Will some companies like Amazon really 'store' Bitcoins? - page 2.

Dread Pirate Roberts

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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.

And has been denied the claim officially that the news is not true. but the issue made the price of bitcoin yesterday touch 40k again and after confirming denied that the price has started to stabilize again and tends to fall. it is evident that news of adaptation of large companies concerned or will use bitcoin has a good impact on prices in the market. I also hope that news is right but its only hoax.

sapnu

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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)?

Unfortunately, Amazon released a statement that they are not going to regulate the use of crypto as a mode of payment for their company. Nevertheless, for sure there are still a lot from us who are hoping and who are aware that there will always be a possibility that crypto will get involved on such huge companies. It would've been a great help specially in terms of bitcoin's price if only the rumors were true. Amazon is one of the top five biggest company in the States so just imagine how much impact and influence it could give to crypto wherein other huge companies would have the courage to do the same thing till almost every company in the world uses crypto.

geegaw

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Quote from: imstillthebest on July 28, 2021, 10:28:44 AM

they maybe recieving lots of request to add btc as one of thier payment methods because in todays era btc is now popular and widelly use by many people .
they may not need the btc personally but they need to listen to the publics request because this can make their company more explosive .
i only see this as a good news but if you are worried dont worry because i heard that amazon will not continue with this plan .

The Amazon corporation's financial advisors and experts may have given the right reminders of this plan and advised the management to abandon this somewhat dangerous ambition as soon as possible, a few strategic leaders could be severely reprimanded as shareholders no longer receive stable annual returns if bitcoin is applied for storage. User opinions create more satisfaction and quality but the company leans more towards shareholders and founders, internal is more necessary than external

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Quote from: Darker45 on July 29, 2021, 08:38:55 AM

I don't agree that Bitcoin has never been a currency. It may be seldom used as a currency, but it is currently being used as a currency. That's clearly one of Bitcoin's current functions. Its volatility is a factor but it hasn't totally hindered it from functioning as such.

The scale of users of bitcoin as a currency is probably much lower than the scale of people who make bitcoin a trading and investment asset. But what is clear is that bitcoin's function still remain as a currency and will never change even though people tend to make it an investment and trading asset. Bitcoin has been used as a currency for years since 2009, I think, and now perhap the scale of its use has increased even more.

Volatility may be justified as another contributing factor to why the scale of use of bitcoin as a currency is so much lower, but it is only a supporting reason for the government's review of bitcoin. I believe the volatility may be lowered if it is adopted as a currency much more than it is now.

rahmatrf331

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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.

we should not believe the rumors circulating about that Amazon does not need BTC let alone store it. i guess who made the rumor that amazon bought bitcoin and kept it they too and who rejected their bitcoin too. of course with many issues circulating their company name will be more famous and advanced. regarding their purchase of BTC, I guess it's a company secret for the safekeeping of valuable assets for future companies or backup material in case the company runs into trouble.

Husires

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the adoption of Bitcoin will affect stocks, something that Amazon does not currently like because its star is still shining.
Bitcoin prediction will only happen through companies that believe in this idea or have a problem with keeping large amounts of cash, and not companies that consume a lot of cash daily.

Amazon will at some point be hurt to accept bitcoin indirectly driven by shipping companies.

Assface16678

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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.

Darker45

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Quote from: 2double0 on July 28, 2021, 07:58:06 AM

Quote from: Darker45 on July 27, 2021, 10:31:23 PM

<<>>

If that happens, I don't think it is going to be harmful to Bitcoin. On the contrary, it boosts Bitcoin's purpose as a currency.

Bitcoins have never been a currency which is why this debate got fired up, because of its volatile nature bitcoin cannot be considered a currency but a tradable asset which can incur profits/losses based on when bought/when sold. This will not bring any good to Amazon nor Bitcoins if they are not going to hold it but either have an inbuilt exchange feature that allows their users to pay in btc but get sent to an exchange directly to be sold and send fiat back to Amazon.

I don't agree that Bitcoin has never been a currency. It may be seldom used as a currency, but it is currently being used as a currency. That's clearly one of Bitcoin's current functions. Its volatility is a factor but it hasn't totally hindered it from functioning as such.

This is will bring good to Amazon because it attracts Bitcoin supporters. It widens its market. On the other hand, this will bring good to Bitcoin as well because it helps it become more mainstream.

