Will Amazon ACCEPT CRYPTO As Payment? | Signs That IT WILL | Collapse Of Fiat In Online Retail?
The biggest hurdle that cryptocurrency faces is not just the regulations that are being clamped by governments across the world. It is the slowness in acceptance by the major retailers like Amazon and others. Once Amazon, Wal-mart, Macy's and similar shopping portals start accepting Bitcoin or even Steem the wall of the traditional fiat bastion would have crumbled.
I am sure that online retailers must be keen to include cryptocurrency as a mode of payment. For one the transaction speed of several cryptocurrencies is fast and the retailers will receive their payment immediately.
The other major reason why cryptocurrency is in the threshold of possible being accepted is that an increasing number of people are investing in coins. Any business, online or offline, would certainly be happy to get their hands on a slice of this pie.
So What's Stopping Them?
There are three major factors that are stopping retailing giants from accepting cryptocurrency. The first is the volatility exhibited by the cryptocurrencies with crazy price swings not only within weeks but even during smaller windows of time.
Then second reason has to do with the speed of Bitcoin. Since it is the largest among all cryptos, naturally a site like Amazon would like to begin with payments in Bitcoin. But transaction speeds have become a big issue with Bitcoin. Alt coins may be a distant second choice for the retailers, due to the popularity of Bitcoin, although they will need to be considered.
The third reason is one that cannot be dismissed easily. Online retailers would very much like to be on the right side if government policy. Until now there have not been any positive signs to suggest that there is going to be a government acceptance of coin payments. If anything signals from governments from several countries have been confusing. No one knows for sure which side the giveenments will swing although I suspect that it might get worse before it gets better. If governments are truly democratic they will have to bend to popular opinion and convince themselves that everything will be better and people will benefit from the use of cryptocurrencies.
Slow Transaction Rate
While the current transaction rate of Bitcoin is 7 transactions per second Amazon beats it by more than a 100 times at over 600 transactions per second.
But the reality is that only a handful of customers may pay with Bitcoin in the initial stages. However it will need to be kept in mind that during shopping seasons like Christmas the number of cryptocurrency transactions will suddenly increase.
Good Signs
The good news is that Amazon is serious about accepting crypto in the future. According to news reports a subsidiary of Amazon has already bought domains like Amazoncryptocurrency.com and Amazonethereum.com. It is only when there is an intention of creating a website around it that domains are usual purchased. Due to the nuisance of domain squatters the earlier a domain is bought the better it is. It could be some time before we see a website in those domains.
Who knows it could even mean that Amazon wants to have its own cryptocurrency or that it would like to align itself with Ethereum. Whatever it is cryptocurrency once accepted by Amazon or any of the ignorant one retailers is going to see a large scale acceptance around the world. It will replace fiat currency and credit cards as the payment of choice. The question now is not "will it be accepted", it is "when will it be accepted."
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Thank you for the information. Uv resteem
Thanks!
If big retailers like Amazon or Walmart would start to accept crypto as a payment option crypto will go to the moon. And it will definitely be the first big step towards the collapse of FIAT.
Very true!
It's just a matter of time I guess. Let's wait and see - Steem on!
I think Amazon is clearly preparing to get things in place so they can switch to accepting crypto
Hopefully sooner than later
It will be good for them, and good for us too since we can use some of our Steem savings - even if need to convert it to Bitcoin or whatever they choose to go with!
Yes indeed so much potential it they open it up
I think Amazon will accept it eventually, which means that I can spend all my money on getting vinyl records from UK. They can see me coming. :-D
Let's hope they will because it is also in their best interests while increasing customer spending.
Yes. I was going to comment that they had bought crypto domains but you mentioned that here. There are several places buying up alt domains for crypto. It really will be the future currency. Governments who don't get on board with it are just stupid.
I agree. Let us see what happens in the G20 summit to be held in March. That is the most high-level meeting as yet on Bitcoin(and other cryptos), where they are going to discuss governmental control and policy.
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