That is the latest rumor swirling around Wall Street and also the cryptocurrency circles.
Well I mean besides the latest Bitcoin fork, which produced Bitcoin crap, cough cough, excuse me, I mean Bitcoin gold.
Sorry about that. :)
Don't believe me, check out the price action on it:
It's down roughly 75% from where it started trading less than 2 days ago, and it hasn't even really been widely distributed yet...
Oy vey!
Anyways, back to Amazon.
Amazon is set to report earnings tomorrow after the bell. Which would be Thursday (10/26) afternoon for anyone into that sort of thing.
The point of interest isn't going to be the numbers, it's going to be the conference call, where many believe that Bitcoin might be discussed.
Especially after a German news paper added some fuel to the fire yesterday afternoon...
The paper reported that fintech sources in Silicon Valley were echoing previous hints uttered by investor James Altucher that Amazon could soon integrate Bitcoin as a form of payment on the site.
Saying:
"Even if the Oct. 26th date is not set in stone, Bitcoin introduction should probably be expected soon."
Investor James Altucher came out a month ago and said that it was likely on the table for Amazon.
James Altcher co-founded over 20 companies and has authored several books. He is a former hedge fund manager and is known to be quite accurate with his information in technology circles.
A blurb about his report can be read here:
https://icowatchlist.com/blog/amazon-begin-accepting-bitcoin-october/
Either way, we will know exactly how good his information is in just over 24 hours.
Amazon responds.
Their response is exactly what one would expect from a company in their position.
"Amazon opts to include new products or services only when these are useful for our customers - until that point, we do not engage in rough speculation."
While that may not sound like all that positive of a response, it's likely not really a negative one either.
It's likely the generic response the company has to say regardless of their position.
Amazon is being pushed by competitor Overstock.com who announced they would accept Bitcoin payments way back in 2013.
Basically, ever since that time, Amazon has faced lobbying by it's users and at some point that lobbying will likely force their hand.
Will it be tomorrow?
We shall see...
Stay informed my friends.
Sources:
https://coinmarketcap.com/currencies/bitcoin-gold/
https://icowatchlist.com/blog/amazon-begin-accepting-bitcoin-october/
Image Sources:
https://icowatchlist.com/blog/amazon-begin-accepting-bitcoin-october/
https://coinmarketcap.com/currencies/bitcoin-gold/
Follow me: @jrcornel
Amazon will most likely accept bitcoin through a 3rd party payment processor like BitPay.
I doubt they would directly accept cryptos as that would place all the security/conversion burden on them, which I doubt they would want to take on with all the hackers running around looking for the next juicy target.
Apple, Google, Facebook & Amazon are all going to adopt blockchain technology, it's only a matter of time. The potential use cases are too many and the benefits too high for them not too.
Question is: which coin will they use? They will each have a different set of requirements, so maybe they'll create their own tokens. Maybe EOS or Bitshares is best suited to handle what they need done. Maybe Stratis or Ripple. But Bitcoin? Highly unlikely. That coin is just too limited by its rigid community, defined by ideologies & principals. Block times below a second is lightyears away for them. BTC is simply not commercially attractive. Its strongest point is the massive hash power its network has. But even PoW seems extremely wasteful from a business point of view.
My .02
Why use someone else's coin when you can create your own and control it yourself! Premine and issue 'bonuses' to shoppers etc! I cant see them using an existing coin. If they do accept bitcoin it will spell the death of bitcoin gold/ cash/ 2x as the mass population will know of only one bitcoin. However, I cant see it happening.
Why use someone elses coin when you can create your own and control it yourself! Premine and issue 'bonuses' to shoppers etc! I cant see them using an existing coin. If they do accept bitcoin it will spell the death of bitcoin gold/ cash/ 2x as the mass population will know of only one bitcoin. However, I cant see it happening.
Then they can offer an exchange to buy "Amazon Coin" for your Bitcoin. They can always take a .5% profit on the exchange or something.
exactly! They would control the coin. Much like bitconnect do. Force you to exchange btc for their coin that they control and which they pay you in.
Right, and Bitconnect is awesome!
While it continues to pay!
I would like to believe that - it would be great for us who collect these btc goodies... all the best for their decision - may the 4th be with us - crypt on ;-)
The earlier they accepted Bitcoin the better for everyone, and if they accept bitcoin then it means Bitcoin is gradually turning into monster coin lol 😂,
Please could bitcoin ever hit its limit?
@jrcornel your post made me inquisitive 😳
Thank you.
That's actually one of the biggest worries - bitcoin hitting its limit. It is currently unregulated and unpredictable, which is the reason why it will be difficult for it to be globally accepted as a payment method. Some companies have already accepted it as payment but I think bigger companies will not take the risk right now. In the future, maybe, but as of the moment, I don't think so.
Thanks for that candid answer.
Re "unregulated" and "unpredictable" bitcoin, there is the beauty there. If no one regulates bitcoin, it remains out of control of a central authority which is usually inclined to abuse that authority to perpetuate itself (himself/herself/themselves) in power. I think this is the reason why many are now using bitcoin in the world marketplace.
