Amazon to Accept Bitcoin: Fake News?

Is Amazon Accepting Bitcoins – a Bird’s Eye View of the Rumor

There are rumors circulating in the media that Bitcoin could be an accepted form of payment in online retail giant Amazon from End-February. These unconfirmed reports come from Silicon Valley sources and seem to be similar to those made by investor James Altucher in September. There has not been any official announcement or Bitcoin Amazon news from Amazon as yet, although a few surveys indicate there could be a financial reason for the Amazon to accept Bitcoin.

Is there Some Truth to the Rumors?

Unlike actual currency, Bitcoin has not yet been used as a standard payment system. Regulators and companies are still discovering the potential of the cryptocurrency, and how to use it for mainstream purposes. There are many rumors about Amazon to start accepting Bitcoins.

While the rumors could be turn out to be false, it is possible that you can pay with Bitcoins on Amazon in the near future, because:

  • Amazon constantly seeks to improve the purchase experience for millions of people who shop at the retail store. Amazon accepting BTC could help make the purchase process more modern and bring a very efficient payment system with one of the most powerful distribution systems.
  • Other online retail giants such as PayPal and eBay have already expressed interest in using Bitcoins as a form of payment for its customers as early as 2015. In a 2015 SEC filing, both companies confirmed their plans to let merchants accept Bitcoin payments using a standard account. Many retail giants, such as Recruit Lifestyle and Bic Camera, have already become partners with Bitcoin and have started to accept this cryptocurrency. This makes the market more optimistic about an Amazon Bitcoins partnership.
  • An online petition was launched by users interested in using Bitcoin Amazon payments to get Amazon CEO Jeff Bezos adapt the cryptocurrency as an accepted payment form for the store.

The spend Bitcoin on Amazon rumor appears to have come from a report published on the website Squawker.org, which indicated noted investor James Altucher as a possible source. The report hinted that James might have inside information about Amazon. Irrespective of Altucher's authenticity, it is quite possible for Amazon to take up Bitcoin or some other crypto currency in a growingly competitive online shopping scene – as also suggested by some additional surveys.

Online Petition for Amazon – Bitcoin Partnership

The cryptocurrency community, which has been growing steadily in number, has been constantly placing requests with Amazon to integrate Bitcoin into its payment modes for some years now. Although such requests have been unheeded so far, there has been a new attempt. The community has created a petition online to urge the web-based retail giant to accept Bitcoin. The online petition has been placed on Change.org, the popular online petitioning and advocacy platform, in the light of Bitcoin showing an upward surge in pricing as well as higher stability. The petition argues that the acceptance of Bitcoin will help streamline commercial activities and enhance the buying experience for millions of shoppers using the Amazon platform.

Reports mention that the Bitcoins Amazon campaign has been signed already by as many as 12,000 petitioners. Some members of the community also hope that the online commerce giant will also extend its support to Litecoin, another major virtual currency. The online petition submitted on Change.org indicates the growing comfort of online users with virtual currencies while shopping for services or goods. The online petitioners make a strong case for Bitcoin, stating why Amazon needs to introduce payments in Bitcoin:

  • Non-reversible payments
  • Secure value and transactions
  • Ease of accessibility
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    Reduced inflation, due to a limited supply
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    Decentralized currency
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    Low transaction costs

Lately, Amazon has invited much positive attention on its way due to its continuous improvement in technology and acquiring more and more assets in the retail space. Although the major retail displays indirect support to tech firms and blockchain projects via AWS, it has not been too encouraging towards cryptocurrencies. However, even in the absence of acceptance of Bitcoin as an additional form of payment, shoppers can use the virtual currency indirectly through buying gift cards and redeeming the same on the Amazon platform.

How Can You Profit From This Opportunity?

With the adoption of cryptocurrencies such as Bitcoin, retail majors have to join the race to stay relevant. After the acceptance of Bitcoin by Overstock.com, its CEO Patrick Byrne remarked that other retail giants would also have to follow its example. Other e-commerce stores cannot afford to give up that market section to Overstock for a long time, and it will be a matter of time before others also begin to accept Bitcoin. The Google API tutorial also recently published a comment that has led to speculations that the search engine giant will start adopting Bitcoin in its Google Play store, similar to PayPal and a few heavyweights.

