Will some companies like Amazon really 'store' Bitcoins?

geegaw

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Quote from: Charot12345 on August 19, 2021, 08:28:13 AM

Quote from: 2double0 on July 27, 2021, 09:02:16 AM

I came through a post here
https://bitcointalksearch.org/topic/m.57557132

And it says that will Amazon adopt btc or not till specified date there.

A question struck my head.
Do such companies need it?
I am not against Amazon or any other big tech names, but as we understand it, Tesla and others have came in crypto to make profits by holding it. But companies like PayPal and Amazon settle millions of dollars on a daily basis sent to their vendors who sell products there successfully. If taken into consideration, then these companies accepting btc will be offering it to users just for their convenience but can't store btc for a long period of time, which means that much btc will be coming back to either exchanges or sold through OTC on a daily basis to settle their deals with vendors quick. Is such an adoption going to harm the overall value of bitcoins if sales will take place through big companies (not Tesla and all who are here for profit)?

Well business is business. If they can make profit from it then they will adopt it. And if they decided to adopt it, it is posible that they will not hold it and will just for daily basis because its' volatility is a high risk for them and they might still prioritized fiat because most of thier client prefer fiat right now. But just in case they will really do it, they already have a reserved plans about the fluctuations or have plans to solve some risk brought by its volatility.

Nowadays, those who waste bitcoin are considered unwise, it implies that arbitrariness in the exchange of bitcoin is discouraged for basic needs, from this root cause, users and Amazon also relieve quite a lot of stress as well as a few throttling issues because as you say, Amazon doesn't volunteer to acquire bitcoin because of volatility, users also do not volunteer for spending, except for the emergency capacity. The possibility circle of the two sides is so small, there is no high risk for this consensus

Charot12345

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Quote from: 2double0 on July 27, 2021, 09:02:16 AM

I came through a post here
https://bitcointalksearch.org/topic/m.57557132

And it says that will Amazon adopt btc or not till specified date there.

A question struck my head.
Do such companies need it?
I am not against Amazon or any other big tech names, but as we understand it, Tesla and others have came in crypto to make profits by holding it. But companies like PayPal and Amazon settle millions of dollars on a daily basis sent to their vendors who sell products there successfully. If taken into consideration, then these companies accepting btc will be offering it to users just for their convenience but can't store btc for a long period of time, which means that much btc will be coming back to either exchanges or sold through OTC on a daily basis to settle their deals with vendors quick. Is such an adoption going to harm the overall value of bitcoins if sales will take place through big companies (not Tesla and all who are here for profit)?

Well business is business. If they can make profit from it then they will adopt it. And if they decided to adopt it, it is posible that they will not hold it and will just for daily basis because its' volatility is a high risk for them and they might still prioritized fiat because most of thier client prefer fiat right now. But just in case they will really do it, they already have a reserved plans about the fluctuations or have plans to solve some risk brought by its volatility.

Silberman

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Do these companies need to store Bitcoin? The answer is no of course. They don't store Bitcoin for the reason that they need it. They store it because they want to make a lot of profit in Bitcoin. For example, Tesla bought $1.5b worth Bitcoin for this reason. But I assume that they couldn't make the profit they aimed. And they started selling some amount of their investment.

Maybe Amazon will state that they have bought Bitcoin also. But their main goal will be the same with Tesla too.

And personally I do not really see anything wrong with that, bitcoin is an asset that can be traded freely and if there are institutional investors out there that want to buy bitcoin and eventually sell it again just to obtain some profits along the way they are within their rights to do so, so such thing will not bother me, what would bother me is if institutional investors could eventually try to manipulate this market to their convenience, something that most likely is happening already.

conected

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Quote from: Kong Hey Pakboy on August 04, 2021, 03:01:31 AM

Amazon won't store bitcoins, they've already made the statement that the rumor isn't true. Although, I think that there's a possibility that other companies are going to store bitcoin, it's not like it's a novel idea, MicroStrategy and Tesla has done it and some other companies too.

Amazon is the biggest e-commerce and I think it will be a threat if you accept bitcoin, because what is happening now is that bitcoin is still being rejected in many countries, if accepting bitcoin it threatens Amazon's business, they take their comfort zone.

- Disapprovals in countries that are not related to Amazon's business, even if they accept, their business will still be stable, there will even be an unexpected source of investment when payment interfaces are considered based on a contract with that country, if that country has an opinion on bitcoin, Amazon will definitely not add the amendment and vice versa. In the eyes of Amazon, bitcoin is just a product, whether they license it also depends only on sales as well as how low or high customers rate it

mu_enrico

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Forget about these public companies since they are bound with SEC law hence won't do anything speculative. If not because of Elon Musk's antics, Tesla won't touch BTC as well. Anyway, Amazon rejects this speculation already. I don't see they need to use crypto as well at the moment since people use VISA.

Also, I think it's more beneficial if ordinary people own BTC, not whales who can pump and dump price. This technology is not for the rich to play around.

electronicash

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shopify was posted on news sites which it will be accepting BTC. i'm not an amazon user but i'm almost sure they don't have much difference. so maybe or maybe not. but since bezos is friend of some bitcoin investors, he might be investing in BTC too.

every billionaire these days are looking to find ways so their money won't be confiscated by government especially because they are known to be philantropist and also not paying taxes.

