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Topic: What's holding back Amazon & eBay from adopting Bitcoin? (Read 490 times)

Abiky (OP)

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What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 03:26:00 PM

Day after day, Bitcoin and other cryptocurrencies grow in popularity as people flock from the current monetary system. Ever since the year started, a number of companies announced their decision to adopt Bitcoin at its fullest. Companies like Tesla and PayPal have joined the crypto/Blockchain craze, adding "fuel" to crypto assets' prices on the market. While this is certainly good news, there are still a wide number of companies that are quite behind others when it comes to adopting crypto/Blockchain tech for their own benefit. Major retailers like eBay and Amazon are yet to adopt Bitcoin as payment method. There's been some rumors that Amazon will adopt Bitcoin as payment method, but they haven't been confirmed yet. These rumors caused Bitcoin's price to jump back to $40k at a fast pace. If an official announcement comes from Amazon, prices could go to the roof.

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations? Do you think these companies will adopt Bitcoin soon? Or it'll never happen? Your input will be greatly appreciated. Thank you very much

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bittraffic

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 03:38:47 PM

Nothing I think is holding them from adopting Bitcoin but I think government will summon them for doing so. Nothing is more powerful than a governent that has authority to bring you and your business down. Facebook faced the authority when they tried Libra.

We see the Alibaba and DiDi Chinese company bow down to Xi Jinping's government. I see no different to US government.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 03:48:25 PM

It's highly like just because they simply don't see that much demand. If they accepted bitcoin, probably sub 1% of their userbase is going to use bitcoin. And volatility shouldn't even be a problem, because bitcoin payment processors that automatically converts the bitcoin to fiat at PoS already existed since forever.

There's also a chance that they're trying to dodge potential problems with the government, but it's highly likely to be the former.

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MusaMohamed

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:02:09 PM

Quote from: Abiky on July 30, 2021, 03:26:00 PM

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations? Do you think these companies will adopt Bitcoin soon? Or it'll never happen?

Not soon but they will adopt Bitcoin.

I think they will adopt Bitcoin after they make investment in Bitcoin. Like Tesla and Elon Musk. They don't bring big news for the Bitcoin community and spend time to build up their platform just to adopt Bitcoin, if they won't earn anything from it.

First, they will try to earn from investment in Bitcoin.
Second, they will plan to earn from customer uses of Bitcoin and cryptocurrency on their platform.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:10:56 PM

the biggest reason is probably that they are still obeying the government...

there are several smaller online buying and selling sites from amazon and ebay that accept bitcoins and so far they haven't encountered any problems like newegg and shopify, but amazon and eBay seem to be very afraid of accepting payments with cryptocurrencies. one day for sure both will accept cryptocurrency as a payment option there.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:13:08 PM

They will definitely prepare for it, gradually we are already in the zone of large adoption of well-known platforms. It's just a matter of what steps are right for Amazon and eBay to start their first day.

For me, there are many things that we must take advantage of when everyone will adopt Bitcoin, we also certainly must not be complacent and miss how to deal with large adoption, while the dwindling supply will certainly make us more able to adapt to far more fantastic prices.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:13:21 PM

I think it's just a longer road than we tend to notice. Paypal CEO admitted holding BTC in 2019, and Elon Musk owned some BTC back in 2018. This shows some initial interest of decision-makers, which over a year or two can lead to a company adopting Bitcoin as well. But Bezos never showed any interest in Bitcoin, so there's no primary background to build adoption upon. As for Omidyar (the eBay founder), he opted for Libra and also didn't express interest in BTC, so it's the same case as with Bezos. I think they're just not ready to adopt because their companies are already successful, and maybe they don't feel like it's worth it. After all, it's dealing with authorities, figuring out the regulations, taking the risks related to Bitcoin's volatility among other things. But they'll come around eventually, especially if the adoption trend continues.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:16:25 PM

I think their projected number of people is possibly the main reason why they don't want to adopt or integrate bitcoin into their system, they're probably predicting that not a lot of users are going to use that feature when it gets introduced plus there must be some cost that they want to avoid, that's probably why they don't want to adopt it.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:27:02 PM

The question is why such companies need to accept bitcoin? The reason Tesla does this is that they prefer it more than keeping the cash, but Amazon can get rid of the cash quickly and it doesn't need any more extra money.
Accepting Bitcoin will increase the headache if the user requests a refund as many users rely on Bitcoin as a store of value and therefore will not spend it.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:32:16 PM

#10

Most probably it's because of the regulatory concerns that is holding them back in my perspective.
The transaction fees might be another reason but it's unlikely that these companies are not using crypto because of it's transaction charges.
If it were so they could use altcoins with low transaction charges and high speed such as Solana or other altcoins.
Demand is still low for cryptocurrencies to be accepted as payments and most people hold it only for trading and investments.
I think in the coming years as we see an increasing demand in cryptocurrencies, these companies might start using them as payment methods.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 04:54:10 PM

#11

Quote from: Abiky on July 30, 2021, 03:26:00 PM

in fact they have adopted a quarter of their assets to buy bitcoins as a reserve asset to make a profit outside of the company they run. but why claim that they are not adopting bitcoin for now, maybe they should follow government regulations on prohibitions for using bitcoin as a medium of exchange for an item.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 06:35:54 PM

#12

I have 2 theories out of which at least one I suspect Bezos is applying:

1. Bezos hates Bitcoin. He's a billionaire, he owns a corporation and he is actively working with other corporations, governments, authorities and so on. Hence, the idea of a currency they can't overtake or heavily profit from makes them pull back from helping it grow in any way. Look at Musk, what he's done is he's promoted DOGE to his own advantage. In the end, the poor got poorer, Musk got richer, the crypto scene has lost trust in front of potentially millions due to the pump and dump and so crypto had zero benefits from his crap.