While this is only a rumor as of now, it is interesting to make some speculations about how you can profit with Amazon’s Bitcoin acceptance. You can profit from this rumored Bitcoin Amazon partnership in the following ways:

Buy Bitcoin ( and wait for Amazon to start accepting it!)

The acceptance of Bitcoin could lead to a surge in the value of the cryptocurrency in just a matter of weeks. Of late, the interest in Bitcoin was waning. However, the acceptance from Amazon saw a rise in the stocks of the currency. This clearly shows that an official announcement clarifying and accepting the buy stuff on Amazon with Bitcoin rumors could see the cryptocurrency gathering more strength. From a trading perspective, it makes much sense to invest in Bitcoins and sell it at a higher price later.

From a consumer’s perspective, it will be profitable for you to buy Bitcoins now rather than later when the prices have climbed much higher. Presently, the niche character makes this cryptocurrency a much safer investment in a volatile investment market. However, this could change later – with thousands of people beginning to pay on Amazon with Bitcoin. It is a good idea to buy the cryptocurrency now rather than in the future.

Roger Aitken, the award-winning cryptocurrency journalist, working with Forbes, has made an urge to customers and investors to wake up and invest in Bitcoins. With the Amazon Bitcoin petition campaign at Change.org gaining traction, Roger argues that all consumers and investors need to consider testing the cryptocurrency waters.

In his blog, Roger has observed that the market ambiance is quite different today. The price of Bitcoins has undergone a steep rise, and more than 14 million Bitcoin wallets are being used today. He states that everyone should consider taking up cryptocurrencies. It is wise to diversify from ISAa, shares, bonds and other investments and get some exposure in cryptocurrency, which is gaining momentum more and more in a market that is growing digitized increasingly.

In late 2016, the price of Bitcoin broke through the 1000 USD mark. In the last few months, despite some volatility and fluctuations in price, the virtual currency has been witnessing steady highs. More than 10,000USD per coin is the situation today, and it is only expected to get better.

Invest in Cloud Mining

Bitcoin Cloud Mining includes mining via a remote data center having shared processing power. It does not involve managing mining hardware, and you can earn Bitcoins in a no-hassle way. Even without managing equipment or interacting with suppliers, it is possible for you to earn Bitcoins.

It is important to note that if Amazon using Bitcoin actualizes the price of the cryptocurrency will not drop. This will increase mining costs and lead to revenue generation. If this actually occurs, mining contracts and equipment will close down. Thus, with a steady rise in the prices of Bitcoin, cloud mining would be the only lucrative option. An Amazon and Bitcoin partnership will lead to a continuous rise in Bitcoin prices, which would make investments in cloud mining contracts more profitable.

Invest in Bitcoin Trading Companies

Such a Bitcoins Amazon News is going to bring some serious attention to Bitcoin, and you can expect trading activities to go up. Investing in Bitcoin trading agencies is a sure way to grow your Bitcoins and double or treble your investment. However, you should watch out for those companies or websites that promise to double your Bitcoins within a specific time or have some obscure, complex scheme. Even those with a referral scheme are not worth investing on, as these can wind up overnight and all your money will be gone. Invest only in credible websites that are backed by noted financial investors or agencies.

Buy Cryptocurrencies

Whether or not Amazon accepts Bitcoin payments, it is a good idea to buy other cryptocurrencies as well. Keep in mind that once the price of Bitcoin goes up, you can expect a rise in that of all other cryptocurrencies – such as Litecoin (LTC), Monero (XMR), Ripple (XRP), Dash, Zcash (ZEC) and Ethereum (ETH). As digital currencies are speculative in form, you can get handsome returns within a short time. In the last four years, Bitcoin has yielded 30 times returns.

In June 2017, the worth of Bitcoin has increased the value of the currency to $3,025 from $100 during June 2013. In the last three months, the cryptocurrency Ripple has yielded 200% returns. In comparison, gold, fixed deposits, real estate and other popular assets offer lower returns.

Although not every company has made the switch, many have sat up and taken notice of the changing trend. The prestigious newspaper organization, The New York Times, is presently looking for 3rd party affiliates to get assistance in hosting Bitcoins. Many other companies are also considering the switch, or have done so.