ChiBitCTy

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Quote from: 2double0 on July 27, 2021, 09:02:16 AM

I came through a post here
https://bitcointalksearch.org/topic/m.57557132

And it says that will Amazon adopt btc or not till specified date there.

A question struck my head.
Do such companies need it?
I am not against Amazon or any other big tech names, but as we understand it, Tesla and others have came in crypto to make profits by holding it. But companies like PayPal and Amazon settle millions of dollars on a daily basis sent to their vendors who sell products there successfully. If taken into consideration, then these companies accepting btc will be offering it to users just for their convenience but can't store btc for a long period of time, which means that much btc will be coming back to either exchanges or sold through OTC on a daily basis to settle their deals with vendors quick. Is such an adoption going to harm the overall value of bitcoins if sales will take place through big companies (not Tesla and all who are here for profit)?

This is a pretty interesting topic and one I've not seen brought up before so glad that you did. I think it really depends on the company itself. My personal feelings are that Amazon, if there were to eventually start excepting bitcoin and or other cryptocurrencies, would likely keep some and sell some. Amazon is always looking for ways to make more money and expand it's assets, so like Tesla, I could easily see them doing a mix of selling and storing.

Pokapoka124

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MicroStrategy and Tesla are very vocal about their interest in bitcoin. I believe other institutions are stacking bitcoins secretly and do not want it to be in the open. Companies are evolving to incorporate crypto as one of their store value or safety net. I recently watched a video of Michael Saylor saying he borrowed millions of dollars from the bank to buy bitcoin although the bank didn't know what the money was for. So yeah I think more companies are stacking bitcoins under the curtains

Obito

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Quote from: Kasabus on August 06, 2021, 08:44:30 AM

If they will adopt, they don't need to invest, the purpose of adoption is for the payment system, and they should treat it as a currency than investment. However, they should not only be limited to currency, they can also invest if they believe that their adoption will result in the increase of the value of bitcoin in the long run.

Your first condition about adopting bitcoin is contrary to your second claim in which they shouldn't be limited to just treating it as a currency. I think that what should happen is that it should be a combination of both because there's profit in bitcoin no matter which one you choose but having both is going to help you get more profit since you covered all the bases.

Kasabus

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If they will adopt, they don't need to invest, the purpose of adoption is for the payment system, and they should treat it as a currency than investment. However, they should not only be limited to currency, they can also invest if they believe that their adoption will result in the increase of the value of bitcoin in the long run.

AicecreaME

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Quote from: 2double0 on July 27, 2021, 09:02:16 AM

I came through a post here
https://bitcointalksearch.org/topic/m.57557132

And it says that will Amazon adopt btc or not till specified date there.

A question struck my head.
Do such companies need it?
I am not against Amazon or any other big tech names, but as we understand it, Tesla and others have came in crypto to make profits by holding it. But companies like PayPal and Amazon settle millions of dollars on a daily basis sent to their vendors who sell products there successfully. If taken into consideration, then these companies accepting btc will be offering it to users just for their convenience but can't store btc for a long period of time, which means that much btc will be coming back to either exchanges or sold through OTC on a daily basis to settle their deals with vendors quick. Is such an adoption going to harm the overall value of bitcoins if sales will take place through big companies (not Tesla and all who are here for profit)?

I don't think big companies will risk a big amount of their funds with bitcoin knowing that it is a speculative asset. Amazon surely has thought of the pros and cons of accepting bitcoin as a mode of payment. They know that bitcoin is volatile and certainly, they won't allow losses because of the volatility rate. Maybe they already thought of some way to avoid the big risk and pass it onto the consumers/buyers.

I think the effect it will have on bitcoin will be on the positive side because it will generate more investors in the making. Maybe bitcoin's price will also go up because of the demand. I just really hope there is no hidden agenda that could damage btc in the long run.

CryptocurencyKing

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There has been no better weather to actually earn bitcoins down actually hodling. It seems risk free but its not, it still carries some amount of risk. Anyway, hodling often seems like the best best to go for Companies. Trading would have helped a lot too but, of what use it is when you've got the time and the huge investment capital advantage. You very much good to go and I believe even Amazon would see this too. You allow Elon Musk to tweet of it and just like that, you've gotten either a pump or dump and which ever it is, it comes with its own opportunity either a sell or a buy respectively. So, I have no doubt in my mind, that should Amazon ever come to incorporate or purchase bitcoin, theybwould be amongst the hodlers.

Princejebs

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Quote from: Assface16678 on July 29, 2021, 09:28:14 AM

They've slammed the rumor already so I don't think that they are going to store bitcoins. But if they do, I think that they can probably do it anyways, bitcoin storage doesn't require that much sophistication so I am sure that there's a possibility that in the future that they will consider storing or even making the system part of their platform.

