Why there is no Standard Marketplace like Amazon with BTC as payment method?? - page 2.

Latviand

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Quote from: shield132 on April 27, 2020, 11:46:43 AM

Quote from: coinstrader777 on April 27, 2020, 10:27:34 AM

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 Grin

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 Cheesy

)

Comment below...thanks i'm a newbie here Roll Eyes

There are three major marketplaces: Ebay, Amazon and Aliexpress. They have their own payment system that's their priority: Paypal for Ebay, Amazon pay for Amazon and Alipay for Aliexpress. Logically bitcoin doesn't seem to look like their friend but what if demand is huge? Real answer is that demand isn't that good to implement bitcoin or any other cryptocurrency and at the same time it's not easy decision and when you are a huge company and want big to implement something big (yeah, bitcoin is payment way and amazon has a lot of transactions daily), you have to keep things legal and fair. Government's answer on facebook's libra is something that major marketplaces have to consider if they think about cryptocurrencies. There should be other plans too, for example how to do refunds, how should it be done? How will we verify users' bitcoin adresses? How will we get rid of money laundering? And many other questions that they have to answer. In overall pros have to outweigh the cons.

Some marketplaces aren't supported by cryptocurrency depending on their locations because there are some governments that prohibits the use of cryptocurrency in many transactions. Most of the major marketplaces uses fiat currency as payment and I don't know any market that allows bitcoin to regulate in their business. There is a possibility that volume of people that uses bitcoin is also a factor on why markets are not allowing people to pay with bitcoin because not all customers have it. Hoping that governments should consider people who are using btc in their country, they should study and understand how btc works on the economy so that they know the benefits of it and start promoting mass adoption in its community.

davis196

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Quote from: coinstrader777 on April 27, 2020, 10:27:34 AM

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 Grin

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 Cheesy

)

Comment below...thanks i'm a newbie here Roll Eyes

Think of this from Amazon's perspective.Almost all their buyers use debit/credit cards.Implementing cryptocurrency payments won't boost their overall sales and probably 3-5% of all their customers will use crypto coins to buy stuff.Is it worth it to implement cryptocurrency payment gateways?I don't think so.
Plus,cryptocurrency prices are very volatile,thus Amazon will have to convert all crypto to fiat as fast as possible.Therefore adopting crypto payments is kinda pointless,from Amazon's point of view.

CryptopreneurBrainboss

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If I'm not mistaking, I think numerous projects has bought into that idea of creating a marketplace that uses just cryptocurrencies (mostly bitcoin as payment option) but the lack of patronage is what's killing this dreams and not making the project as big as that of other fiat marketplaces like Amazon and the rest. Also the lack of planning, marketing etc by the project developers also contribute to their downfall since, irrespective of how productive/good your product is, if people don't know about it, it won't get the patronage it deserve.

Responding to your questions, the volatile nature of bitcoin has little effect since the likes of stablecoin can easily solve that problem. Also I think we have to give this cryptocurrency related marketplaces sometime to gain the trust other fiat competitors have. You don't expect Amazon to just get dethroned after sacrificing years to build the trust it currently have from shoppers.

tbterryboy

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There are already lots of big marketplaces where people can buy things and make payment with Bitcoin, but the thing is that most of the people here are not interested in making use of those sites, they are only interested in Amazon accepting Bitcoin and that's why they have neglected those other platforms.

Purse.io allows people to make a purchase from Amazon and make payments with Bitcoin, but people don't talk about this site, they act like it doesn't exist. There is also Overstock.com which is a very big platform similar to Amazon and they are accepting Bitcoin as a payment option.

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Quote from: jackg on April 27, 2020, 10:33:07 AM

I don't think there's too much of an issue, I think it's just that sites want to be abl eto trust their payment source and cryptocurrency is pretty new - they like what ha salways worked for them...

I've bought things with bitcoin from places like scan.co.uk and they've been pretty good with everything. There's the additional problem with bitcoin in that returns aren't as easy to handle (imo) and transaction fees might have to be returned too a sther'es no RTS (return to sender) script in eveyr transaction that can be signed and returned to the previous owner for free too...

It would be problematic for everyone if they would do it right now like what you have said the transaction fee and of course the irreversible transaction both party would lose some money if a transaction has been cancelled out or faced any trouble.
But I would also like to see some big Marketplace like Amazon to accept or use crypto as one of their payment option.
And it could be troublesome for some buyers if they would face some scam items I used to shop online but I always choose cash on delivery so if something is wrong on my item I wouldn't pay the item and the guy who deliver it to me would ship it back to the owner.
If it was made in crypto then every time that there would be a damage to my item then I couldn't get it back since I already paid for it.