Even adult entertainment providers such as Naughty America and recently legitimized pot stores in Washington are starting to use Bitcoin payment. However, it is still early days for this market, and some companies are doubtful about the prospects of a partnership with Bitcoin and other cryptocurrencies. The value tends to fluctuate quite fast, without any government regulation on the prices. Although some companies have doubts about the viability of digital currencies, quite a few have gone ahead and opted for one or other virtual currencies.

These include:

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    Rakuten
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    Lionsgate Films
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    Shopify.com
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    State Republican Party
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    Stripe
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    LOT Polish Airlines
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    Braintree

Reputed online organizations such as WordPress.com, Microsoft, Namecheap, Steam, Reddit, The Internet Archive and Wikipedia have already gone the Bitcoin way. A lot of major companies across the world are embracing Bitcoins as a legal funds source. They let the use of Bitcoins for buying their products or services online. With earning and transfer of Bitcoins being super-easy, it is prudent to accept them as a new type of cash. Although the fluctuation in the value of Bitcoins can have a positive or negative impact on the finances of a company, the volatility can be a blessing until the value of these coins become very high, as sometimes happens - reaching as significant amounts as one thousand dollars per coin.  

What Are the Experts Saying?

According to experts, whether or not people can buy with Bitcoins on Amazon the surge in the stocks of Bitcoin is only expected to continue in the days and months to come. Experts in Cryptocurrency are trying to explain this increase. Recently, Amazon has bought three new domains associated to cryptocurrency - amazoncryptocurrencies.com, amazoncryptocurrency.com and amazonethereum.com, which is expected to boost buyer and investor confidence in Bitcoin and other cryptocurrencies. Some pundits are pointing to rumors about a relaxed stance of China on exchanges of Bitcoins.

While you are reading this, the value of Bitcoin has increased steeply. A month back, it was valued at $3,874. A week back, the price rose to $4,370. It is now worth a staggering $5,678. If just a rumor about Amazon’s acceptance of Bitcoin could see a rise in its value by thousands of dollars in a matter of few weeks, you can easily imagine what it would look like if the news of Amazon Bitcoin payment turns out to be true. If Altucher is proven right, the value of Bitcoin could be as high as five digits.

However, before any more speculation is made about will Amazon accepts Bitcoin, it is important to keep some vital things in mind.

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    Regulations – It should be noted that more regulations can affect Bitcoin as well as Ethereum. There is a high possibility of Bitcoin acceptance from the CME Group for the purpose of futures trading. However, it should be noted that both South Korea and China banned initial offerings of the coins in September. China also made public its intention to close cryptocurrency exchanges based in the country. Although regulations can assist in legalizing Bitcoin and other digital currencies, they can even prevent them from being used in the key markets.
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    Lower motivation – It is also worth noting that you cannot start using digital currencies for many purposes at once. You can use dollars for purchasing goods or paying for services and sell some investment that you have. However, other than Overstock.com, very few online merchants have opened their arms to these currencies. Only a clutch of online traders has accepted Bitcoin for transactions. It is nearly impossible to live with digital currencies. Until there is a change in the existing situation, there will be little motivation for Amazon accepting Bitcoin payment.
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    Durability – Finally, there is also the permanent concern that no virtual currency today has staying power for the long term. These coins cannot be rightly valued as lasting payment modes such as cash, and their actual worth rests on the Blockchain technology that they are based on.
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    Popularity – Presently, there are over 150 organizations testing the blockchain of Ethereum in the different pilot and small-scale projects. However, the blockchain of Bitcoin does not look similarly popular. Both Ethereum and Bitcoin can be replaced, as there is a lower restriction to entries in the upgrading blockchain technology.

However, Amazon using Bitcoin cannot be totally ruled out. It must be kept in mind that Amazon Web Services has been collaborating with one of the major investors in the technology of cryptocurrencies, the Digital Currency Group.

Amazon rivals are also going the Bitcoin way. It is well-known that eBay is thinking of taking up Bitcoin payments. Recently, Google has added the Bitcoin payment request option for Android app developers. PayPal will let online merchants get payments in the virtual currency as well. Rumors indicate that Aliexpress and Alibaba – two of the biggest online stores based in China, are soon to add the option of accepting payments in cryptocurrencies.

In case Amazon starts testing the cryptocurrency space, the fortunes of Bitcoin and other virtual currencies would rise like never before. However, until paying with Bitcoin on Amazon becomes a reality, every investor needs to realize the severe risks that are a part of the investment in digital currencies.

