Amazon and Crypto
April 8, 2021 by NOWPayments.io
The crypto industry has made incredible progress over the past decade, yet the dream of mass adoption still has not come true. Despite the fact that certain large companies such as Tesla are starting to accept Bitcoin as payment, there is a general reluctance on the part of the corporate world to utilize blockchain technology.
Amazon is a company that currently does not offer its clients an opportunity to directly pay with cryptocurrency for products on its website. Yet, there are a number of viable options to avoid the use of fiat when buying goods from Amazon.
From A Bookstore to An E-Commerce Giant
Amazon was established as an online bookstore in 1994 by Jeff Bezos, the man who, as the CEO, has led the company to its prominence. The business rode the wave of the increasing web popularity of the 90s and successfully survived the burst of the dot-com bubble in 2001. Almost thirty years later, Amazon is the largest online retailer, and its market capitalization has surpassed one trillion dollars. Yet, most importantly, Amazon has extended its selection of goods from books to virtually all kinds of products available to people in every part of the world.
Amazon’s Relationship with Crypto
As it was mentioned earlier, Amazon has not yet made any efforts to invest in BTC and start accepting Bitcoin. In 2014, the company’s representatives said that they did not see any desire of its clientele to pay with cryptocurrencies and thus stayed away from venturing into the industry. Yet, in 2019, the company launched its service Amazon Managed Blockchain which allows clients to open and manage their own blockchain networks or join the existing public ones. Customers even can access Ethereum networks using APIs. Unfortunately, it is the only connection of Amazon to the crypto world, but it shows that the company believes in the potential of the technology and may actually start accepting crypto in the future.
Buying Gift Cards with Bitcoin
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