Cryptocurrency is having a quiet period at the moment, several cryptocurrencies have been down again after a brief recovery period. However, that might all change if Amazon comes into the mix. Given the results of a recent survey regarding Amazon, it could be possible for cryptocurrency to be accepted at Amazon. If this indeed does turn into reality, then cryptocurrency would break all sorts of records once more.
Ever since 2017 ended, the cryptocurrency market has struggled in all aspects. Several countries have threatened to ban cryptocurrency trading, others have started strictly regulating the digital currency market. This has led to multiple price drops for the crypto market. One crash saw Bitcoin dropping to as low as $6000. Although Bitcoin has recovered back to $10,000, the currency, along with other cryptocurrencies are at a fraction of what they were worth during their peak. The market isn’t the same anymore. This is the current situation right now:
The crypto market grew back to a $500 billion market cap but has since fallen again to $450 billion. Even though cryptocurrency, especially Bitcoin is very popular now and is one of the most talked about and searched topics in the entire world, it’s still not as easy to make transactions with them. Cryptocurrencies were made to act as actual currencies which one could use to make transactions. However, not many firms accept cryptocurrencies due to their volatility and there’s overall a bad perception about crypto transactions.
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However, that might all change if Amazon were to start accepting cryptocurrency as payment. Even if Amazon starts accepting a few cryptocurrencies, in the beginning, it could help change the negative image of cryptocurrency and perhaps make it more mainstream for usage. This has already been set into motion through Litecoin’s LitePay. It’s a service that lets you handle your Litecoin in a Visa like ATM card. The card works like all other Visa ATM cards, you can go to an ATM to withdraw money or send your money using the card. All conversions from Litecoin to USD are handled in real time which you don’t need to worry about.
Through LitePay, and soon to be launched service LitePal, which will let users purchase cryptocurrency with Paypal, cryptocurrency is becoming more accessible to everyone. Amazon accepting crypto along with the ease of use of LitePay could change everything.
Moreover, even if Amazon didn’t accept other cryptocurrencies, it could make its own. Many other popular companies have started to make their own cryptocurrencies such as Atari and Kodak who have made their own cryptocurrency tokens for different purposes. Amazon, the largest e-commerce website in the world would get lots of buyers if it introduced its own cryptocurrency.
A recent survey by LENDEDU showed that the majority of the people were willing to purchase and use a cryptocurrency created by Amazon if they make one. It is entirely possible for Amazon to do this as well. Not only has Amazon been trying to expand as of late through its purchase of Whole Foods, it’s also trying to improve the Amazon Prime subscription. Creating a cryptocurrency could help them give more incentives for keeping their prime subscriptions and attract even more people towards it.
Moreover, Amazon is one of the contenders to become the first ever trillion dollar company. It has more than enough resources and technical expertise to create a fully functional cryptocurrency. However, there is no official plan or word by Amazon regarding their cryptocurrency so far, but given the current crypto craze, it could happen.
If Amazon were to start accepting other cryptocurrencies or even make its own, it would have a significant impact on the crypto market. One of the largest impacts it would have is widespread acceptance of cryptocurrency in general by merchants and businesses around the world; something which cryptocurrency hasn’t achieved up till now. Thus, Amazon would be the key to crypto’s long-term success.