Can You Use Bitcoin on Amazon in Any Way?

​Does Amazon accept Bitcoin as payment in any way? Several shoppers have devised a hack to use Bitcoins for shopping on Amazon. They are making use of the website Giftoff.com for buying Amazon vouchers with Bitcoin. The method is popular among people who asked questions like “Can I use Bitcoin on Amazon”?

There are some other websites as well that let you buy Amazon gift cards or vouchers using the Bitcoin digital currency. How to buy Bitcoin with Amazon Gift Card? On the website Spectrocoin.com, you have to buy a gift card from Amazon for exactly the amount that you want. On the top panel, you should click on the link that reads "WITHDRAW." Then, go to the link reading "TOP-UP AND VOUCHERS." Choose the nation that you are placing the order from for Amazon. Then, type in the amount for the gift card to get the amount that you have to pay for Bitcoins. Following authentication, you can pay with the Amazon gift card.

There is also Purse.io that has launched its Android app to help millions of buyers use Bitcoin to buy on Amazon. The platform matches customers with gift card holders. All the products bought on Purse.io from Amazon are lower in cost than the items showcased on Amazon itself. This is due to the lower transaction fees of Bitcoin as well as the fact that Purse.io offers heavy discounts and a Bitcoin/gift card exchange market.

However, the technique is rather intricate and there are always worries about whether there will be a rise in value of the cryptocurrency after the vouchers are purchased. A lot of people using Bitcoin feel that a positive Amazon Bitcoin announcement would make other retailers open their arms to the digital currency as well. For actual Amazon payments Bitcoin is not accepted.

What does it mean for the Market if Amazon starts Accepting Bitcoin?

Despite the lack of official announcement from Amazon, mere rumors are hinting at 3 possible developments.

More mainstream usage of Bitcoin / cryptocurrencies

It can be expected that Bitcoin and other cryptocurrencies such as Litecoin, Dash and Ripple will enjoy more usage in the mainstream. Recently, Bitcoin has been accepted by Star Jets International as a payment mode for private flights. Flights are offered between various airports and fliers can pick the flight of his choice, and book the same in Bitcoins.

Bitcoin is acknowledged as a viable currency, with some agencies such as Peach Airlines accepting its use. The Polish National Airlines LOT also accepts this virtual currency. If Bitcoin Amazon payments mode is legitimized, it can be expected that many more firms would adopt Bitcoin and other digital currencies. There will be less dependence on cash, and the push for a digital economy would grow stronger. Only in 2017, the price of Bitcoins jumped to 11000USD from 960USD. According to financial analysts, the capitalization of the Bitcoin market would reach a trillion dollars in just a few years.

Surge in Bitcoin Market Cap 

The rise in Bitcoin price is extremely likely, and it will be even more difficult to put this digital currency down. Soon after the rumors began to surface in September, the price of Bitcoin surpassed the $7,000 barrier. In November 2017, its price is double than in mid-September.

Interest of major investors

Until now, major investors have mostly shied away from putting money on Bitcoin. However, a Bitcoin and Amazon partnership is likely to change it all. Big investors will find it impossible to ignore this crypto-currency, with thousands if not millions of people using Bitcoin for multiple transactions every day and a steady rise in its price.

E-commerce major Amazon is one of the biggest companies on the planet at this moment, and its acceptance of online currencies such as Bitcoin could permanently change the way goods are sold and purchased online. As more buyers shop Amazon with Bitcoin, the purchase process could get smoother, and the distribution network will become more secure and seamless.

Will Amazon accept other cryptocurrencies?

It might, and the Amazon and Bitcoin rumors indicate a possible development in this aspect. The Amazon storefront is at the forefront of the e-commerce frontier, and it can be expected to soon incorporate some blockchain technology in its operations. Given that various cryptocurrencies including Bitcoin have been used for many years by Overstock.com, it is not tough to expect Amazon to accept cryptocurrency.

Speculation is rife about which other crypto currencies the retail major could adapt next. Most experts believe that Ethereum and Litecoin could be taken up after Bitcoin. Altcoin could be another digital currency.

Since the start of 2017, the total worth of all the cryptocurrencies has risen to a huge $200.9 billion from $17.65 billion in only a few days. The S&P 500, in comparison, has taken many years even with its wider base to offer a 10-time return to investors.

