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Is Amazon a threat to Bitcoin?

Rohnak
Rohnak

More and more people are looking to invest in Bitcoin. Earlier, it was only the tech-savvy people as well as teenagers who looked to invest in Bitcoins. However, currently, each and every person is looking to invest in Bitcoin. In fact, individuals with the high-risk profile are mortgaging their home in order to invest in Bitcoin. Even billionaires are looking to invest in Bitcoin. There are quite a few people who are put in a significant portion of their lifetime savings in Bitcoin. The problem is that Bitcoin is highly volatile. A drop of 30% or 20% in a single day is not unheard of. That is why it is highly risky to invest in Bitcoin.

In spite of that is, people are investing in Bitcoin. However, Bitcoin is facing a unique risk. It seems like Bitcoin is facing a risk from Amazon.

Amazon-largest retailer in the world:

The total sales of Amazon in the last fiscal were US$ 94 billion. This is clearly a significant amount and makes Amazon one of the biggest retailers if not the biggest globally. However, Amazon still does not allow purchasing with the help of Bitcoin or with the help of cryptocurrency. Even though it is in a position to do so but still, it has not launched to support for Bitcoin. Clearly, Amazon thinks that it is not favorable to launch Bitcoin support.

Barriers to Bitcoin:

The number 1 barrier to the acceptance of Bitcoin is the transaction speed. Currently, Amazon is processing 600 transactions each and every second. On the other hand, when you look at the Bitcoin’s transaction speed, it is 7 transactions per second. Similarly, Ethereum stands at 15 transactions per second. As a result, if Amazon allows transactions with the help of Bitcoin or Ethereum, it will be live on its system. That is why the customer experience will not be that great.

Amazon might be considering cryptocurrencies for the future:

There are a few indicators that Amazon might be considering to use cryptocurrencies in the future. Amazon has registered domains like Amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com. The registration was done on October 31, 2017. It clearly indicates that sometime in the future, Amazon is slated to launch cryptocurrencies or services which are related to cryptocurrencies.

Thus, up until now, Amazon is the biggest threat to cryptocurrencies but this might change in the future as Amazon adopts cryptocurrencies which have high transaction speeds.

Source:- Hackernoon

 

is Amazon a threat to bitcoin? let us know what you think in the Comments below.

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Rohnak

I have been following blockchain and crypto technology since its emergence.