Amazon and Bitcoin – What’s Next?

Amazon and Bitcoin

We have seen many people taking a new leap in crypto circles in the past few years, particularly in Bitcoin. Thanks to the meteoric rise of the coin, many people experimented a lot with the coin.

Several teenagers and college students have invested in this domain and won big in Bitcoin. Several families seemed to have mortgaged their homes. Also, many more billionaires seemed to have suggested around 10 percent of the assets all over the digital currency.

There are loads of money when it comes to playing and the people’s livelihood and saving the same on the line.

At the same time, we have seen the vehicle of investment taking place in Bitcoin. Unfortunately, many problems have come along, making things highly volatile. It has added the suffering among the people, and it has gone down by 30 percent. 

Also, some funds are hard to get when the users are hacked. Thanks to the greater anonymity, issues like scaling come into the picture. If you intend to explore the topic in detail, how about visiting a site like Crypto Trader or plan for browsing the following paragraphs: 

Amazon and Bitcoin 

Amazon is among the major online retailers across the world. It is known to have come up with around 94 B USD sales the previous year and has managed to gain half of the sales from its country only, and the rest has come across the globe. However, despite having several payment options for its users, we see Amazon allowing them the choice to pay through Bitcoin.

As a pioneer in the eCommerce sector, we have seen online retailers getting into this domain to take such decisions. Also, Amazon has adopted digital currency, and it has even adopted the idea of putting good support for the same. With the growing popularity of digital coins, Amazon is doing great work.

The Challenges 

One of the critical reasons Amazon has kept digital coins at bay is its limited transactional pace. The top digital currencies like BTC take seven transactions per second, while ETH takes double time with 15 transactions per second. We have seen a good surge of transactions taking place in the market, and it has reached around 600 transactions in a second in the last big sale of Amazon in 2021.

If you find a fraction of the traffic coming to pay with the coins, too many more consumers also stick to the transaction’s waiting hours that pass through the same. In this way, you do not get a good customer experience. The big question is, will the slow transaction fees mean Amazon will avoid digital currency? The top technology giant is in no mood to opt for the said solutions.

Both the coins – BTC and ETH are now moving ahead slowly when it comes to supporting the demands of Amazon and, at the same time to other digital currencies that remain away. The company has tested Ripple’s new coin, which gives not less than 1500 transactions per second.

Reasons why Amazon will rely on Cryptocurrency 

The company is still to announce the same as their official stand on digital coins. However, a few trends suggest Amazon is getting into the right fit, and it is required to move ahead in a bitcoin-friendly way. Last October, the company was seen buying some portals linked with digital currencies. The move is considered their step toward getting Bitcoin into their fold.

Many services are required on Amazon, like gift cards for BTC that respect Amazon offering BTC on their website, and it is offering a good slash away program from having a middleman in it. One of the core principles of Amazon is its obsession with getting more and more customers with them. With too many shoppers around, one can find too many goods globally using the coins like BTC and ETH. It could be the best way for the shoppers to enjoy something standard without bothering about the exchange rates. 

The Possibilities 

There are several ways online retailers can help get things the best, like Amazon and Bitcoin. 

  • Amazon is staying close to digital currency – To enjoy the charm of the currency investment, BTC would need to gain an excellent widespread adoption by the merchants. It also gives Amazon the option to stay away from this domain, thus proving to be a suffering thing. But if you fail to suffer things, you can find too many more online retailers in the domain.
  • Amazon can plan to adopt any rival to BTC – The said route will not hamper Bitcoin if the company takes up this plan.
  • Amazon may plan its digital coin – Amazon can plan to embark upon it with its digital coin; however, nothing is planned.

Wrapping up 

You can make out how Amazon is planning to take a plunge in the market of Bitcoin and digital currency. First, however, you need to wait for a while and see how the online retail giant Amazon and Bitcoin proceed.

Amazon and Bitcoin article and permission to publish here provided by Jean Nichols. Originally written for Supply Chain Game Changer and published on May 26, 2022.