As expected, Bitcoin is at the top of the growing digital currencies. Its market cap has recently touched $120 billion. This is more than several Industrial Average components of Dow Jones. The digital currency cousin of Bitcoin in some ways, Ethereum, has also done splendidly well. Since the start of 2017, it is up by around 3,600%.

Other than Overstock.com, a few major international e-commerce platforms such as Rakuten have also started to accept payments in Bitcoin. Dell and Microsoft are other popular players that have opened up arms to Bitcoin payments. Although it is not clear whether Amazon would change its stance on support for cryptocurrencies, rising competition and its rivals going for digital currencies mean that Amazon will have to give in to the needs of the online community in a few months or years down the line.

When will it happen?

It was earlier speculated that the Amazon Bitcoin wallet partnership could materialize as early as October 2017. Rumors suggest that the development is possible in February 2018. Unconfirmed reports suggest that China could be lifting its ban on trading with Bitcoin, and this move could increase liquidity in the global Bitcoin industry. This can pave the way for shoppers to pay with Bitcoins on Amazon.

The big question is – how to spend Bitcoins on Amazon once the cryptocurrency is accepted? It will obviously use for shopping purposes, and millions of users will use it for product payment. An official word from Amazon is awaited to know whether it can be used for some other purposes as well.

If the Amazon CEO is to be believed, lower use and demand among consumers are the prime reasons that are stopping the online retail giant from accepting Bitcoins. It is a truth that even in 2017 fewer people uses crypto currencies for real purchases. Although Amazon has a fat purse, it cannot be expected to loosen its strings merely for experimentation or to satisfy the wish of a niche consumer group. For cryptocurrency to be taken more seriously and for Amazon to accept cryptocurrency, more big retailers and merchants need to come on board.

Is it Fake News?

Is it possible for Amazon to accept Bitcoin? Fake Bitcoin news is a possibility, given that the rumors have been going around for months now. The Coin Telegraph published a report that hinted at such a development materializing on October 26, 2017. The date has gone by, with Patrick Gauthier - the Vice President of Amazon Pay – clarifying in October to CNBC that his company does not intend to accept Bitcoin soon due to a lack of interest/demand from customers to buy with Bitcoin on Amazon.

However, with other online retail giants using Bitcoin already, it is impossible for Amazon to ignore it for a long time. The acceptance of Bitcoin is growing among merchants, with top names such as Microsoft and Overstock.com having taken up the currency. If CME listing eliminates volatility, big names like Amazon will begin to accept Bitcoin. An Amazon buys with Bitcoin dream would be realized.

A big question against the allegation of Amazon Bitcoin fake news remains about why Amazon.com registered the three domain names - amazoncryptocurrencies.com, amazonethereum.com, and amazoncryptocurrency.com. These add to the already acquired domain name amazonBitcoin.com of Amazon around three years back. It is possible that the online commerce giant is trying to be on the safe side, and prevent other companies or individuals from benefitting from URLs that contain its brand name. However, Amazon has very deep pockets, and it is quite possible for the web-based retail giant to test the Bitcoin in Amazon system and another cryptocurrency without experiencing any negative consequences.

It has to be understood which factors have kept the online retail major from taking up Bitcoin for so long.

