Image: Amazon

Bitcoin has pumped nicely over the last few days, and there could be one obvious reason for that. As spotted by Business Insider, Amazon recently published a new job listing for a Payments Acceptance & Experience team leader who can help develop a “Digital Currency and Blockchain strategy and product roadmap” for the company, indicating that the world’s biggest online retailer was hatching a plan to accept digital currency as a payment method. A spokesperson with Amazon later confirmed that the company was keen on the idea and would eventually accept cryptocurrency, opening up the possibility of customers being able to purchase goods with popular tokens such as BTC and ETH.

Image: Karolina Grabowska

“We’re inspired by the innovation happening in the cryptocurrency space and are exploring what this could look like on Amazon,” the spokesperson said. “We believe the future will be built on new technologies that enable modern, fast, and inexpensive payments, and hope to bring that future to Amazon customers as soon as possible.”

Source: Amazon (via Business Insider)

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21 Comments

  1. We all know that this is just Amazon establishing their own Cryptocurrency, offloading the ‘processing for profit’ to end users who’s profit can only be spent on [URL=’http://Amazon.com’]Amazon.com[/URL]… right?

    I’m not the only one who read that into this right?

  2. Corporations will eventually run America, and their currency of choice will be Crypto.
    Only to be spent in approved outlets of course.

    The American dream, re-imagined
    [URL unfurl=”true”]https://katu.com/sponsored/sell-gold/how-scrip-coins-enslaved-generations-of-workers[/URL]

  3. Doesn’t corporate America already have a version of their own currency with Gift Cards?

  4. [QUOTE=”Auer, post: 38362, member: 225″]
    Corporations will eventually run America, and their currency of choice will be Crypto.
    Only to be spent in approved outlets of course.

    The American dream, re-imagined
    [URL unfurl=”true”]https://katu.com/sponsored/sell-gold/how-scrip-coins-enslaved-generations-of-workers[/URL]
    [/QUOTE]
    Eventually? That shipped has sailed.

  5. Funny as heck was when tesla invested a billion in Bitcoin and then wouldn’t accept it as payment. Just wow.
    Bitcoin dropped and they be pumping it back thats all.

  6. Amazon has backpedaled on this somewhat:

    [URL unfurl=”true”]https://www.reuters.com/business/retail-consumer/amazon-denies-report-accepting-bitcoin-payment-2021-07-26/[/URL]

    I don’t see how Amazon could – the price is too volatile, unless they

    a) have a very tight integration with an exchange and can do real-time exchange rate work, which with bitcoin transaction speeds I don’t know that they could accept anything coming close to high volume

    or

    b) just open it up to third party resellers as a payment option and let them accept all the risk, just taking their usual cut on the transaction. That means Amazon would have to do some work on their backend payment to be able to segregate.

    or

    c) see it at an investment credit, similar to Tesla. They accept as payment but don’t liquidate immediately, keeping it in BTC and hoping it appreciates

    I know amazon can handle exchange rates and such, as they have different nationality-stores.. but I don’t think it’s real-time, and the marketplaces other than US currency, from what I hear, are often at a pretty big disadvantage and not very price competitive versus native options. But I guess if your creating your money out of thin air, it doesn’t matter if it’s at a disadvantage?

  7. How could this possibly work? Crypto is so volatile, are they going to dynamically change the price of items to match whatever Amz feels it is worth that minute?

  8. [QUOTE=”Burticus, post: 38421, member: 297″]
    How could this possibly work? Crypto is so volatile, are they going to dynamically change the price of items to match whatever Amz feels it is worth that minute?
    [/QUOTE]
    Probably different prices between crypto and cash. Could even be a different marketplace.

  9. Imagine generating a taxable event every time you bought something on Amazon because the crypto you used for your purchase had gone up in value from your basis.

  10. [QUOTE=”Nanobot, post: 38459, member: 73″]
    Imagine generating a taxable event every time you bought something on Amazon because the crypto you used for your purchase had gone up in value from your basis.
    [/QUOTE]

    I wonder if it would be a tax loophole if Amazon crypto could only be used for amazon sold product.

  11. If they make their own crypto and can control the fluctuations somewhat it may work, but how it is currently no chance in hell.

  12. [QUOTE=”Grimlakin, post: 38474, member: 215″]
    They can control the value by utilizing un consumed cpu cycles in their cloud service.
    [/QUOTE]
    Nah, would cost way to much in energy. They certainly have the infrastructure to do so if they wanted to, but their energy costs would go through the roof taking all their data center loads up to full utilization.

    Most of the value in crypto doesn’t come from mining it. It comes from speculative investment.

  13. [QUOTE=”Grimlakin, post: 38460, member: 215″]
    I wonder if it would be a tax loophole if Amazon crypto could only be used for amazon sold product.
    [/QUOTE]
    If it goes up in value then it’s taxable. If they were able to stabilize the value then there would be no incentive to use it over cash or gift cards.

  14. [QUOTE=”Nanobot, post: 38535, member: 73″]
    If it goes up in value then it’s taxable. If they were able to stabilize the value then there would be no incentive to use it over cash or gift cards.
    [/QUOTE]
    Actually if they can offload the transactions to users in exchange for Amazon coins wouldn’t that be a cost savings to them. Instead of paying credit card companies a % they pay end users a fraction of that % to be their ach.

  15. [QUOTE=”Grimlakin, post: 38546, member: 215″]
    Actually if they can offload the transactions to users in exchange for Amazon coins wouldn’t that be a cost savings to them. Instead of paying credit card companies a % they pay end users a fraction of that % to be their ach.
    [/QUOTE]
    So in effect have an Amazon DeFi segment and issue their own coin, is that what you’re saying?

  16. [QUOTE=”Nanobot, post: 38617, member: 73″]
    So in effect have an Amazon DeFi segment and issue their own coin, is that what you’re saying?
    [/QUOTE]
    Pretty much.

  17. [QUOTE=”Grimlakin, post: 38628, member: 215″]
    Pretty much.
    [/QUOTE]
    Ok. Explain how they issue coin to people without those people having to spend dollars to acquire it.

  18. They ain’t doing squat. Billionaires are pumping crypto just so other billionaires get out while the masses get excited and get into crypto and are left holding the bag. The problem is the “money power” of the masses is vastly overstated.

  19. They ain’t doing squat. Billionaires are pumping crypto just so other billionaires get out while the masses get excited and get into crypto and are left holding the bag. The problem is the “money power” of the masses is vastly overstated. All Amazon is doing saying things like they mean it, posting a job as proof they mean it and whrn no one is looking cancelling everything saying iy wasn’t feasible.

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