Skip to content

When will Amazon accept Bitcoin?

July 7, 2020

Amazon, the popular online trading portal, is in a real idyll. Amid the economic brutality that is quarantine for commerce in general, the giant headed by Jeff Bezos has grown inexorably. Order numbers have risen to the highest level, which has had an impressive impact on inventory levels. On Monday July 6th, his stock (AMZN) was trading over $ 3,000 for Nasdaq on a historic day.

Apart from the well-known economic success of the platform, it is advisable to ask at this time if we see Bitcoin, the world’s largest digital currency, as a payment option within the world’s largest digital department store platform.

To find an answer to this question, we first need to analyze some of the hypotheses as to why Amazon is not currently accepting Bitcoin despite the consolidation and large market that the major cryptocurrency manages.

There is no market for bitcoin

When will Amazon accept Bitcoin?When will Amazon accept Bitcoin?

Based on a certain fact, such as a statement from Amazon’s own offices, we can think of ourselves as In 2014, they said they did not accept Bitcoin because it was not required by their users and consumers.

According to this publication more than 6 years ago, it is not known whether they have tried from renowned e-commerce to evaluate the interests of their users in relation to Bitcoin. L.The reality on the Bitcoin market in mid-2020 is nowhere near that of 2014. The rating, number of companies, nodes, miners and active wallets are just one example of how the cryptocurrency has grown to exponentially higher user numbers than years ago.

Lack of clear regulation

As an American company, Amazon must comply with all parameters and regulations of the American authorities. Actually, The online retail giant has recently come under closer scrutiny because the company has violated some antimonopoly laws.

Aside from the clarifications that Bitcoin is a commodity, according to the CFTC, and some fuzzy IRS tax regulations, The regulation of the use of cryptocurrencies at the commercial level is still not entirely clear in the United States.

It is possible that without a regulation that is clear enough Amazon doesn’t start keeping Bitcoin in its accounting and operational records.

Amazon is thinking of its own cryptocurrency

After Libra took the first step towards corporate cryptocurrencies, the rest of the big techs have probably thought of doing the same. While the Libra setback at the judicial level might be anecdotal for everyone else, This probably didn’t discourage these possible plans.

The idea of ​​an Amazon cryptocurrency is actually not that far-fetched. With hundreds of millions of dollars operating within its portal, The company could benefit greatly from managing its own cryptocurrency.

In fact, the idea is no stranger to the Amazon and Silicon Valley corridors Proposals such as the Amazon coin have already been presented on the market. Despite the fact that this token is used only to a very limited extent, we can go into detail that a digital currency typical of the internet giant is not as strange an idea as it seems.

Will we ever see Bitcoin on Amazon?

To reaffirm this element would be to enter a speculative field where we would have to put forward some reasons why it would be logical to believe that Amazon would accept the main cryptocurrency as a form of payment.

It is possible that the recognized online market is considering using cryptocurrency as it expands in other markets outside of the U.S. and Europe. This is an attempt to rationalize the processes that conventional Fiat coins can present as deficient. However, this is a simple consideration that we can do about it.

The truth is that as Bitcoin grows and its “healthy money” approach extends to the corporate sector, We’ll see more cases like PayPal / Venmo, and this will surely wake Amazon’s interest in the major digital currency.

At the moment, popular e-commerce can stop assessing what the experience of portals like Bitrefill, Fold and Purse was like, companies that have presented the opportunity to buy Bitcoin on Amazon (indirectly, but which ones) the goal). If the above companies present a significant number of users / transactions with the main cryptocurrency on the market, Amazon will surely understand the channel their users are taking and open the doors to integrationBut that’s still speculation.

For the moments There is no other official information to confirm when Amazon accepts Bitcoin as a form of payment in its online market.