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    Amazon alone makes up about 50% of the total online retail space in the US. The acceptance of Bitcoin for Amazon shopping is unlikely to boost its product sales significantly.
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    The valuation of Amazon is about four times the total size of the cryptocurrency market. Even when the market cap of all the digital currencies is combined, including the fluctuating cap of Bitcoin, the valuation of the cryptocurrency market lags by 15 billion USD behind that of Jeff Bezos, the founder of Amazon. Thus, legitimizing Amazon pay by Bitcoin will not significantly benefit the former.
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    Bitcoin is still not a ‘hot asset’ among buyers, and is not used for mainstream shopping and other purchases by consumers.
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    There is more volatility in the price of Bitcoin when compared to the price of standard currencies that are allowed on Amazon. Thus, even if the crypto currency is accepted, some challenges could be there in the pricing of the goods.
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    There are no regulations on the cryptocurrency, which leads to uncertainty about its future. This could be a scare-factor for the online retail giant. Government indecision about cryptocurrencies in many European and North American nations has possibly discouraged Amazon from tying up with an unregulated system. Major firms such as Amazon are averse to risks and abide by government decisions of most countries.
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    It is likely that the e-commerce giant has major deals with Visa and other big credit card companies as well as payment processors. Smaller web-based retail agencies do not have similarly favorable situations, which puts Amazon in a better position. Bitcoin, as a part of its efforts to expand, lets small online retail stores accept payments at cheap rates. Thus, Amazon cannot get the same benefits with Bitcoin with Amazon Bitcoin payment option as can be afforded by smaller e-retail stores with lower operational expenses.
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    There is also a pessimistic theory that Jeff Bezos, the present CEO of Amazon, does not like Bitcoin or any other cryptocurrency as he has politically different views about the anonymous and unregulated nature of the blockchain technology. The theory has got some push after an article was published in January 2016 on Washington Post, the newspaper of Bezos, headlined "R.I.P., Bitcoin. It is time to move on."
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    However, these are mere speculations at this point.Some also speculate that Amazon has plans to bring out a cryptocurrency of its own. If this is true, it can easily be understood why Amazon is not a great fan of Amazon Bitcoins partnership and giving a wider market to Bitcoin or any other virtual currency that would turn out to be the biggest competitor for its digital currency. It needs to be mentioned that Amazon already came out in 2013 with Amazon Coins for in-app, game and app purchases.
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    A few also suspect that the management of Amazon is influenced by recent allegations that the huge growth in the prospects of Bitcoin this year has been influenced by spoofing, wash trading and reckless printing of USD Tethers in millions. Such allegations focus on Bitfinex, one of the biggest cryptocurrency exchanges on the planet at the moment.

However, with rumors about an Amazon Bitcoins partnership driving up the price of Bitcoin as well as other cryptocurrencies and a higher buyer and investor interest in the digital currency, a Bitcoin acceptance is possible shortly. With the cryptocurrency movement growing, it is possible for Amazon as well as other retail majors to think about adopting cryptocurrencies as payment forms to keep their dominance intact. Whether or not digital currencies take on standard currencies in the years to come, numerous analysts and investors have reason to believe that these are here to stay.

WHY ARE CRYPTOCURRENCIES SUDDENLY SO HOT?

A combination of news-driven, emotional and basic factors has pushed up the stocks of digital currencies such as Ethereum and Bitcoin in 2017.

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    Blockchain is more exciting – There is more excitement about the Blockchain technology, which happens to log every transaction safely without the need for a bank or some other financial institution.
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    Weaker dollar – A fall in the value of the dollar could also explain the surge. The weakening of the US dollar has prompted a few investors to look for high-value alternatives such as cryptocurrencies that are safer to store.
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    Favorable news – News about various events in favor of digital currencies has also pushed the growth. The CME Group has recently announced that it will start to carry Bitcoin futures by end-2017. The access to these futures through top institutions should decrease volatility and boost liquidity for Bitcoin, arguably the most famous crypto currency at the moment. This will let the CME Group benefit from the popularity of Bitcoin.
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    News about Japan taking up Bitcoin for its legal tenders has also improved its stocks as well as that of other online currencies.
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    Competition – The fear of losing out in the competition has also led to soaring of the stocks of Bitcoin, Ethereum, and other virtual currencies. Given that until now investors associated with institutions have been mainly stopped from trading in digital currencies, retail investors – who invest with more emotion compared to institutional investors – have determined their costs.

Below you can find our original article from October:

Amazon to Begin Accepting Bitcoin in October

According to a newsletter from The James Altucher Report, Amazon is to start accepting Bitcoin in the coming weeks. Amazon is expected to announce this move as early as 26th October.

After the launch of Purse.io’s Android app, enabling billions to shop on Amazon with Bitcoin, a petition was signed for CEO Amazon.com Jeff Bezos to begin accepting cryptocurrencies as an alternate payment method and according to reports; more than 9000 petitioners have already signed the campaign. The demand doesn’t stop here as some also believe that the e-commerce major should extend support for Litecoin as well. The Change.org petition shows that people are becoming more comfortable spending cryptocurrencies to purchase goods and services.

Although, Amazon in 2016 did partner with Digital Currency Group with its Web Services (Digital Currency Group is one of the biggest investors in Bitcoin and blockchain-based startups) yet people were speculative about it as it was believed that Amazon might introduce its own digital currency rather than using bitcoin.