2. Bitcoin is simply not popular enough for Amazon to do business with it. Bezos follows trends for sure, but he doesn't follow small ones. Bitcoin doesn't have that many users so his move to adopt Bitcoin on his platform would probably end up the same way Steam's did back in 2014 or so when they added BTC to the payment methods.

I had a 3rd theory I apparently forgot while writing this post, lol. These are the most likely scenarios imo.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 07:42:46 PM

#13

Amazon have different countries that serves as their big consumers and some of them prohibits bitcoin. They just want to play safe and think of other factors not only bitcoin.

If they think that, that is good for them to just wait for more time and think other factors then that will help them to regulate bitcoin in their system.

There are things that we should not rush especially that we are thinking other constituent in cryptocurrency or bitcoin world.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 08:26:07 PM

#14

I think what's holding them back is what is holding most companies back from currently accepting bitcoin as payment. Right now bitcoin and other cryptocurrencies are simply too volatile , slow to transact and expensive. I absolutely do believe if we solve these issues that that will change, but we may be a little ways off from that happening. I do think that adding them to the payment platform could make sense being that there are some people whom would prefer to pay in bitcoin and therefore they would possibly get more business that way.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 08:33:25 PM

#15

Most of it for me goes about regulations. There is a lot of profit that could be made out of bitcoin by whale investors should they choose to. That includes Amazon and eBay. They are a huge online based companies and adding bitcoin payment option to there menu would have been a very good thing.

I think this would be sorted out sooner than later should they be able to keep governed aside and look towards what good they could do for and bitcoin could do for them. Popularity is a no question for bitcoin else, the price could have been a lot down now, we all know the laws of demand and supply about this.

For Amazon, I think sooner or later, they would be looking towards incorporating bitcoin I there payment option. With the rumor being out, it there means, an evaluation would be on going. Perhaps, the system for its collection and accountability has not been properly put in place and as such, the rumors have to be denied for now. Just a thought!

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 09:04:17 PM

#16

Who knows what there reasons are, probably they are still observing the crypto situation before they venture into the market just like PayPal, they must have realise what they are missing for not adopting btc, they both have huge customer base that will be willing to use btc whenever they decided to accept it in their platform, but I have the feeling they will soon jump into the moving train.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 09:06:27 PM

#17

Quote from: Abiky on July 30, 2021, 03:26:00 PM

And Tesla immediately stopped accepting Bitcoin. And there hasn't actually been much companies adopting it as a payment method. And people absolutely don't "flock from current monetary system". Even almost all Bitcoin holders are still using fiat much more than they use Bitcoin for their payments.

Quote from: Abiky on July 30, 2021, 03:26:00 PM

There's been some rumors that Amazon will adopt Bitcoin as payment method, but they haven't been confirmed yet. These rumors caused Bitcoin's price to jump back to $40k at a fast pace. If an official announcement comes from Amazon, prices could go to the roof.

You probably didn't hear the latest news, but Amazon actually debunked that they plan to accept Bitcoin. This whole thing seemed like a market manipulation.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 09:12:23 PM

#18

Volatility is holding the general public back from using it, and if Amazon or Ebay were to implement it that would likely only increase the amount of volatility, and they would likely have a plethora of complaints about how last week this product was worth $10, and now its priced at $50. We already have those sort of complaints when they run deals on their platform, it would only be exaggerated if Bitcoin was implemented. There's also complexity to adding Bitcoin to the platforms especially to Ebay. Bidding for example, would have to be done separately for each item, so you either select a fiat or Bitcoin based auction, because otherwise due to the volatile nature of Bitcoin, you could really overspend based on the ending point of that auction or could underpay which could hurt the seller.

So, you would probably see the vast majority of users selling for fiat only, and then nothing really changes on their platform, except they put all that effort into implementing something that isn't going to be used by the majority of their users.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 09:19:03 PM

#19

Quote from: 20kevin20 on July 30, 2021, 06:35:54 PM

2. Bitcoin is simply not popular enough for Amazon to do business with it. Bezos follows trends for sure, but he doesn't follow small ones. Bitcoin doesn't have that many users so his move to adopt Bitcoin on his platform would probably end up the same way Steam's did back in 2014 or so when they added BTC to the payment methods.

Yes my answer to the initial question

Quote from: Abiky on July 30, 2021, 03:26:00 PM

What's holding back Amazon & eBay from adopting Bitcoin?

is "they dont need to" and they dont see Bitcoin as a threat or that they are losing
sales or revenue. They realise the vast majority of people have and are buying
Bitcoin to invest for the future and not to buy consumables with,
but they will make they move when they know its an opportune time.

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Re: What's holding back Amazon & eBay from adopting Bitcoin?

July 30, 2021, 09:24:58 PM

#20

Quote from: Abiky on July 30, 2021, 03:26:00 PM

What's holding back Amazon & eBay from adopting Bitcoin? Is it due to skepticism, volatility or lack or regulations?

I ask you the following question:

how many times have you heard things like:

1 - Don't sell your bitcoins, make hodl... hodl, hodl

2 - I'm holding my bitcoin until the price reaches $300,000

how many times have you heard this kind of stuff? I can answer you:

you must have heard this many times.

so how many people are interested in using bitcoin to buy stuff on Amazon and Ebay? I believe that the number of people is very small that it's not even worth ebay and amazon to accept bitcoin as a means of payment

Quote from: Abiky on July 30, 2021, 03:26:00 PM

Do you think these companies will adopt Bitcoin soon? Or it'll never happen?

one day they will accept, but for now in this crypto market people are interested in 3X profits and not using cryptocurrencies to make purchases

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