Topic: Why there is no Standard Marketplace like Amazon with BTC as payment method?? - page 3. (Read 612 times)
April 28, 2020, 03:06:06 AM
I must say that hardly will you see any marketplace with a single payment method. Even the amazon you mention accepts various payment options including their native payment option popularly called amazon card. Although the volatility of the crypto is a major drawback that makes us see marketplace accepting crypto but there are still many ecommerce store like neweggs that accept bitcoin
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...
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...
April 27, 2020, 05:43:44 PM
How about stabilized. I mean i really don't know i'm thinking right or wrong though but it might be one of the reason (or not 
). We all know that crypto currency or bitcoin price is very unstable. Suppose a person buy something with btc from third party e-commerce website and suddenly market crashed. So in that case isn't third party website get loss..? So isn't stabilized one of the reason for that too..?
). We all know that crypto currency or bitcoin price is very unstable. Suppose a person buy something with btc from third party e-commerce website and suddenly market crashed. So in that case isn't third party website get loss..? So isn't stabilized one of the reason for that too..? April 29, 2020, 08:10:15 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
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
Amazon currently do not accept bitcoins but one day when bitcoin will be used everywhere, Amazon will also accept it as a payment method. Also note that here are many small market places where only bitcoin is used, and no fiat option is there. The only issue is that there are still many people who do not know about bitcoins and sellers are bound to sell in fiat currencies.
April 29, 2020, 07:51:07 AM
1. is the problem in supply side? are sellers worried taking payments via BTC bcas of volatility
Yes! It is one of the major issues. Due to the high competition in the e-com market, all stores are forced to keep their profit margin lower. So it is very difficult to sustain a business with such a small profit market and huge price volatility.
Quote
2. is there a logistically inefficiency, that smaller sellers can never compete with the likes of amazon
No! We have big players available in the logistics industry to help new businesses. They are even ready to provide discounted rate if you are just starting out. So logistics is not an issue whatsoever.
Quote
3. is the transaction speed an issue for retail transactions?? major cards payments are done instantly (maybe this speed is needed for impulse purchases )
)Somewhat true! However, we have services like Bitpay, Polispay to overcome such issues. Even LN has already started functioning. So speed issues can be taken care. There is another one issue you have missed out - Crypto regulations. If we leave some countries like Japan or Germany or even US, majority of the countries don't have any regulations around crypto currencies. For majority of the countries, crypto is not even a legal form of money. That's what needs to be sorted out first if we really want to see a big marketplace in crypto market.
Re- point 1 : In that case for maintaining margins without volatility, stable coins are a better choice don't you think...or they are still at their earlier stage?
April 27, 2020, 05:32:11 PM
It turns out that bitcoin became an speculative asset once individual thought that they can be used to trade, hence we have exchange. Although Satoshi wanted it to be used as a micro-payment scheme, but becoming an asset, comes high volatility with online stores like Amazon. Although we have payment processor like BTCPay, I don't think that they are going to migrate their existing system. Although back in 2014, Amazon said that they are no demand for bitcoin, obviously that time bitcoin was still in it infancy, maybe in the next couple of years when there are absolute demand, I'm sure that Amazon will cater and make their customers happy if they introduce bitcoin as payment alternatives.
April 27, 2020, 03:03:58 PM
Marketplace like Amazon has several brands / sellers that place order through them
And for bitcoin to be accepted as a mode of payment on the platform, then most people on the platform must accept the use of bitcoin
But with time, as tbe adoption spreads throughout, it could happen.
I also believe the speed of the transaction and the bitcoin supply is not a problem at all
And for bitcoin to be accepted as a mode of payment on the platform, then most people on the platform must accept the use of bitcoin
But with time, as tbe adoption spreads throughout, it could happen.
I also believe the speed of the transaction and the bitcoin supply is not a problem at all
April 27, 2020, 01:42:32 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
Soon my friend soon.
People just getting used to Bitcoin and cryptocurrencies. Soon we will be able to pay much more platforms with BTC.
There is no issue with your said. And yes transaction speed is important and we have to see some progress about block speed.
April 27, 2020, 01:40:09 PM
There's no need for a marketplace because there's no demand for it. And why there's no demand? Because to the majority of BTC users in the cryptosphere the thought of hodling their coins for bigger gains in the long-term outweighs the need of wanting to spend their coins. It wasn't the case back in the day when coins were dirt cheap, just look at those guys spending btc to buy pizzas and whatnot. Nowadays only a small fraction of btc users spend their coins.
April 27, 2020, 01:30:06 PM
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.
April 27, 2020, 01:18:00 PM
I know...there are smaller marketplaces that people can buy/sell goods via bitcoin, but why a major marketplace is not emerging??