It's would be win-win situation for both bitcoin and Amazon if Amazon allows
This rumour has been circulating for the past few years and has come to nothing. I hope you are right but Ill wait till Amazon announce before popping the champagne corks!
And here's my country declaring bitcoin as illegal currency and arresting those who involve in trading ..lol.😭
Exactly ! It's crazy to me people don't see that coming.
Exactly ! It's crazy to me people don't see that coming.
😆 and everybody is suffering with steemit problems on posting/commenting
what country is that?
Nepal😛
yes, they are very afraid they don't have any control over it.
I'll bet anybody 10 steem this doesn't happen.
It's only a matter of time...
Goverment will step in....
I wouldn't assume this will happen
By the time they are convinced to do so the Gov might of already threatened them not too.
I would say that Amazon isn't ready for Bitcoins. The sheer volatility of Bitcoin is still too much for Amazon's sheer volume of sales it processes, as such, it really wouldn't be in Amazon's best interest to do so yet in my opinion.
God Speed Brethren.
Bizleri bilğilendirdiginiz için teşekkür ederiz.
Amazon may as its competitor Overstock is ahead in the race in crypto and other technological space like augmented reality. Though Overstock is likely going with their ICO now which may provoke Amazon to initiate some steps at least. Though keeping my fingers crossed...
Nice. Hopefully there is good news tomorrow. It makes sense.
Hopefully amazon starts accepting crypto it would be a huge success for crypto.
Maybe in the future, but short term, BTC is way to volatile right now.
Amazon is better of spending their time on their normal tech right now. BTC prices changes with hundreds of dollars a day. Their's no reason Amazon would want to mess with that.
Have you hear that Overstock is is having an ICO?
The big stumbling block will be the tax situation if the IRS requires each BTC transaction on Amazon to be a taxable securities event. There will be an added cost incurred for the buyer on every purchase if they purchased their BTC at a good price.
Good point. We need that legislation to pass where anything under $600 is exempt.
Good point on the $600 legislation, the exemption would be nice. However, my fear is the provisions could get changed on capitol hill to limit the benefit.
If the price ever goes, down, I'm sure this $600 exemption might include fine print to prevent the ability to take an investment capital loss which is a tax benefit, instead this is now a "personal" loss. I am a block-chain believer and sure hope this doesn't happen (a loss), but the current classification of Bitcoin seems to be favorable if a loss every does happen.
I also get concerned if the IRS tries to find a way to exclude digital currencies from capital asset treatment altogether, depending on how we use them in consumer transactions (losing capital gain rates on the sale).
For these fears I am trying to avoid using too much of my crypto in consumer transactions at this point.
Hi Jrcornel,
today 26-10-2017 XAUUSD is upward trend and BTCUSD is also in upward trend ,that mean Gold and BTC both have upward trend vs USD ,if you focus on technical analysis. thanks
It appears you are not a fan of the newest form of Bitcoin named gold. Looking at that chart, it does appear to be more like lead...as in balloon.
As for Amazon, they will take Bitcoin. This is one way the elite will put their hands on it. They take in Bitcoin as payments while paying their employees in worthless fiat. Do this for a couple years and a great deal of the Bitcoin will be in their hands.
So I would say by Thanksgiving Amazon will be in the Bitcoin game.
Oh you caught that did you?! ;)
I am not sure about all of that other stuff but I think if there is enough demand from customers they will accommodate them.
Amazon will never take bitcoin
They just might! Something to watch for. Even more exciting is will they accept Steem in the future? 😍
As long as Amazon grows it will stick to the old school rules. If sellers on Amazon want customers with crypto they'll have other marketplaces to go to soon. If Amazon does crypto it wouldn't be BTC and it won't be until they lose marketshare to crypto-friendly markets.
I see Alibaba jumping into this scene before Amazon - they're more into import-export where a mostly stable crypto that is being used on a global scale with smart contracts like ETH would be more useful.
Good post.
If amazon accepts bitcoin, all major e-commerce websites will follow the suit. Amazon sales will rise.
Even if not today, very soon Amazon will join the bitcoin party !!! Rocket to the moon !!!
I was just thinking of making a post about this but I like yours! Fingers crossed, just bought some more bitcoin. I give it a low probability that tomorrow will be the day they start accepting it but if it is the day I wonder how bitcoin price will react! Amazon is also my biggest holding as far as stocks... I'm excited 🤣🤣🤣
Bitcoin would sell off. Amazon isn't excepting bitcoin if this is true they would instantly sell it for local currency this driving price lower
And then they also have the additional risk of losing value(If BTC were to drop).
Perhaps but this would bring large amounts of credibility and publicity to bitcoin increasing the amount of new buyers...
