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"Amazon will have to issue a currency sooner or later," Changpeng Zhao, CEO of cryptographic giant Binance, said on Saturday to tweets more than 277,000 of its Twitter followers.
Binance CEO boldly claims Amazon
It started with the tweet of the founder and CEO of Binance, in which he did not understand why no ecommerce company would accept encrypted payments. He also listed some of the basic features and benefits that cryptocurrency offers over traditional payment methods:
For any internet based (non-physical) business, I do not understand why someone would not accept cryptography for payments. Integration is easier, faster and cheaper than traditional payment gateways. Less paperwork And reaches more diverse demographic and geographical.
– CZ Binance (@cz_binance) February 2, 2019
In response "Crypto Dan, The Crypto Bull" tweeted that once Jeff Bezos would start accepting crypto, the world would follow:
Amazon will have to issue a currency sooner or later.
– CZ Binance (@cz_binance) February 2, 2019
This prompted Zhao to publish his proclamation that Amazon will have to issue a currency sooner or later. This is something the cryptocurrency industry has been eagerly awaiting, as the global online retail giant, the world's online retail giant, is expected to embrace the emerging block-based payment and banking technology. the door to mbadive adoption. This would be the big breakthrough of crypto.
Amazon Blockchain and Distributed Data Patents
Source: Shutterstock
Early clues that Amazon could very well follow this path include patents obtained over the past year by Seattle-based retail retailer's subsidiaries for distributed data encryption and storage solutions, as well data market which, according to badysts, could be used to integrate cryptocurrency payments into the vast Amazon shopping platform.
Companies accepting cryptocurrencies
The cryptography industry has been speculating on when Amazon could make that decision, why it has not been done yet, and monitoring Amazon's signs since Overstock Inc. hit the headlines in 2014, when she started accepting bitcoin.
Overstock was very early adopted by online retailers, announcing a partnership with Coinbase to accept payment in bitcoins for its stock of furniture, carpets, home decor, bedding and bathroom items, renovations, kitchen appliances, outdoor equipment, jewelry and clothes. and electronics.
At the time, he was bold, risky and visionary to accept money from the customer's digital internet users rather than money guaranteed by the US Government Authority. and its central bank, and send its customers a valuable stock, such as luxury watches for women or a laptop. computers. But here's why Patrick Byrne from Overstock did it:
Presentation of BITCOIN 2014 by Patrick Byrne, CEO of Overstock
Other online retailers currently accepting Bitcoin payments include NewEgg, Shopify, Dish Network and Expedia.
Why Amazon has not disappeared Full Crypto [Yet?]
In 2014, Amazon said it would not accept bitcoins because "customers do not tell us it's good for them". This means that when the general demand reaches a critical mbad, Amazon will be able to adopt crypto-payments.
Of course, a wider use of bitcoin to buy products online also requires wider acceptance, which creates a clbadic problem between egg and chicken.
If Amazon inevitably chooses to issue its own cryptocurrency, that would be another big blow to society, which has made its founder and CEO the richest man in the world because, in the course of its history he exploited all the skills. the company is developing increasingly ambitious projects.
Amazon could become a major global currency issuer, which is not bad for a company that started out as a bookstore. But any currency it could issue would be only store credit, which is not terrible if the store offers a choice as large and varied as that of Amazon, but is not as versatile as the currency that can be spent at a merchant.
That's why Amazon may be content to accept bitcoins instead of creating its own cryptocurrency. What do you think would be the smartest solution for Amazon?
Changpeng Zhao Picture of REUTERS / Darrin Zammit Lupi
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