Bitcoin is undoubtedly the best-known cryptocurrency in the world. A question that has been asked for several years now, is whether or not Amazon is one of the companies to be added to the growing list of brands that accept Bitcoin as a payment method.
With the likes of eBay now accepting NFTs on its marketplace, what is Amazon's policy on cryptocurrency? We'll take a look at how things stand in 2021.
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Does Amazon accept Bitcoin as payment?
At the time of writing, Amazon does not accept Bitcoin as a form of payment on its website. There are lots of theories as to why this is. Some speculate that because Amazon is considering launching their own cryptocurrency, they don't wish to legitimise a potential future rival.
Other suggestions include its volatility, and this would make it hard to price products. And there is also the potential of future regulation on crypto assets, and the implications that could bring in terms of red tape and costs.
This doesn't mean the end of the story though. When Jeff Bezos announced he was stepping down, his successor was named as Andy Jassy. He has been described as "cryptocurious", suggesting that the door is not completely closed on this.
How to use Bitcoin on Amazon
We know that Amazon won't accept Bitcoin as a direct payment for goods. But that's not the only way to buy things on Amazon. There are numerous gift card sites which will allow you to purchase an Amazon gift card, in exchange for your precious Bitcoin. So if you do want to buy something from Amazon using Bitcoin, then you do have this option.
But bear in mind, however much Bitcoin is worth now, the price could change dramatically. You could either bag a bargain, or find that your purchase has become hideously expensive.
Remember the guy who bought two pizzas for 10,000 Bitcoin back in 2010? In today's prices, those pizzas cost him roughly $613 million. Let's hope they tasted good.
What is Bitcoin?
As a cryptocurrency, Bitcoin is a digital asset that was created as a potential replacement to traditional currency. Over the last few years, it has gone from being a niche idea that was popular with criminals due to its anonymity, to being bought up by enormous businesses and investment funds, perhaps most famously Tesla.
Some companies view it as a form of "digital gold", and a hedge against inflation. Others have invested because they have seen how rapidly the price has risen in recent times.
There is already a wide range of companies that accept Bitcoin as a form of payment. While Tesla seems to change its mind with alarming speed, it is certain that this cryptocurrency has the potential to become a mainstream payment method in the not too distant future.
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