Another anonymous source assures that Amazon will soon begin accepting bitcoin for payment and is already discussing the economic and technical aspects of this issue.
Will Amazon join in the cryptocurrency rush? Will it start accepting payments in bitcoin? These questions have long excited the public and constantly emerging rumors fuel interest in this topic.
With the company registering the domains amazonethereum.com, amazoncryptocurrency.com and amazoncryptocurrencies.com last year, rumors spread everywhere. And the registration of another domain called “amazonbitcoin.com” so aggravated the expectations of the crypto public that the vice president of Amazon Pay, Patrick Gauthier, was forced to officially deny these rumors and clarify that since the demand for bitcoin is low, Amazon does not plan to accept this cryptocurrency.
New rumors stirred up the online news resource r/cryptocurrency. An insider allegedly working for Amazon claims that the company is actively preparing to accept payments in bitcoin. According to him, the company is now discussing the high volatility of the cryptocurrency and the possible consequences for the company’s profit from such a step.
Despite the fact that the Internet giant has never given official comments on the use of bitcoin as a means of payment, its interest in blockchain technologies is obvious. In March, Amazon announced the use of the XRP blockchain for its logistics system. In April, Amazon received a patent for the use of BTC, which allows users to track data on cryptocurrency transactions in real time. Such a targeted movement towards the crypto market may indicate the company’s intentions to accept bitcoin.
Most likely, the question here is not “will”, but “when will” Amazon accept payments in bitcoin. If Amazon accepted bitcoin as a payment method, it would add value to the digital currency.
However, today, the scalability of the bitcoin network does not meet the needs of the company. According to Amazon, last year the maximum number of transactions on their site was 600 transactions per second. Even if a small portion of Amazon customers paid with bitcoin or ethereum (and no other bitcoin transactions occurred in the world at that time), this situation would quickly lead to unreasonable wait times...
Apparently, this is why Amazon’s blockchain projects are aimed at improving existing technologies and solving scalability problems.
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