However, Amazon wouldn’t be the first one to try and offer their users a faster way of paying for their services, and neither would they be the first giant company to support Bitcoin. eBay, PayPal and after some back and forth, Apple, all decided to slot in the currency into their operations, including the giant satellite company, Dish Network.

Even though Amazon doesn’t accept Bitcoin at the moment, shoppers can still indirectly use the cryptocurrency by purchasing gift cards and cashing it on the platform.

There are many assumptions about the security and reliability of using bitcoin as an alternative payment method. Well, bitcoin offers a lot than just assumptions:

  • Low transaction costs
  • Decentralized currency (Thanks to decentralized cryptocurrency mining)
  • Low Inflation (Because of the finite supply of Bitcoins (this mostly benefits the consumer))
  • Bitcoin is accessible to any person of any age, sex, demographic, etc. (it is extremely advantageous to citizens of crisis countries)
  • Non-reversible payments (Extremely beneficial to reputable companies such as Amazon.com)
  • Bitcoins are extremely secure (Bitcoins reside in an encrypted format on the wallet they are kept in)

Later in the day, new details started emerging:

Amazon to Accept Bitcoin: Fake News?

The news of Amazon enabling customers to use their bitcoins to make their transactions seems to be just a speculation.

The rumor arose through a recent report on squawker.org, some reviews have indicated that the company would have a financial reason to do so, but no certified statement has been made so far.

The squawker.org editorial mentions a reference in investor James Altucher’s newsletter. Altucher is a skilled trader who many believe could have pre-statement information. The article comments:

“James Altucher has (co)founded more than 20 companies, authored 11 books, and has been a contributor to several major publications. He is a former hedge fund manager and venture capitalist turned activist blogger/podcaster and offers a subscription based mailing list – the source of the Amazon information.”

Recent details suggest that James Altucher never wrote about “Amazon to accept Bitcoin by October 26th” instead, it’s written that “Amazon will accept BTC someday” and that could be announced by their next report.

He then discussed the existing partnership between Amazon Web Services (AWS) and DCG. He stated that an Amazon leader confirmed that connection, not that Amazon will accept the Bitcoin.

This is not the first time we see gossips regarding Amazon and cryptocurrency payments. It would be a desired change to see this happen. After all, the world’s major online retailer accommodating the only global payment method would produce some interesting results. Unfortunately, this is just a hopeful thinking right now. This will not change anytime soon, regardless of what the sources may assert.

A few days ago, a petition was put up on Change.org to force Amazon to accept Litecoin payments. While a creative idea, it never materialized either. It is obvious that Jeff Bozes has big plans for his top firm, but crypto-currency isn’t part of it. That doesn’t mean Jeff Bezos himself is crypto-opposed.

It doesn’t make much sense for Amazon to venture into cryptocurrency right now. The market simply is too new, and it is still a very niche payment method at best.

Statements like these will generate a lot of resistance among the cryptocurrency users, though. Rumors like this will create a lot of frustration when it doesn’t come true. Most people are well aware of how the chances of Amazon accepting Bitcoin are basically nil right now. That doesn’t mean things won’t change in the future. However, for now, it will not happen at all. There is nothing wrong with fantasizing, but we have to keep both feet on the ground as well.

The need of the hour is for the cryptocurrency to draw more and more dealers and vendors. Some companies dropped Bitcoin funding earlier this year. Few people use cryptocurrency for actual purchases.

While no one doubts Bitcoin transaction value as a whole, a small percentage of this money is used to pay bills and purchases.

Whether or not to see this state change in a substantial manner remains to be imagined.

The future of cryptocurrency is well underway.  It will continue to grow both as an investment mechanism and as a currency.  Everyone should accept its certainty, but be careful about its use. With a phone and some cryptocurrency, there are not much people can’t-do.

It’s also alarming because it enables the split of Internet transaction processing. Some transaction processing, the majority of today’s transactions will occur in an open world; while an increasing amount will take place elsewhere.

The insinuations of this split are extensive and profound. Will Amazon offer cryptocurrency-based secrecy where buyers are directed to another site to perform transactions? Will rivals to Amazon and other online vendors offer secrecy as a differentiator?  Will cryptocurrencies command a large transaction premium? Will investments in cryptocurrency ETFs be made with cryptocurrencies making it impossible to know who is invested in the funds? There are hundreds of these questions. Time will tell how it all shakes out, but crypto-currency is here to stay.

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