Topic: Why there is no Standard Marketplace like Amazon with BTC as payment method?? (Read 612 times)
May 19, 2020, 01:22:54 PM
Earlier there was Bitmit, but it was forced to close down due to regulatory hurdles. Now we have another site called Bitify, but the number of listings are very small and the trust factor is low. And then obviously we have sites such as Newegg and Overstock, which accept direct payments in BTC. And even in Amazon, you can indirectly make payments with BTC. First you need to convert BTC to Amazon gift card using sites such as Gyftr, and then you can use the gift card to purchase whatever you want from Amazon.
May 19, 2020, 12:16:54 PM
First, Amazon is an American company, Do you think at this moment that Bitcoin is fully accepted and legalized in the US? not right? That is the main reason why big companies are not embracing bitcoin at the moment, because of the government and its rules and regulations. Have you heard about libra it is a cryptocurrency, it's on trial because of government intervention and they are halting the adoption I don't know why maybe they are afraid that they cannot control bitcoin or for some reasons.
May 19, 2020, 11:36:00 AM
Bitcoin is still young for that but that will still be the end result. There are a lot of regulatory concerns to combat with and the freshness of libra failure is still fresh
It really is, bitcoin has been with us for 10 years now it is still young but became a huge thing that impacted the mainstream. As I've heard, Visa is planning to add bitcoin as a mean of payment but they clearly stated that they are doing it coz it is a good choice right now, so we can tell that they are ready to jump out any time soon. Facebook's Libra? uhmm not interested anymore after some hurdles that they didn't overcome. May 19, 2020, 10:41:26 AM
Bitcoin is still young for that but that will still be the end result. There are a lot of regulatory concerns to combat with and the freshness of libra failure is still fresh
May 19, 2020, 08:54:04 AM
I think that such projects can still be implemented in the future, we can only wait.
May 18, 2020, 08:03:16 PM
I know...there are smaller marketplaces that people can buy/sell goods via bitcoin, but why a major marketplace is not emerging??
I know for a fact, there is a huge demand for purchasing of goods with BTC...even users from this forum is enough to give the marketplace a supply chain issue
1. is the problem in supply side? are sellers worried taking payments via BTC bcas of volatility
2. is there a logistically inefficiency, that smaller sellers can never compete with the likes of amazon
3. is the transaction speed an issue for retail transactions?? major cards payments are done instantly (maybe this speed is needed for impulse purchases
)
Comment below...thanks i'm a newbie here
I know for a fact, there is a huge demand for purchasing of goods with BTC...even users from this forum is enough to give the marketplace a supply chain issue
1. is the problem in supply side? are sellers worried taking payments via BTC bcas of volatility
2. is there a logistically inefficiency, that smaller sellers can never compete with the likes of amazon
3. is the transaction speed an issue for retail transactions?? major cards payments are done instantly (maybe this speed is needed for impulse purchases
)Comment below...thanks i'm a newbie here
Using bitcoins as their main mode of payment will exclude many people from buying from their website. Think about it, if you are not capable or you do not have the means to buy using bitcoins, what would you do next? You will then look for an online store which will cater to fiat as your mode of payment. Why does there have to be exclusivity? Different payment methods are introduced so that people will have the ability and means to choose, depending on what fits their capabilities and the availability. A store who is this exclusive will lose both sales and their clients. Second, many people have trust issues regarding this, people are afraid they might get scammed or their items will not arrive on time. Third, being solely dependent on technology for payments is really dangerous, what if when you really need the item, the current system you would be using is down, what if there’s a technical glitch, etc. etc.
May 05, 2020, 12:36:56 AM
As Op has mentioned these days we can see more small business and small stores around accepting bitcoin as payment, but there isn't much of acceptance from the large network firms. This in my understanding is due to the volatility of the bitcoin market. When it comes to small level stores the volatility won't affect even if there is large fluctuation in the price.
