Does Amazon Accept Bitcoin?
In recent years, as the crypto enthusiasm heightens among traders on a global scale, more and more businesses, merchants, and retailers are taking the plunge and joining the crypto train. We’ve seen Bitcoin (BTC) listed as a payment method by various fast food chains, outlets, grocery stores, restaurants, coffee houses, shopping malls, the list goes on, in many places around the world.
However, for Bitcoin to become more mainstream, it would have to get the support from industry giants such as the world’s largest online retailer, Amazon. The expected partnership between the two has been the talk of the town for years.
And no wonder! If Amazon finally gives in and adds Bitcoin to its list of payment options, it would send the number of individuals and businesses using this coin flying! So, what are the chances for this to happen?
Not Quite Yet
We’re sorry to disappoint you but, from the looks of it, it would take a while before Amazon starts accepting payments in BTC. And it’s not just Bitcoin, either. The retailer doesn’t feel ready to support any cryptocurrency at the moment.
The lack of an official statement from Amazon’s team has brought about a lot of speculations as to why this is the case. Bitcoin has been around for more than ten years, proving that it could be both a store of value and profitable investment. Despite its numerous peaks and valleys, Bitcoin always gets back on its feet.
From Amazon’s CEO, Jeff Bezos, and his supposed reservations about cryptocurrencies and blockchain technology to some surmises that Amazon is looking to launch its own digital coin, and there has been a lot of guesswork and bets on the topic.
However, we could point at some plausible reasons why Amazon hesitates to accept Bitcoin. For one thing, the company is already partnered with established financial services like Visa, for example, who can offer better and more profitable deals to the retailer compared to developing assets like Bitcoin.
Another disadvantage is the coin’s extremely volatile nature which is why there are frequent price fluctuations. This change in value causes problems in cases when users ask for refunds or returns because a product that used to cost 5 BTC at the moment of purchase, might cost 10 BTC in just a couple of days.
But There Are Signs
In 2014, Amazon payments boss Tom Taylor acknowledged in an interview for Repose that the company was looking to invest in the payments industry. He said that they were following customer preferences closely but haven’t noticed a significant interest as far as cryptocurrencies were concerned.
“Obviously it gets a lot of press and we have considered it, but we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage Bitcoin,” claimed Taylor. Nevertheless, six years later, Amazon can no longer turn a blind eye to the growing Bitcoin popularity.
In 2017, the company was reported acquiring three domain names relating to crypto: amazoncryptocurrencies.com, amazoncryptocurrency.com, and amazonethereum.com. The following year the Amazon Web Services (AWS) started incorporating the blockchain technology to allow its users to build and manage decentralized apps (dApps) on their own.
Bitcoin Payment Alternatives
Although Amazon doesn’t offer direct support for Bitcoin (yet!), you can still find roundabout ways to convert your digital currencies into fiat ones and purchase any of the millions of products sold on the retailer’s platform.
The most popular choice is converting bitcoins on fiat to crypto exchanges like Coinbase, a reliable American-based platform. You can use Coinbase to buy BTC in the first place and later on when you want to buy something on Amazon, exchange them for USD or EUR.
Another option is to download a browser extension such as Moon that allows for Bitcoin payments by converting them to fiat currencies for you using the Lightning Network. Once activated, Moon automatically detects when you’re in checkout mode and finds a compatible payment option.
Finally, you might consider buying an Amazon gift card from sites that support Bitcoin as a payment method and then spend it on their services. This way you save some money by cutting down the fee expenses.
Disclaimer: Digital currencies and cryptocurrencies are volatile and can involve a lot of risk. Their prices and performance is very unpredictable and past performance is no guarantee of future performance. Consult a financial advisor or obtain your own advice independent of this site before relying and acting on the information provided.