I'm no expert though
It would bring attention
But bitcoin is already being pumped all day everyday on CNBC
A lot of big money is already in that's why we are up 800% in last year, Amazon will never expect bitcoin. They won't risk there government subsidies just to please a few thousand customers. If they did they wouldn't expect bitcoin they would be paid in government currency and sell the bitcoin through bitpay. This won't help bitcoin long term in anyway.
Being able to use bitcoin in more practical ways won't help it long term? Again im kind of a newbie to this space so I've got a lot to learn.
Now I know this is probably a stupid sounding question but can you explain to me why the government would cut subsidies to amazon if they accepted bitcoin?
Not financial advice but sell your stocks and buy steem. Remember me when you are rich.
I love steem but i still think its future is still too unknown to do something like that. Thanks for your thoughts
👍👍👍👍👍
I'm on some of Althucher's mailing list (sales pitches) and this actually hasn't been mentioned recently. I'm thinking he publicly speculated this to create a sense of urgency to join his paid mailing list "before Oct 26" - a tactic which worked on me.
Haha interesting. You may be right. We will know more in about 25 hours or so.
Well for us as costumers it is very useful and I am sure that they will realize this with the time. When more customers mail them and ask for it, they will notice how important it is now a days.
In fact someone said that 2.3 Billion people now can use Bitcoin on Amazon.
Clear.. Nice post.
Now this is interesting. A positive move for the advancement of crypto in general. It could be the tipping point
when amazon decides its time to accept bitcoin, the whole cryptocurrency game will change 100x if not more
Hopefully there is some fire under the smoke! Do it amazon!
Fingers crossed when and if this ever happens it will be a game changer for bitcoin and the market 👌🏼
Let's hope they do. That would be a great day.
I think what we need is the Blockchain alternative for Amazon!
As we have Steemit as alternative for blogging platform and social networks - I'm sure some ICO will be made and new Amazon-killer can be born
Bitcoin is to volatile for Amazon. I think once more small business's start accepting Bitcoin then the "whales" of the business world will begin to move in. Just look at the crash earlier this year from $4000+ to $2500. Let's say that's roughtly 1/3 of it's value it lossed.
How would Amazon be able to explain to it's investor it's lost 1/3 of it's value overnight due to accepting Bitcoin? (I know it's an extreme example as most sales will be in fiat, but I would think the point is still valid)
This would be a game changer. How about eBay ?
Despite bitcoin advancing globally, accepting it as a mode of payment still has it's own risk. It may go up or down eventually and in a blink of an eye, it may be gone. Unless there's a concrete regulation on bitcoin, I doubt that it will soon be universally accepted worldwide in the near future. It will soon, but not right now.
Amazon has shown, over the years, to love and embrace change. I hope the rumors are true ☺️
You can simply buy anything by using a credit card based on Bitcoin and/or any other cryptocurrencies. The huge and only advantage brought up by such system is the awesome profit brought up by storing value in cryptocurrencies but for sure at least not the transaction time and cost.
If amazon accept Bitcoin as a payment system it would make a huge noise in the mainstream media and cause Bitcoin to take an incredible value, so it would really be very nice for investors even if as both a Bitcoin and Amazon user, I really don't see the advantages brought up by paying with Bitcoin on Amazon.
Acquiring a credit card based on cryptocurrencies make you win it all ;)
You can simply buy anything by using a credit card based on Bitcoin and/or any other cryptocurrencies. The huge and only advantage brought up by such system is the awesome profit brought up by storing value in cryptocurrencies but for sure at least not the transaction time and cost.
If amazon accept Bitcoin as a payment system it would make a huge noise in the mainstream media and cause Bitcoin to take an incredible value, so it would really be very nice for investors. But I don't see any advantages brought up by being able to pay with Bitcoin for both the users and the platform.
Acquiring a credit card based on cryptocurrencies is the best option.
very complete information! keep it up! bitcoin for over!
I wouldn't be surprised at all. I think sooner or later all the companies will adapt to bitcoin I just didn't think it would happen so soon. It sounds exciting and very interesting. Thanks for sharing.
hehe bitcoin gold has so much bad press/
It's only a matter of time. The name of the game is adaptation. They either adapt or fizzle away. Cryptocrrency is here to stay.
It's only a matter of time. The name of the game is adaptation. They either adapt or fizzle away. Cryptocrrency is here to stay.
It's great that it's going mainstream! Nice post!
Good post and good for mass adoption. It would be perfect if Amazon really would start to accept bitcoin or bitcoin cash, DASH or even Monero.
Good post and good for mass adoption. It would be perfect if Amazon really would start to accept bitcoin or bitcoin cash, DASH or even Monero.
Good post and good for mass adoption. It would be perfect if Amazon really would start to accept bitcoin or bitcoin cash, DASH or even Monero.
We could paraphrase Amazon's statement as follows:
" ... only when these are beneficial to our bottom line."
So, it's not an issue of "if" Amazon will start accepting bitcoin, but a question of "when."
Of course, Amazon will take into account the "ease of use for consumers." Already nowadays, using bitcoin / cryptos is becoming commonplace, so it would not be a surprise if Amazon started accepting it soon.