The worldwide acceptance of the cryptocurrency moved Amazon to obtain a slice of the pie by procuring three domain names for Amazon Bitcoin payment options. Amazon bitcoin is readying its cyberspace for customers who want to do business using bitcoins in the retail market.
Amazon Bitcoin Domains
The newly Amazon registered domain names are amazonethereum.com, amazoncryptocurrencies.com, and amazoncryptocurrency.com. Besides these new domain registrations, Amazon already owns amazonbitcoin.com. Domain name wire reported the filings last Tuesday. Speculations on the use of the cryptocurrency in Amazon transactions are on the rise as the retail giant had no confirmation of their plans yet. Amazon’s direction to accept the cryptocurrency further appreciated the value of the bitcoin in the market.
A report from the Federalist said that the reason why Amazon bought the three domains is that of “brand protection.” The retail e-commerce giant would not allow any entity to destroy what it built over decades of its business. A more direct response to the three domain registration would be Amazon is preparing for the transition of cryptocurrency into its retail platform. The online retail giant wants to be ready when the digital currency sets in the industry.
Business talks in social media fill columns and conversations about the bitcoin bubble unfolding before the investor’s eyes. BTC investors are even more ecstatic with the appreciation of the bitcoin for more than a $1,000 from last week. The rapid rise of the bitcoin after the Thanksgiving Holiday saw the cryptocurrency heading to the $10,000 mark. Bitcoin users went on a buying spree during Thanksgiving Day that grew the digital currency even higher. Portfolio Manager at the New River Investments Conor Sen immediately recalled the late 90s tech bubble with today’s bitcoin surge in market value.
Amazon bitcoin will soon be accepting the cryptocurrency in the e-commerce giant’s platform. When this happens, there will be a merger of the internet commerce and cryptocurrencies. The merger will alter the commerce landscape in buying and selling goods and services over the internet.
The Initial coin Offering (ICO) Craze
Inspired how ethereum and Bitcoin surged in the cryptocurrency domain, other companies are joining in the bandwagon by creating their digital currency. There are currently 800 bitcoin entities going at it at the moment. Each crypto coin is trying to bite off a slice of the market.
The Initial coin offering is the launching pad of business organizations who want to have their cryptocurrency. There is also speculation that the e-commerce giant is going to launch the Amazon bitcoin as a factor of owning the amazonbitcoin.com and the registration of three others. The move may be putting Amazon in that direction.
Amazon bitcoin will signal the trend of bitcoin acceptance into the world of e-commerce, raising further the market value of the cryptocurrency. Amazon’s insinuation that it is interested to indulge in the digital currency into its platform will send ripples along the waves of trade and internet commerce.
As of now, the news is only rumors as the public is anxious about Amazon’s decision to adopt the Amazon bitcoin cryptocurrency. The rise of the BTC and its full acceptance in trade and commerce turns heads for other retailers to accept it in its online platform for business. Amazon bitcoin may also be the cause of the giant retailer’s preparation in case it decides to have its cryptocurrency in circulation besides protecting its brand.
Major retailers already integrated their businesses with the cryptocurrency. Retailing giants like Overstock, TigerDirect, and Japan’s Bic Camera are in with bitcoin on their trading platforms. Amazon bitcoin would be a turning point in the retail industry since the e-commerce giant is the most prominent player in the business with a market cap of $532 billion.
The cryptocurrency rise goes unnoticed
The digital currency is hard to ignore when its ascent is so rapid with a market capitalization now exceeding the $300 billion apexes in the cryptocurrency market. According to coinmarketcap.com, the total market cap of all cryptocurrencies has a value of over $300.5 billion with “Bitcoin” taking of the chunk at $158 billion. The Coindesk Bitcoin Price Index (BPI) indicates the trading value of bitcoin is now at $9,482. Other cryptocurrencies developed its share of their crypto coins that contributed to the rise of the digital money.
Following the leader in the world of cryptocurrency is Ethereum with a market cap of $46 billion as of this writing; its current trading price is at $475, an increase of 25% from its value last week.
For the Amazon bitcoin, it is more likely that the retail leader will be accepting the cryptocurrency in its fold as it approaches the $10,000 mark. BTC has a market capitalization higher than IBM, Disney, or McDonald’s. Amazon bitcoin acceptance will revolutionize the payment option for the online retail business. Other significant companies accepting bitcoins are Microsoft (via XBox), Subway, Overstock.com, WordPress.com, Expedia, and Virgin Galactic.
Gold vs. Bitcoin
BTC price is worth seven times over the value of gold. Today’s gold prices are at $1,296.30 per ounce. Latest reports show that Bitcoin surpassed GE’s market capital at $160 billion. Take note that GE is an established company since 1892, one of the oldest in the world with 295,000 employees and has a $123 billion in revenues.
In the latest news from Bitcoin.com, Old Mutual Gold and Silver Fund allocated $11 million from its holding last year to purchase from the cryptocurrency of Bitcoin. The fund manages a total of $220 million of precious metals is opting to join the ride with cryptocurrency. In this premise, bitcoin could be paving the way for gold as global money once again.
In this regard, the world gold council dismisses notions that the financial surge of the bitcoin affected the poor performance of gold in the third quarter of 2017, said Alistair Hewitt, Head of Market Intelligence, World Gold Council. But Q3 shows otherwise with gold’s showcase of the third quarter as the precious metal slumped to its eight-year low.
With this upturn of gold investment on bitcoins, experts say that gold should support bitcoin because BTC is the digital gold. So when an investor opts to purchase bitcoin, select a bitcoin backed up by gold because that is what it is ought to be in the first place, says Fund Manager Ned Naylor Leyland.
Amazon Bitcoin is something that consumers with bitcoin deposits hope to see soon. Besides the convenience it will bring to bitcoin account holders, it will be a booster to the cryptocurrency values. More bitcoin investments will draw crypto-seekers thereby appreciating its value near or over the $10,000 mark.
All eyes are on Amazon on its acceptance of the cryptocurrency in its e-commerce platform. Amazon bitcoin on the trading platform of the retail giant means an efficient commercial experience with the bitcoin account holders doing business with Amazon.
The digital bitcoin currency will modernize the payment option brought about the Amazon bitcoin integration in their retail business that can improve the quality of life of the bitcoin buying customers.Netizens are starting a petition to Amazon to accept cryptocurrency and provide a bitcoin payment option on their website.
At any rate, Amazon bitcoin will have its cryptocurrency or will be accepting Bitcoin and Ethereum shortly. But there are some points to consider as to Amazon’s bitcoin. Consider that there was a bitcoin crackdown in China last September and government threatened to shut down domestic bitcoin operations. The second reason why Amazon did not take that plunge with bitcoin yet is that there is not a whole lot that you can do about bitcoin besides accepting payment for goods and service from clients. The third reason for not implementing the Amazon bitcoin yet is there is still speculation of the bitcoin bubble and that its staying power is not enough to follow through.
Speculators say that if Amazon is to accept cryptocurrency in its retail business as a form of payment, it would be the biggest thing to happen to bitcoin and ethereum. The move would blow up the BTC value even more.