The same when happens with a large network business it'll cause a big loss, because the business volume is quite high. This can collapse the entire worth of the firm if miscalculated on its market changes.
The same when happens with a large network business it'll cause a big loss, because the business volume is quite high. This can collapse the entire worth of the firm if miscalculated on its market changes.
That's right, sudden changes in a some payment method can make people confused or bothered as they are normally using fiat currency. It is not that easy to adjust especially when people are not that knowledgeable about using BTC, not all countries around the world are already engaging in legalizing cryptocurrency in their economy. The problem here is the mass adoption that we need to improve because the business volume is already high and we need that to correlate in mass adoption of using BTC. I don't think the bigger companies will allow people to use a volatile asset in the market as this will give them sudden changes in values. Market changes should be studied and plan before make it into reality to prevent long term adjustments and issues.
May 04, 2020, 11:14:49 PM
It is kind of ironic don't you think? Bitcoin is such a great currency that in fact people do not want to use it for its original purpose and they keep storing it and prefer to keep using their fiat instead, which is why I think that in order for bitcoin to break up that cycle we will need an enormous economic crisis that puts in doubt the long term viability of fiat currencies around the world and that people begin to look for alternatives and decide that bitcoin is the best choice they can make, unfortunately we do not know when that will happen so our only option is to keep storing our bitcoin and to use it only when we need it.
You must be new. Bitcoin is no longer being used for its original purpose because Blockstream ripped its balls out.
Feel free to ask any follow up questions.
May 04, 2020, 11:12:41 PM
It is kind of ironic don't you think? Bitcoin is such a great currency that in fact people do not want to use it for its original purpose and they keep storing it and prefer to keep using their fiat instead, which is why I think that in order for bitcoin to break up that cycle we will need an enormous economic crisis that puts in doubt the long term viability of fiat currencies around the world and that people begin to look for alternatives and decide that bitcoin is the best choice they can make, unfortunately we do not know when that will happen so our only option is to keep storing our bitcoin and to use it only when we need it.
it is not ironic, it actually makes a lot of sense. when you have something that has increased in value by A LOT over its entire existence and is also showing all signs of continuing to rise for another decade at least, then naturally you would want to hold on to that thing instead of spending it. that's a simple logic to me and that is why majority of people prefer to accumulate bitcoin instead of selling or spending it.
and i don't think we need a crisis for bitcoin to grow, it is growing on its own based on its merits. everything else is only catalysts.
May 04, 2020, 01:32:21 PM
It seems to me that the only answer to this question is that today Bitcoin is used very little as a means of payment. Today, the goal of cryptocurrency users and Bitcoin owners is to make good profits due to the volatility of the coin, and few are willing to give bitcoin for goods, when bitcoin can make several times more profit. even if such trading platforms as Amazon or even AliExpress make it possible to buy goods using cryptocurrency, in my opinion very few people will take advantage of such opportunities. Although in any case, the infrastructure for using Bitcoin needs to be developed, It’s only a pity that the stability of the bitcoin price in the market will primarily depend on large whales.
It is kind of ironic don't you think? Bitcoin is such a great currency that in fact people do not want to use it for its original purpose and they keep storing it and prefer to keep using their fiat instead, which is why I think that in order for bitcoin to break up that cycle we will need an enormous economic crisis that puts in doubt the long term viability of fiat currencies around the world and that people begin to look for alternatives and decide that bitcoin is the best choice they can make, unfortunately we do not know when that will happen so our only option is to keep storing our bitcoin and to use it only when we need it. May 02, 2020, 06:22:56 PM
Amazon takes the lead over the other market players. They are doing this because they know how potentially it attracts customers globally and that the BTC payment option will serve great. Maybe we are grateful enough to see how these big-time market players giving their support to promote crypto. Their market perceptions lead yo something great that might be happening in the future and to the fact that e-commerce adoption is getting faster, they could easily make a good market and it turns back with them...absolutely BIG returns.
