‘Amazon Accepts Bitcoin’ – A Dream to Come True?
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As of November 2018, Amazon.com still does not accept Bitcoin or other cryptocurrencies as a payment method. Bitcoin is known as the world’s largest digital currency valued at over $5,500 per Bitcoin and with a market capitalization of just under $100 billion. However, Bitcoin has failed to crack into the world’s largest retailer, Amazon.
There are many debates about why Amazon hasn’t yet accepted Bitcoin as a payment method, although many agree that if it did – it will take the digital coin usage to the mainstream. There could be many reasons why Amazon hasn’t yet taken this step. They include:
- Bitcoin’s price is very volatile. Therefore it would be a challenge to price the products on Amazon’s platform.
- Uncertainty about regulations
- A big challenge to process returns and refunds due to the price fluctuations
Amazon already has big deals with major credit card companies, such as Visa and Mastercard. Thus, such payment methods are still being widely used by consumers, so it doesn’t make any sense for Amazon to favor Bitcoin over credit cards.
Let’s not forget that Amazon CEO Jeff Bezos is not a big fan of Bitcoin. In January 2016, the Washington Post, a newspaper that Jeff owns, published a critical article stating, “R.I.P., Bitcoin. It’s time to move on.”
However, in 2017 and 2018, it has been said that Amazon has begun to purchase several cryptocurrency-related domain names. The domains are amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com. Many have assumed that the large online retailer was about to take a step forward to accept bitcoin.
Although Amazon does not accept Bitcoin as a payment method, you can still make a purchase using Amazon gift cards. Therefore, you may look for platforms that offer Amazon gift cards for some Bitcoins. However, please note that this step might be expensive as you will pay a premium price to purchase the gift card. This means that a $100 gift card could potentially cost you over $125.
Do you think Amazon will consider Bitcoin as a form of payment in 2019?