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Quote from: wxxyrqa on April 30, 2020, 04:20:56 AM

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.

I can agree with that because up until now a lot of crypto users are treating bitcoin as an investment (wherein, they can get good profit someday). And very few will be willing to buy items online paying their crypto, unless they have no other choice at that moment or it is convenient for them to use crypto on that online store. It will be easier for amazon or ali express to just integrate bitcoin once a lot of other merchants are already accepting it or they can see that a lot of users are requesting for it. But I think they will add bitcoin very soon now that they see that there's advantage of using bitcoin during pandemic situation.

wxxyrqa

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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.

Oasisman

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Obviously the lack of demand from the people is caused by the very volatile nature of Bitcoin. Nobody wants to sell an item which cost more than the price yesterday, or less than the price tomorrow. That's like bargaining everyday.
@OP take number 2 off your list, because number 1 and 3 is two of the few concerns in regard of having a community market for the Bitcoin users.

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Quote from: coinstrader777 on April 27, 2020, 10:27:34 AM

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 Grin

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 Cheesy

)

Comment below...thanks i'm a newbie here Roll Eyes

To put it simply the demand is not there, look at what the price is doing right now, we are seeing an important growth and most of those that are buying bitcoin right now are not thinking about using it to buy stuff in the future, they are only speculating with the price and as long as that is the main use of bitcoin then there are not going to be a lot of marketplaces that are going to accept bitcoin as a form of payment, obviously this will change in the future but it will get some time for us to get there.

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Quote from: coinstrader777 on April 27, 2020, 10:27:34 AM

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 Grin

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 Cheesy

)

Comment below...thanks i'm a newbie here Roll Eyes

Unlike others have stated here, there is a need or a want for a marketplace like this. One that I know of OpenBazaar being one of them. It at least used to be a marketplace you had to download instead of just a normal website you click and open.

The problem arises in there being too wide a range of items that people would want to purchase and it's hard to get vendors themselves in on place. I think a lot of vendors have either already set up their own marketplaces that accept cryptocurrency or they are a bit hesitant to join a larger marketplace not knowing if it's worth their time in a crowded place. Plus we simply need more vendors to accept crypto.

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Quote from: coinstrader777 on April 27, 2020, 10:27:34 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 Grin

Please point us towards this fact.

If there was huge demand there would be someone ready to meet it. There isn't so there isn't.

All the facts I have to hand point towards merchant adoption shrinking for several years and continuing to shrink. The peak of acceptance was probably in 2014 when huge name after huge name announced it and since then they've been quietly shutting down.

Most people who own Bitcoin don't want to spend it. People who don't own Bitcoin will never buy something to buy something.

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Quote from: coinstrader777 on April 27, 2020, 10:27:34 AM

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 Grin

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 Cheesy

)

Comment below...thanks i'm a newbie here Roll Eyes

Few problems I would like to mention here :-

1. Government is not really comfortable in letting cryptocurrencies go that deep in the market .

2. People are worried about buying and selling their stuff with Bitcoins because of its volatility , the transaction fee , inability of Bitcoins to actually go good with small Valued goods.

3. Not many people are willing to buy and sell using Bitcoins , it is used as a investment rather than a currency.

4. We already have a lot of competitive market out there with places like Amazon giving people huge discounts on major products I do not think Bitcoin market will be able to complete with it .

acdc

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Perhaps the reason that no large market has chosen bitcoin as a payment method is because the demand for bitcoin in payment is still very small. Besides, the price of bitcoin is constantly changing, making it difficult to list the prices of products.
If in the future the demand for bitcoin increases and bitcoin has a high transaction speed, perhaps we will have a large market that selects bitcoin as a payment method.

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Lots of the problems can be addressed with well built decentralized marketplaces that respect national laws, operate in efficient, safe and decentralized-crypto friendly manner. If for example a government requires that a decentralized marketplace kyc its customers according to the country's law, you could do it without exposing the customers to dangers, esp risk associated with centralized collection & holding of IDs ... the marketplace should also be transparent enough for authorities to monitor the market for unsafe/bad things that are prohibited in their countries. < These and others can be done without compromising on decentralization principles.