Everything about bitcoin is changing and the holders characteristics is changing. I'm very bullish about their hold in future, its of course certain because this company are here because of the profit they can get.
Who knows if Bezoz may also have interest in holding bitcoin as well as no one every expected Elon musk to come on board even when cz was always tag and called him on Twitter.

Bitstar_coin

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Even though Amazon has come out to openly deny the statement of them accepting btc, i feel they are given it thought but are not prepared to let the public in just yet about their plan, this is how many rumors about PayPal accepting btc spread until they finally publicly accept btc, every day things keep changing, technology keeps evolving, new ways to do things keep coming up and Amazon can not stay away for too long.

Kong Hey Pakboy

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Amazon won't store bitcoins, they've already made the statement that the rumor isn't true. Although, I think that there's a possibility that other companies are going to store bitcoin, it's not like it's a novel idea, MicroStrategy and Tesla has done it and some other companies too.

Wawa2013

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Quote from: lalabotax on August 03, 2021, 06:31:52 PM

Based on the hottest issue a few days ago, Amazon still has not received Bitcoin as a payment tool.
And to buy Bitcoin there also it can't, or maybe a kind of cryptocurrency gift is there.
Actually, if a big company like this accepts or supports Bitcoin and other cryptocurrencies, this will be very good news and will affect the increase in Bitcoin prices. But unfortunately it hasn't happened yet.

The fact is that until now Amazon has not accepted crypto as payment, but that does not mean in the future Amazon will not change its mind.
I believe Amazon is currently in the process of learning cryptocurrencies, they need a lot of consideration to accept crypto. In the end they will
accept crypto too, after knowing the demand for crypto is getting bigger. We all need to be patient waiting for Amazon to accept crypto, let them
monitor crypto developments first. Because Amazon is a big company, so accepting Crypto as payment can't be rushed, they have to do
a lot of considerations. But if Amazon finally decides to adopt crypto, this is something that could make the price of Bitcoin go up drastically.
Because it can make many people more optimistic about the future of Bitcoin, and it can make other large companies become interested in
adopting Bitcoin as well.

lalabotax

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Based on the hottest issue a few days ago, Amazon still has not received Bitcoin as a payment tool.
And to buy Bitcoin there also it can't, or maybe a kind of cryptocurrency gift is there.
Actually, if a big company like this accepts or supports Bitcoin and other cryptocurrencies, this will be very good news and will affect the increase in Bitcoin prices. But unfortunately it hasn't happened yet.

Silberman

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Quote from: Rruchi man on July 30, 2021, 09:48:37 PM

It is said that in every rumour there's always an atom of truth. I predict that Amazon will both store and accept payments in cryptocurrencies or they might just create their tokens based off the blockchain technology. One can never tell what their R&D department is up to. Even though they have come out to deny the possible use of the cryptocurrency, I don't trust them.

A growing number of companies are already accepting virtual currencies for payment. Tesla will soon restart accepting Bitcoin as payment. Facebook already has its own cryptocurrency. What do you think would happen next? I betcha, Amazon is most likely to be next.

There were some grounds for the rumor, it seems that Amazon is interested in cryptocurrencies and they are starting to make moves on that regard, now people jumped to the conclusion that they will begin to accept payments in bitcoin but it is undeniable that there is an interest there, but what will they do? This is difficult to know because I doubt that they are going to try to create their own cryptocurrency when we know what happened to Facebook when they tried to do the same.

Rruchi man

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It is said that in every rumour there's always an atom of truth. I predict that Amazon will both store and accept payments in cryptocurrencies or they might just create their tokens based off the blockchain technology. One can never tell what their R&D department is up to. Even though they have come out to deny the possible use of the cryptocurrency, I don't trust them.

A growing number of companies are already accepting virtual currencies for payment. Tesla will soon restart accepting Bitcoin as payment. Facebook already has its own cryptocurrency. What do you think would happen next? I betcha, Amazon is most likely to be next.

Silberman

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Quote from: 2double0 on July 27, 2021, 09:02:16 AM

I came through a post here
https://bitcointalksearch.org/topic/m.57557132

And it says that will Amazon adopt btc or not till specified date there.

A question struck my head.
Do such companies need it?
I am not against Amazon or any other big tech names, but as we understand it, Tesla and others have came in crypto to make profits by holding it. But companies like PayPal and Amazon settle millions of dollars on a daily basis sent to their vendors who sell products there successfully. If taken into consideration, then these companies accepting btc will be offering it to users just for their convenience but can't store btc for a long period of time, which means that much btc will be coming back to either exchanges or sold through OTC on a daily basis to settle their deals with vendors quick. Is such an adoption going to harm the overall value of bitcoins if sales will take place through big companies (not Tesla and all who are here for profit)?

Companies are created for one single purpose which is to make money, do we beleive that bitcoin is going to be profitable during the next decades? If the answer is yes then many companies are going to adopt bitcoin to try to obtain profits that way, I do not think it is worth to consider if this is going to be beneficial to bitcoin or not as this is inevitable, anyone can buy bitcoin as long as they have fiat money available and if those companies want to buy it then there is no way to stop them.

Topic: Will some companies like Amazon really 'store' Bitcoins? (Read 432 times)