It's because these big companies are afraid to handle Bitcoin's volatility, for any company who will be receiving Bitcoin as a payment they are also risking themselves of losing the value of the payment seconds after they receive it and for any big company they aren't willing to risk their revenues because of it. This is also why Steam , the gaming platform, suspended Bitcoin as their payment option just when Bitcoin suddenly fell during the 2017 bull run their earnings wear hit because of it. I know the solution for this companies is to have some kind of third party where they'll be the ones receiving Bitcoin and in turn this party will be paying them fiat currency which is what they mainly want, this might be their best option right now if they want to open a big door of opportunity for them.
April 27, 2020, 01:05:27 PM
1. is the problem in supply side? are sellers worried taking payments via BTC bcas of volatility
Yes! It is one of the major issues. Due to the high competition in the e-com market, all stores are forced to keep their profit margin lower. So it is very difficult to sustain a business with such a small profit market and huge price volatility.
Quote
2. is there a logistically inefficiency, that smaller sellers can never compete with the likes of amazon
No! We have big players available in the logistics industry to help new businesses. They are even ready to provide discounted rate if you are just starting out. So logistics is not an issue whatsoever.
Quote
3. is the transaction speed an issue for retail transactions?? major cards payments are done instantly (maybe this speed is needed for impulse purchases )
)Somewhat true! However, we have services like Bitpay, Polispay to overcome such issues. Even LN has already started functioning. So speed issues can be taken care. There is another one issue you have missed out - Crypto regulations. If we leave some countries like Japan or Germany or even US, majority of the countries don't have any regulations around crypto currencies. For majority of the countries, crypto is not even a legal form of money. That's what needs to be sorted out first if we really want to see a big marketplace in crypto market.
April 27, 2020, 12:31:58 PM
I can think about two major factors which leads to not have a great marketplaces like amazon & aliecxpress using crypto: One, bitcoin price volatility, if we consider paiements to be made in btc for example, so it's not that easy to determine the exact price of a product at time of purchase. Two, it's about paying the entity responsible about shippement which most of them wouldn't accept crypto paiements for several reasons.
There a lot of other reasons like technical developpement issues of paiement gate. Community still waiting for major marketplace to integrate crypto paiements .
There a lot of other reasons like technical developpement issues of paiement gate. Community still waiting for major marketplace to integrate crypto paiements .
April 27, 2020, 12:17:57 PM
Frankly speaking bitcoin isn't ready for it. These Marketplaces already have their partners for payment methods like visa and paypal, if these payment partners will let bitcoin to enter the payment scene then their services will come off quite short that might affect their business profits. Although it is hard to believe that there will be people who will be making payments done through bitcoin, coz we all know that bitcoin is volatile and people who will be spending it might just regret it after a minute. We are all looking forward to see bitcoin in the mainstream, yet we don't think much of how things are too complicated for it.
April 27, 2020, 11:52:21 AM
mainly because nobody has done it yet. what do you think Amazon is? it didn't start from out of space, some day some visionary saw the opportunity to create a service that a lot of people needed and also saw the personal profit in it so they took that opportunity by the balls and have been making billions ever since!
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.
with all that said it doesn't mean there isn't any marketplace though. for example there is a good marketplace in this forum under Goods board. there is also decentralized options such as OpenBazaar.
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.
with all that said it doesn't mean there isn't any marketplace though. for example there is a good marketplace in this forum under Goods board. there is also decentralized options such as OpenBazaar.
April 27, 2020, 11:46:43 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
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
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. 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
April 27, 2020, 11:43:00 AM
Yes...returns are a big issue.
as "un returnable" & secure is the whole point of crypto!!! -- for this scenario this backfires
A lot of banks act as a mediator for disputes, if you take them out companies lose a bit of power they once had to not be immediately taken to court for failure to comply... Court action is a headache for everyone involved and leaves at least one party out of pocket... Not to mention, as a company, if you're taken to court you get a permenant charge against your name...
Steam also claim to have removed an option to pay with cryptocurrency due to its volatility.
April 27, 2020, 11:25:13 AM
the mass adaptation to cryptocurrencies is slowly taking its phase i think its just a matter of time. as of today most cryptocurrencies are not yet acknowledged as currency even most of digital money like venmo paypal and cashapp are limited to gen x and millennials
April 27, 2020, 11:20:31 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...
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...
Yes...returns are a big issue.
as "un returnable" & secure is the whole point of crypto!!! -- for this scenario this backfires
April 27, 2020, 11:14:54 AM
As i know there were special addon for amazon to pay there with LN. Any you can find guys who are selling gift cards for crypto
Gift cards are ok...but think about pure p2p markets where there is no centralised company...and therefore reduction in goods cost as no one is adding commission to the seller's price...
Jump to: