Will Amazon ever accept Bitcoin as a payment option?
Amazon moved to quash speculation surrounding a straightforward entry into the planet of Bitcoin, with rumors abound that the behemoth retailer was set to accept the world’s largest cryptocurrency as a payment option.
Yet, just days after sending a ripple through the Bitcoin network, Amazon refuted the rumor—but gave crypto users a touch something else to think about for the longer term.
Amazon Denies Plans to Accept Bitcoin
Amazon accepting Bitcoin as a payment option is seen together as the holy grails of mass adoption. If the world’s largest online retailer accepts Bitcoin, the cryptocurrency world gains billions of potential users overnight.
An unnamed “insider” chatting with City AM alleged that Amazon would begin taking Bitcoin payments “by the top of the year” before adding that Amazon features a long-standing cryptocurrency plan which the corporate “Isn’t just browsing the motions.”
Furthermore, a recent Amazon job posting for a cryptocurrency and blockchain lead listed requirements like “leverage domain expertise in blockchain, distributed ledger, financial institution digital currencies, and cryptocurrency,” again adding to the speculation.
However, a spokesperson from Amazon said:
Notwithstanding our interest within the space, the speculation that has ensued around our specific plans for cryptocurrencies isn’t true. Nevertheless, we remain focused on exploring what this might appear as if for patrons shopping on Amazon.
The rumors helped push the Bitcoin price from around $35,000 to $40,000, the most crucial single-day gain in months. However, once the Amazon statement went live, the worth retraced its path, although only to roughly $37,500, maintaining half its gains.
When Will Amazon Accept Bitcoin?
Will Amazon accept Bitcoin? Or will it create a cryptocurrency of its design, tailored to the e-commerce giant’s sprawling network of warehouses, outlets, stores, and other businesses under the Amazon umbrella?
At the very least, the work posting confirms that Amazon is investigating the way to implement blockchain technology throughout the organization. Whether that’s implementing Bitcoin as a payment system for Amazon products or simply as an indoor blockchain for supply chain tracking is anyone’s guess.
It could instead be that, in time, Amazon begins accepting Bitcoin payments alongside internally developed technology.
Of course, Amazon isn’t entirely within the dark when it involves blockchain technology. The Amazon Managed Blockchain was among the primary managed scalable private blockchain networks, using the Hyperledger Fabric and Ethereum. Amazon’s Managed Blockchain network is understood as Blockchain-as-a-Service, a deployable and scalable option primarily focused on businesses and enormous organizations.