Amazon is planning to accept Bitcoin

Amazon: Paying with Bitcoin - is that possible?

In October 2017, the first rumors surfaced that Amazon could accept Bitcoin as a means of payment. We've researched what the allegations are and how that might affect future payment for your orders.

As an Amazon customer you know: The online retailer mainly accepts direct debit and credit cards for payment. Also can Amazon vouchers can be bought online or at supermarket checkouts and used for payment. Otherwise, the trading house does not even support the widespread PayPal standard. But now there are reports that Amazon can accept Bitcoin or Ethereum to pay for the goods. What speaks for or against?

What speaks against an Amazon payment with Bitcoin?

There are logical reasons why Amazon has so far not allowed Bitcoin to be used for payments. There are the same reasons for which many other traders do not accept Bitcoin and for which the Bundesbank recently announced: "Bitcoin is not a currency". Bitcoin is primarily used by many for speculation and anyone who has followed the courses for a long time is surprised to see how quickly they race up and down. This makes it difficult for retailers to reasonably calculate the prices of the goods. You can't offer a $ 1000 TV at a Bitcoin rate that can cut in half or double over the course of the day.

There were initially two approaches to paying at Amazon with Bitcoin: On the one hand, Bitcoin could be integrated into the shop interface as a means of payment, but only to be accepted by third-party providers. In this way, Amazon would avoid the Bitcoin risk and leave it with the affiliated retailers. However, there is still the question in which “currency” Amazon would bill the fees.

On the other hand, Amazon could even allow Bitcoin or Ethereum for payment and accordingly orient the prices of the goods in real time based on the current value. But even then, the risk remains considerable, because price jumps sometimes take place here within a few moments. Nor can one assume that a “mixed calculation” of price losses and gains is worthwhile.

Apart from that, prices that change within seconds are incomprehensible to customers. The reputation of Amazon as a source for cheap purchases is no longer comparable with such price jumps.

The video explains how you can already pay for goods in Bitcoin - even at Amazon:

What's wrong with the Amazon Bitcoin rumor?

Amazon and Bitcoin are sure not to be a team in the near future. Despite international rumors that eBay and Amazon are interested in the artificial currency, there has still been no clear statement about it. Amazon has owned the “amazonbitcoin.com” domain since March 2013, but probably more for the reason to slow down domain dealers.

The Vice President of Amazon Pay, Patrick Gauthier, told the broadcaster CNBC that Amazon does not plan to accept Bitcoin. The demand is too low. Nevertheless, such domains would continue to be registered in order to protect Amazon's brand names.

Although there was even a brief suspicion that alleged considerations by Amazon about Bitcoin had driven up the price of the crypto currency, no one could confirm this. And since Amazon recently showed no real interest in Bitcoin, the price has still risen further.

It is quite conceivable, however, that Amazon could accept Bitcoin as a means of payment for vouchers. These would then be issued in the respective national currency and thus normal payment would be possible on the trading platform. In that case, Amazon and the customer would share the Bitcoin risk.

In the long term, at least “financial experts” claim that nothing speaks against Amazon accepting Bitcoin. That would then be an important step towards the market acceptance of “art money” and could also stabilize the exchange rate. But until then, you'll have to keep paying for your Amazon orders in hard-earned euros.

The crypto quiz: How well do you know Bitcoin and Co.?

You don't want to miss any news about technology, games and pop culture? No current tests and guides? Then follow us on Facebook (GIGA Tech, GIGA Games) or Twitter (GIGA Tech, GIGA Games).