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Quote from: Gyfts on July 28, 2021, 04:23:42 PM

Perhaps it's a pipe dream but any liquid cash a company holds is losing its value every day with inflation. Obviously megacorps like Amazon wouldn't be holding onto a ton of cash, they have cash equivalents that they go back and forth with between the equivalent and fiat, but I'm thinking smaller businesses might benefit from holding onto something like Bitcoin if cash becomes more unstable than it already is. Sure, BTC's volatile, but one might predict the price of BTC would be higher than it is now in the future, and that BTC certainly does not guarantee at least a 2 percent loss year over year like fiat (which is what the US fed targets inflation to be, we can assume it'll be higher for this year because of Covid).

One of the reasons Amazon pays so small tax is because they reinvest most of their profit. So they don't sit on a pile of cash that loses value by every passing day, they make use of it.
So indeed, Bitcoin may just not be the thing for Amazon yet. Of course, that can easily change in some months or years. (Again, the fact that they've reacted this fast on that rumor may mean that they do keep an active eye on Bitcoin).

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Quote from: The Sceptical Chymist on July 28, 2021, 03:19:22 PM

Quote from: NeuroticFish on July 27, 2021, 09:13:53 AM

So they may only help users pay with bitcoin if they want to, but at the end of the day they may just receive fiat.

That's exactly what they're going to do, assuming they do anything related to bitcoin at all. Amazon isn't in the business of investing in cryptocurrency, and they're not going to ever see any of the crypto they accept as payment; they'd most likely use a payment processor like BitPay or create one of their own.

Can you imagine if Amazon really did keep the bitcoin they received? They'd be taking on a massive volatility risk, and that wouldn't be very popular with their shareholders. Amazon isn't Overstock.com or MSTR or protonmail. They might start offering bitcoin as a payment option solely for those who choose to pay with it. They're not doing it because they want to own bitcoin or even hold it for a millisecond. They're only interested in fiat, believe me.

Perhaps it's a pipe dream but any liquid cash a company holds is losing its value every day with inflation. Obviously megacorps like Amazon wouldn't be holding onto a ton of cash, they have cash equivalents that they go back and forth with between the equivalent and fiat, but I'm thinking smaller businesses might benefit from holding onto something like Bitcoin if cash becomes more unstable than it already is. Sure, BTC's volatile, but one might predict the price of BTC would be higher than it is now in the future, and that BTC certainly does not guarantee at least a 2 percent loss year over year like fiat (which is what the US fed targets inflation to be, we can assume it'll be higher for this year because of Covid).

Dragonfund

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Quote from: hatshepsut93 on July 27, 2021, 01:51:40 PM

As expected, that rumor proved to be fake.

Perhaps, the whale game as usual. They will do anything to manipulate the market and I think they did this to revive the market for their dip bought. Company like Amazon wouldn't buy bitcoin and made it public, they will have done the same thing PayPal and SpaceX did when they all bought the dip but they managed to debunk the rumors.
May be in the future, they might have a change of mind, this was how PayPal rumours were going round around 2019 until 2020 when they came on board.

The Sceptical Chymist

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Quote from: NeuroticFish on July 27, 2021, 09:13:53 AM

So they may only help users pay with bitcoin if they want to, but at the end of the day they may just receive fiat.

That's exactly what they're going to do, assuming they do anything related to bitcoin at all. Amazon isn't in the business of investing in cryptocurrency, and they're not going to ever see any of the crypto they accept as payment; they'd most likely use a payment processor like BitPay or create one of their own.

Can you imagine if Amazon really did keep the bitcoin they received? They'd be taking on a massive volatility risk, and that wouldn't be very popular with their shareholders. Amazon isn't Overstock.com or MSTR or protonmail. They might start offering bitcoin as a payment option solely for those who choose to pay with it. They're not doing it because they want to own bitcoin or even hold it for a millisecond. They're only interested in fiat, believe me.

Quote from: BrewMaster on July 27, 2021, 09:50:08 AM

i think bitcoin is too volatile and too risky for these companies to invest in and store. this is why so many of them go through payment processors such as bitpay to avoid owning any bitcoin for any amount of time since they receive the fiat through the processors conversion methods.

That's exactly right. If these rumors are true, I'd be curious to know which payment processor they end up using. Bitpay is probably the most popular, but with PayPal now in the crypto space....who knows.

NeuroticFish

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Quote from: Lubang Bawah on July 28, 2021, 08:42:40 AM

Their goal is only to provide convenience to consumers so that the purchase volume increases. Maybe they are worried about bitcoin price movements which are like a roller coaster, financially of course they are more happy with small but sure profits than bitcoin investments that have a risk of loss.

It may not be only the price. It's also "politics". Amazon is infiltrated big time with USA politics and they don't want to upset their beloved politicians, since they still move all they can in America into their cloud. And by far, not for free. And they need support from politicians for that.