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Quote from: vycl87 on April 27, 2020, 01:42:32 PM

Soon my friend soon.
People just getting used to Bitcoin and cryptocurrencies. Soon we will be able to pay much more platforms with BTC.

When is this "soon"?
I've been hearing this soon from 2013, there is not a single month when we don't have a topic about amazon finally planing on thinking of devising a plan to analyze the possibility of accepting bitcoin payments and yet, we're still on soon!
At this rate, most of the people on this board won't be alive when this "soon" happens.

Quote from: kryptqnick on April 29, 2020, 11:37:27 AM

Perhaps there simply isn't enough demand for such a place

This is the real answer unfortunately, there is simply not enough demand for people to spend their coins.
The price has just jumped 10% in a day, almost everyone is like, "don't sell them hodl, hodl.."
How can a marketplace survive with this happening? Nope, it can't.
As much as I dislike saying it, we need a miracle to see something, and not on the size of Amazon but at least one that would match Overstock.

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Quote from: coinstrader777 on April 27, 2020, 10:27:34 AM

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 Grin

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 Cheesy

)

Comment below...thanks i'm a newbie here Roll Eyes

Well, there have been quite big black markets that used Bitcoin as the main payment option, but that is surely a thing for a narrow group of people, not to mention the illegal nature of it. Why isn't there something size of Amazon with BTC payment? Well, perhaps the ways of people who believe in Bitcoin and those who make such marketplaces are just too different. Volatility is kind of a problem, but a simple and obvious solution is automatic price updated based on the price of Bitcoin in USD. Perhaps there simply isn't enough demand for such a place, and this is why it's not here. Or, and this is probably true, there are difficult legal matters to solve to make it work worldwide.

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Quote from: Anonylz on April 29, 2020, 08:54:44 AM

Quote from: coinstrader777 on April 29, 2020, 08:46:06 AM

I also accept a point about legal issues...
Legalising crypto's in many countries...will bring big players to participate and when such exposure happens...i think lot's of the technological issues can be sorted out...

I think putting aside the legal issues with most countries, there is also the problem of transaction confirmation, price fluctuations and trust in transaction, though this can be minor reasons compare to the legal issues, many countries still have restrictions to use or accept btc, this can be challenging to most small and medium sellers,

Even the volatility of bitcoin alone is enough why these marketplaces is not yet accepting cryptocurrency payments. These companies won't let the decentralized network decide when they can get their revenue not on a coin whose price is dependent of demand and supply laws. Well aside from legal issues, coz there are many imposed against bitcoin, there have been a long talk on bitcoin whether if it should be on the methods or not, so far I've seen some adoption and it's great.

Quote from: Anonylz on April 29, 2020, 08:54:44 AM

Again, like you said, I think people still rely heavily on the use of fiat card payment than using btc, it is more in theory than in practice, I think haven't gotten use to using it yet, and there are not much places to use it.

Look, bitcoin will only take a second to transfer but fiat will take you less time than that, imagine you are just buying a clothe, it's easier to pull out your wallet and get a couple of bucks than opening your phone, go to e-wallet, scan the merchant's address type the amount etc.

Youghoor

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How about we shift from the thinking of existing marketplaces coming into terms of accepting bitcoin as payments and rather support smaller online stores that accepts several cryptocurrencies as a method of payment for their goods. you can check these guys out, I just placed an order to receive an Ethereum Shirt and hoping to receive it in about 14 days time.
http://cryptoclothing.co

Anonylz

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Quote from: coinstrader777 on April 29, 2020, 08:46:06 AM

I also accept a point about legal issues...
Legalising crypto's in many countries...will bring big players to participate and when such exposure happens...i think lot's of the technological issues can be sorted out...

I think putting aside the legal issues with most countries, there is also the problem of transaction confirmation, price fluctuations and trust in transaction, though this can be minor reasons compare to the legal issues, many countries still have restrictions to use or accept btc, this can be challenging to most small and medium sellers,
Again, like you said, I think people still rely heavily on the use of fiat card payment than using btc, it is more in theory than in practice, I think haven't gotten use to using it yet, and there are not much places to use it.

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There’s an altcoin marker where you can buy things using a token and I think they also accept bitcoin, you can check Mb8coin and you’ll see their platform is great just like an Amazon. Standard marketplace is yet to come, I mean there’s no such big market in cryptoworld maybe we still need time. Bitcoin is still not legal in many country, and I think creating a big market for bitcoin alone is not feasible for now.

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