amazon and ebay that accept bitcoins and so far they haven't encountered any problems like newegg and shopify, but amazon and eBay seem to be very afraid of accepting payments with cryptocurrencies. one day for sure both will accept cryptocurrency as a payment option there.

izsara

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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? Do you think these companies will adopt Bitcoin soon? Or it'll never happen? Your input will be greatly appreciated. Thank you very much

Rumors have spread and have been consumed by all who have heard that Amazon and eBay will include cryptocurrency as their newest means of payment. But so far, have they really responded to what's been widespread? they haven't even discussed it in public.
It takes time to take this action. Even apart from Amazon and eBay, I've heard that Master Card will also follow suit and adopt Bitcoin in the near future. Before anything is proven, we need to have a good range of options.

MusaMohamed

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

Not soon but they will adopt Bitcoin.

I think they will adopt Bitcoin after they make investment in Bitcoin. Like Tesla and Elon Musk. They don't bring big news for the Bitcoin community and spend time to build up their platform just to adopt Bitcoin, if they won't earn anything from it.

First, they will try to earn from investment in Bitcoin.
Second, they will plan to earn from customer uses of Bitcoin and cryptocurrency on their platform.

mk4

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It's highly like just because they simply don't see that much demand. If they accepted bitcoin, probably sub 1% of their userbase is going to use bitcoin. And volatility shouldn't even be a problem, because bitcoin payment processors that automatically converts the bitcoin to fiat at PoS already existed since forever.

There's also a chance that they're trying to dodge potential problems with the government, but it's highly likely to be the former.

bittraffic

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Nothing I think is holding them from adopting Bitcoin but I think government will summon them for doing so. Nothing is more powerful than a governent that has authority to bring you and your business down. Facebook faced the authority when they tried Libra.

We see the Alibaba and DiDi Chinese company bow down to Xi Jinping's government. I see no different to US government.

Abiky

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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. While this is certainly good news, there are still a wide number of companies that are quite behind others when it comes to adopting crypto/Blockchain tech for their own benefit. Major retailers like eBay and Amazon are yet to adopt Bitcoin as payment method. 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.

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations? Do you think these companies will adopt Bitcoin soon? Or it'll never happen? Your input will be greatly appreciated. Thank you very much

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