Currently, Amazon does not accept cryptocurrencies as payment, but this does not prevent cryptocurrency investors from using their earnings to buy things on this platform. This usually happens by converting cryptocurrencies to fiat currency before using it for purchase. Another option is to finance Amazon gift cards with cryptocurrencies.
Amazon.com, Inc. is an American multinational company that focuses on e-commerce, digital streaming, and artificial intelligence.
This great platform started as an online market for books but expanded to sell electronic products, software, video games, clothing, furniture, food, and much more. Amazon is considered one of the top five companies in the US technology industry, along with Google, Apple, Microsoft, and Facebook.
Why isn’t it possible to make purchases with cryptocurrencies yet?
Amazon has never specified why it does not accept cryptocurrencies, but these are some speculations:
- The volatility of these currencies. The price of Cryptocurrencies is known to be more volatile than the price of other government currencies accepted by Amazon, so there could be some challenges in the price of the products.
- Jeff Bezos, the founder of Amazon, is not a big fan of Bitcoin. That Bezos opposes the anonymous and unregulated nature of cryptocurrency technology is another of the circulating theories.
- A digital currency of its own. There is a possibility that Amazon will eventually launch its own digital currency. If this happens, Amazon is likely to avoid giving credibility to cryptocurrencies or opening its huge market to a competitor. In addition, Amazon has another type of virtual currency that can be used within the platform called Amazon Coins.
Services that allow the purchase on Amazon with cryptocurrencies
There are several services that give the possibility of buying Amazon gift cards with Bitcoin or exchanging Bitcoins in exchange for ordering the products for the buyer. Most of these services also provide a discount on purchases. The most popular are Fold, Moon, Purse.io, and Bitrefill.
These services work in a number of ways. For example, Purse.io connects people who want to pay with Bitcoin on Amazon with people who want to exchange their Amazon gift cards for Bitcoin.
The future of Amazon and Crypto Payments
Despite everything, there is still hope that in the near future, Amazon will start accepting cryptocurrencies directly, even if they are only Bitcoin and Ethereum, the main digital currencies currently. If this happens, the purchase process will become much easier, as well as being beneficial for both buyers and Amazon, since people who could potentially buy on this platform may be holding back from doing so due to the lack of simpler access.
Does Amazon have plans to accept Bitcoin?
There was a piece of news circulating recently, announcing the rumor that Amazon had plans to accept the cryptocurrency Bitcoin by the end of 2021, according to a report published anonymously in the London newspaper City A.M on July 26.
Apparently, an Amazon insider had announced this anonymously, along with information that Bitcoin would be the first of roughly eight cryptocurrencies Amazon would start accepting.
As the news broke, the price of Bitcoin skyrocketed overnight, creating a stir in the crypto world. The cryptocurrency grew up to 15%, reaching a value of $ 40 per unit.
Currently, it is already below $ 37, as when Amazon denied the acceptance rumors, Bitcoin fell again. But the e-commerce giant announced that it will “continue to explore cryptocurrencies.”