Quote from: shield132 on July 27, 2021, 03:51:37 PM

Amazon runs Amazon Pay at the same time that is the competitor of PayPal, Google Pay and other companies. Paypal move on another step when they accepted the crypto adoption, so, in order to be in competition and also be the valued competitor, you have to implement everything good what your opponents have already done.

But it's by far not our problem whether they keep their business running or not, isn't it?
Clearly if they don't move fast they may lose market share. Also if they do wrong moves they can also lose market share. I think that we should not worry for them.

Quote from: shield132 on July 27, 2021, 03:51:37 PM

If they just accept the bitcoin payments, then in case of refund, what will they do? Return the original amount that god knows what value will have or they'll have to return the USD equivalent in BTC. It's really hard to predict that will be their move, especially when everyone knows the taste of market manipulation that Elon Musk has done.

Since the prices are in fiat currency and since nobody wants to face Bitcoin market/price fluctuations, most probably they would issue the refund in fiat equivalent or even in fiat.

But... they don't accept Bitcoin payments yet, so...

Shenzou

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I mean seeing how popular bitcoin has become and how big companies life tesla have started accepting it, and how the cryptocurrency has become a multi billion dollar industry, it comes with no surprise that they might be considering adding it as a payment method, and if they start accepting i am sure that many more companies will follow their step and little by little we will see the industry rise even more, and we will see them starting to store bitcoin and crypto.

imstillthebest

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they maybe recieving lots of request to add btc as one of thier payment methods because in todays era btc is now popular and widelly use by many people .
they may not need the btc personally but they need to listen to the publics request because this can make their company more explosive .
i only see this as a good news but if you are worried dont worry because i heard that amazon will not continue with this plan .

Lubang Bawah

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Quote from: NeuroticFish on July 27, 2021, 09:13:53 AM

Since they may only accept bitcoin and not invest into bitcoin, the most probable answer is that they won't hold/store bitcoin.
So they may only help users pay with bitcoin if they want to, but at the end of the day they may just receive fiat.

Their goal is only to provide convenience to consumers so that the purchase volume increases. Maybe they are worried about bitcoin price movements which are like a roller coaster, financially of course they are more happy with small but sure profits than bitcoin investments that have a risk of loss.

2double0

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Quote from: Darker45 on July 27, 2021, 10:31:23 PM

<<>>

If that happens, I don't think it is going to be harmful to Bitcoin. On the contrary, it boosts Bitcoin's purpose as a currency.

Bitcoins have never been a currency which is why this debate got fired up, because of its volatile nature bitcoin cannot be considered a currency but a tradable asset which can incur profits/losses based on when bought/when sold. This will not bring any good to Amazon nor Bitcoins if they are not going to hold it but either have an inbuilt exchange feature that allows their users to pay in btc but get sent to an exchange directly to be sold and send fiat back to Amazon.

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Quote from: Renampun on July 27, 2021, 03:00:47 PM

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

...

every company must invest to secure their profit...

Bitcoin is an investment that has a very good increase in value every year. tesla, microstrategy and tech companies that have invested in Bitcoin first are already making profits. big companies certainly really have to invest in Bitcoin.

Bitcoin's condition is now very good for achieving big profits, rich people and companies are not afraid to invest in bitcoin, especially since the Nasdaq stock exchange has accepted bitcoin as a type of investment, this of course makes anyone, including companies, immediately make bitcoin an investment.

Darker45

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Does Amazon need it? I don't think so. Amazon has been doing great already. It made Jeff Bezos the richest man on earth. Everything happened without Bitcoin. Perhaps in the near future, but today there seems to be no compelling reason why Amazon would start to accept Bitcoin. But if they think Bitcoin acceptance has a significantly high demand, then they will probably offer the alternative to their clients one of these days.

If that happens, I don't think it is going to be harmful to Bitcoin. On the contrary, it boosts Bitcoin's purpose as a currency.

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If they really wanted to, then they might as well have invested in Bitcoin straight up in the first place. Yes, in the long term they would accumulate Bitcoin, but you should take into consideration what the current state of the adoption of Bitcoin is. Even if Amazon started accepting Bitcoin, it wouldn't suddenly shot the adoption to sky-high levels immediately. It would probably influence the price by a lot, depending on the community response, but adoption? Nah.

As others have said, they may just use a payment processor instead, and take all profits into fiat and most probably, invest in something less volatile. They can probably have their own fund to invest in Bitcoin or something, as I said, gained from their own funds and not through accumulation.

Topic: Will some companies like Amazon really 'store' Bitcoins? - page 2. (Read 420 times)