May 02, 2020, 05:21:00 PM
I think that it is because Amazon has sellers around the world and therefore there are countries that do not accept Bitcoin, volatility could also be an obstacle and the speed of transactions.
Although we have made significant progress with Bitcoin for Amazon, Bitcoin is still not a convenient means of payment. Because otherwise it could be conquering that niche as one of the main winners of the 2008 recession.
Although we have made significant progress with Bitcoin for Amazon, Bitcoin is still not a convenient means of payment. Because otherwise it could be conquering that niche as one of the main winners of the 2008 recession.
May 02, 2020, 04:47:08 PM
They won't do it unless somebody else does and starts taking a bit of their customers.
Someone with capital should start a company in a Bitcoin friendly country (Bahamas?) and build that marketplace. They could do their own payment processing with btcpay or such, i don't think this would be impossible to do.
In Latin America we also have Mercadolibre...
Someone with capital should start a company in a Bitcoin friendly country (Bahamas?) and build that marketplace. They could do their own payment processing with btcpay or such, i don't think this would be impossible to do.
In Latin America we also have Mercadolibre...
May 02, 2020, 04:30:10 PM
Purse.io did this for years and just closed
https://www.reddit.com/r/PurseIO/
Read about it, it wasn't even the dumbest idea in crypto by any means, the service worked and people didn't get scammed.
You went to purse and selected what you wanted on amazon.com/uk/jp and users that wanted your bitcoin bought the items on amazon and took your bitcoin. There were moderators to make sure you confirmed your items were shipped, it was decent but a little more difficult to use Amazon than just buying something yourself.
The PROBLEM is when you realize buying more bitcoin is harder to do than buy an item yourself on Amazon. To replace bitcoin is MUCH harder than buying something yourself on amazon, so it would only appeal to someone that wanted to spend bitcoin rather than use it as a "store of value." Which bitcoin it is proving to be (oddly) during a pandemic
The other issue was Bcashers wanted the site to use Bcash and call it bitcoin, so it fragmented the users on the platform during that bitcoin fork. Some would rather jump ship than be told that Bcash is better and they'll "accept" your bitcoin while trashing it as inferior... not a smart idea with a business but that's the cost some businesses pay to learn simple things many of us learned for free long ago.
https://www.reddit.com/r/PurseIO/
Read about it, it wasn't even the dumbest idea in crypto by any means, the service worked and people didn't get scammed.
You went to purse and selected what you wanted on amazon.com/uk/jp and users that wanted your bitcoin bought the items on amazon and took your bitcoin. There were moderators to make sure you confirmed your items were shipped, it was decent but a little more difficult to use Amazon than just buying something yourself.
The PROBLEM is when you realize buying more bitcoin is harder to do than buy an item yourself on Amazon. To replace bitcoin is MUCH harder than buying something yourself on amazon, so it would only appeal to someone that wanted to spend bitcoin rather than use it as a "store of value." Which bitcoin it is proving to be (oddly) during a pandemic
The other issue was Bcashers wanted the site to use Bcash and call it bitcoin, so it fragmented the users on the platform during that bitcoin fork. Some would rather jump ship than be told that Bcash is better and they'll "accept" your bitcoin while trashing it as inferior... not a smart idea with a business but that's the cost some businesses pay to learn simple things many of us learned for free long ago.
May 02, 2020, 02:12:38 PM
but also it is partly because bitcoin users nowadays are mostly too busy speculating about its price that they forget it is a currency that they can spend too so the market places are not that crowded in times.
Sadly, that's the majority of Bitcoin users and almost the entire population of altcoin-only users. I see all kinds of discussions on LinkedIn from altcoin projects saying Bitcoin's shit and can't be used daily and nobody uses it but they're completely ignoring the fact that there are people using it every single day.
