NewsQuick Read

Amazon Will Start Accepting Bitcoin

By November 6, 2017 No Comments

The rumours that Amazon will start accepting Bitcoin have been circulating for months, if not years.

The famous retailer has stated many times that Bitcoin and cryptocurrency are not areas they are looking into due to the low demand.

However, with the recent popularity and price of Bitcoin, Amazon could have changed mind.

Multiple sources, such as SkyNews and CoinTelegraph, have reported that Amazon bought cryptocurrency related domains and will be looking into accepting the new form of payment.

The Truth Behind Amazon and Bitcoin

Amazon was expected to announce its Bitcoin news at its annual conference in October. However, no news regarding accepting Bitcoin has seen the daylight.

The e-commerce conglomerate has allegedly registered three domains related to cryptocurrency: amazonethereum.com, amazoncryptocurrency.com and amazoncrytpocurrencies.com.

But, a few years ago, Amazon has already registered a domain amazonbitcoin.com and has never done anything with it since.

Amazon has not released a statement behind purchasing these domains, but it could be just a security measure for nobody else to get their hands on it.

On the other hand, the US has strong laws against the so-called ‘domain-squatting’ – registering a domain with the intention of benefiting from someone else’s trademark.

While it’s possible Amazon is considering Bitcoin as a method of payment, it’s highly unlikely to happen shortly.

Amazon and Bitcoin Myth Debunked

As one of the world’s most famous retailers, Amazon has been expected to start accepting Bitcoin for a long time. If they did, it would be one of the most significant steps in Bitcoin history as it would be the beginning of Bitcoin’s mainstream acceptance.

If Amazon were going to accept Bitcoin, it would give the well-known cryptocurrency an extreme credibility boost

However, Amazon has never made any public statements, and frankly, it is unlikely to start accepting Bitcoin anytime soon.

Amazon accounts for almost 50% online retail space in America, and accepting Bitcoin will not likely bring a noticeable increase in sales. Further, Amazon’s valuation is nearly four times the size of cryptocurrency market.

Interestingly, combining the market cap of all cryptocurrencies, including fluctuating Bitcoin, cryptocurrency market falls behind Amazon’s founder Jeff Bezos by $15 billion. This proves that Amazon does not really have that much to gain by accepting Bitcoin.

So if you thought that that Amazon would start accepting Bitcoin, then you should prepare yourself for a disappointment. At least, in the near future.

For the time being, the rumours will keep on circulating and will bring extra press attention to Amazon and encourage investors to Bitcoin.

And if you are wondering how to make purchases with Bitcoin on Amazon, make sure to check our previou article on Amazon and Bitcoin.

YOU MIGHT ALSO LIKE

KeepKey Hardware Wallet Review

| Platform Reviews, Wallets | No Comments

Cryptocurrency mania is well and truly underway – wherever you look, whatever you watch, and…

Donald Trump and Bitcoin

Donald Trump and Bitcoin

| Bitcoin, News, Quick Read | No Comments

Donald Trump and Bitcoin seems to be a mystery to everyone. The White House is…

TREZOR Review The Most Reputable Hardware Wallet

TREZOR Review: The Most Reputable Hardware Wallet

| Platform Reviews, Wallets | No Comments

As the popularity and the value of cryptocurrencies soars to unprecedented levels, more and more…


Megan Frydel

Author Megan Frydel

Megan is a self-thought blockchain enthusiast. She enjoys combining finance with technology, from a less-techy perspective. BiteMyCoin is her most recent project underneath the umbrella of an international digital marketing agency ANCHOVY.

More posts by Megan Frydel

Leave a Reply

THE ULTIMATE GUIDE TO SUCCESSFULLY INVEST IN ALTCOINS & ICOs

Download this free eBook and learn:
1. How Cryptocurrency was invented
2. How to identify a legitiment ICO
3. What is the lifecyle of a crypto coin
GET YOUR FREE E-BOOK
close-link
NEW TO CYRPTOCURRENCY
Find out where to begin with our beginners guide.
SEE OUR BEGINNERS GUIDE