Since the well-known cryptocurrency Bitcoin was born more than ten years ago, Amazon (AMZN) has still not provided online shoppers with the option of using it to purchase products. Although Amazon is the most famous digital currency in the world, Amazon has not yet accepted Bitcoin as a payment method, even companies such as PayPal, Overstock, and Etsy have accepted it.
- Bitcoin has been around for more than ten years and has been receiving more and more attention and adoption, but Amazon still does not accept cryptocurrency as a payment method.
- Although the company has never directly stated the reason, there are many speculations about its reasons-such as prioritizing payment agreements that are already in place, or it may launch its own digital currency.
- People can still buy prepaid Amazon gift cards online by using cryptocurrency, and indirectly use Bitcoin to buy goods from Amazon.
Why doesn’t Amazon accept Bitcoin
Amazon did not provide a clear reason for not accepting Bitcoin, but there is a lot of speculation about what they might be.
The price of Bitcoin is more volatile than many other government currencies accepted by Amazon, so there may be some challenges in pricing products. The uncertainty of future cryptocurrency regulation may also discourage Amazon. Considering the dramatic fluctuations in the price of Bitcoin, the difficulty of processing returns may also be affected.
Amazon may have made good deals with major credit card companies, such as Visa (V) and other payment processors. Smaller online retailers usually do not operate under such favorable conditions, which creates a competitive advantage for Amazon.
One speculation is that Amazon founder Jeff Bezos is not a fan of Bitcoin, possibly because he opposes the unregulated and anonymous nature of Bitcoin.This theory gained some traction afterwards Washington postBezos owned a particularly important article published in January 2016 entitled “RIP, Bitcoin. It’s time to move on.” However, this is also purely speculative. In addition, Andy Jassy took over as Amazon’s CEO in July 2021, and Bezos’ personal views on Bitcoin may have less impact on Amazon’s future.
Digital currency opponents
Another theory is that Amazon hopes to eventually launch its own digital currency. If this is the case, Amazon may avoid providing credibility to Bitcoin or opening up its huge market to competitors. Amazon launched Amazon Coins for games, apps, and in-app purchases in 2013.
El Salvador made Bitcoin a legal tender on June 9, 2021, becoming the first country to do so. The US dollar remains the main currency of El Salvador.
Will Amazon accept Bitcoin?
In April 2014, Amazon stated that it would not accept Bitcoin because it was not what customers wanted. Much has changed since then, and now Bitcoin has gained more acceptance worldwide.
For example, as of early 2020, approximately 36% of small and medium businesses in the United States have accepted Bitcoin. In addition, many large companies have also begun to accept Bitcoin, including AT&T.
Therefore, since Bitcoin is a bit more mainstream, does this mean that Amazon will consider accepting it? In 2017 and 2018, Amazon purchased several cryptocurrency-related domain names, which triggered speculation about its imminent acceptance of Bitcoin.
Recently, in early 2021, Amazon announced on its recruitment bulletin board that it was recruiting employees to engage in digital currency projects in Mexico. The project aims to allow customers in emerging economies to convert their cash into digital currency.
As of July 2021, it looks like Amazon is at least getting involved in the crypto space, although it remains to be seen whether this requires accepting it or creating its own cryptocurrency. In July 2021, Amazon released a job listing of “Digital Currency and Blockchain Product Leader”. The position will “involve payment work and lead the vision of Amazon’s digital currency and blockchain diagram,” the listing said. This helps Amazon consider using cryptocurrency as a payment or building its own digital currency.
This job position is carried on the job positions in early 2021, which have the idea of building a digital currency. Another option is that Amazon may be building a blockchain for its supply business that will be integrated with Amazon Web Services. Nevertheless, this recent speculation remains true, and some analysts believe that Amazon may not be closer to accepting Bitcoin than at any time since the establishment of the digital currency.
How to use Bitcoin for Amazon purchases
Although Amazon does not accept Bitcoin, it does accept gift cards. Amazon digital gift cards are like U.S. dollars and can be used for all product purchases. Some gift card centers, such as eGifter.com, Gyft, and BitPay, allow you to use Bitcoin to pay for their digital cards. This process adds a small step and expense, but it is the fastest solution for direct Amazon options.