But that not more people know this is simply a sign that yeah, Bitcoin users are forgetting to spend, forgetting to use. And yes, I do get it's not easy to spend it on everything but at the very least use it to send money (we all send money right?).
May 02, 2020, 10:52:09 AM
I am sure you are not alone wondering why there seems to be no big marketplace (similar maybe to Amazon and similar platforms) that can be considered to be associated with Bitcoin. There are some smaller platforms accepting Bitcoin, but they are just an addition to what they are already offering. In my own humble view, it has something to do with the demand because if there is really a big demand then the business community can easily recognize and exploit it. Of course, there can be other factors also involved.
Make sure that there is a lot of demand. However, I think some legal situations do not allow. Currently, there is no country where Bitcoin has attained a full legal status. In this case, the demand does not make much sense.
Actually, there is a point I am curious about. Recently, Reddit was accepting payments with Bitcoin. Maybe there is someone who knows how they handle the process.
May 02, 2020, 10:29:24 AM
If you are talking about large corporations like Amazon and such, they will surely have a problem with this cryptocurrency transaction integration in their current model which is functioning properly, plus if you are to compare the current transactions that happens everyday in this companies, the amount will surely be insurmountable and if you try to compare these to the amount of people who knows a thing or two about bitcoin or cryptocurrency in general, it will still not match with the numbers, even if it is millions but you compare it to hundreds of millions, it is not yet enough. The time will come when these titan corporations take notice of these growing demand for cryptocurrency transaction integration, we do not know when will it happen but when it does, it will coincide with the fact that cryptocurrency is a staple of financial markets.
I agree with you but they will not adopt a cryptocurrency so volatile in their payment method. Like many other companies, and with Jeff B's history, he will surely try to enter the crypto market with possibly a new crypto. Moreover, currently, this is not a feasible method to accept or make payments for their company. And with retail business, the volatility won't let them add BTC or any other high volatility crypto.
For other services, they might give it a go, for example, AWS.
And if anybody believes that crypto will completely diminish the usage of country-wise fiat currencies within Amazon or any other companies, then it is useless thinking that. Believe me, it won't happen or if it happens, then you will not live to see that, because it will be an incident happening way far in the future.
May 02, 2020, 04:48:53 AM
I am sure you are not alone wondering why there seems to be no big marketplace (similar maybe to Amazon and similar platforms) that can be considered to be associated with Bitcoin. There are some smaller platforms accepting Bitcoin, but they are just an addition to what they are already offering. In my own humble view, it has something to do with the demand because if there is really a big demand then the business community can easily recognize and exploit it. Of course, there can be other factors also involved.
May 02, 2020, 01:53:02 AM
If you are talking about large corporations like Amazon and such, they will surely have a problem with this cryptocurrency transaction integration in their current model which is functioning properly, plus if you are to compare the current transactions that happens everyday in this companies, the amount will surely be insurmountable and if you try to compare these to the amount of people who knows a thing or two about bitcoin or cryptocurrency in general, it will still not match with the numbers, even if it is millions but you compare it to hundreds of millions, it is not yet enough. The time will come when these titan corporations take notice of these growing demand for cryptocurrency transaction integration, we do not know when will it happen but when it does, it will coincide with the fact that cryptocurrency is a staple of financial markets.
May 02, 2020, 12:58:54 AM
I know for a fact, there is a huge demand for purchasing of goods with BTC...even users from this forum is enough to give the marketplace a supply chain issue
Wrong. This forum has 2.7 million registered accounts, and the number of active users is counted only in thousands. Amazon has 300 million users. The demand for buying goods with BTC is tiny, even if you assume that every visitor of this forum wants to buy things with Bitcoin, which is not the case, since many people want to hodl or wouldn't trust sellers with Bitcoin transactions.
There's not enough interest neither from sellers, nor from buyers. I've seen this happening with Bitcoin freelance sites - extremely low volumes when compared to mainstream sites with no signs of growth at all.
Jump to: