Cryptocurrency is the latest trend in the eCommerce market. First, PayPal and Tesla have announced that they’ll be accepting crypto-currency for the purchases. And now, Amazon has announced that they’ll start accepting bitcoin in the future as well.
In early 2021, the price of Bitcoin was $60,000. However, it increased after Elon Musk announced that Tesla would accept cryptocurrency as their car payment. As we know, Amazon is the largest eCommerce marketplace, with a total net sales of approximately 108.52 billion in the first quarter of 2021.
With the upsurge in the usage of cryptocurrency increases, adding bitcoin in the payment method is highly beneficial for both Amazon and its customers. Amazon also added that they’d include Ethereum, Cardano, and Bitcoin cash in the payment method next year. And, they are planning to launch their own native token, but there is no confirm source for that, so that it might be a hoax.
According to the source, customers will earn rewards for paying with their own native tokens. Amazon was planning to implement digital currency in their payment methods since 2019, therefore, they were looking for a blockchain expert for so long who can manage and control proficiency in blockchain, distributed ledger, central bank currency, and cryptocurrency.
However, critics are skeptical about Amazon’s private token as it will influence the whole eCommerce industry. Moreover, it is a bit impractical as you can only use their token for Amazon purchases and nothing else.
However, after some time, Amazon denied the rumors of accepting Bitcoin in their payment methods. In the report, they stated that the speculations going around about Bitcoin acceptance are not true. Amazon has no plans to implant Bitcoin and focuses on providing a satisfactory customer experience and a seamless browsing experience.
Nonetheless, the post for the Blockchain expert is legitimate, confirming that the company is planning to adopt digital currency in nearby future. Furthermore, Amazon’s spokesperson stated that they are inspired by digital currency innovation and exploring how it will go down with Amazon.
The perfect balance of digital currency in the eCommerce industry will make the shopping experience more seamless and pleasant for both company and customers. It will make the payment process easier and hassle-free, resulting in improving customer engagement. The Bitcoin acceptance in Amazon will change the whole perspective of the eCommerce industry. Let’s hope for the best.
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