Cryptocurrency is linking to a new realm, we could very well be seeing a new era of online shopping with digital currency at the forefront of the revolution.
Amazon is embarking on a quest that is set to change the world of digital currency forever. With online retailers like Amazon getting in on cryptocurrency, could we be seeing an impact on the way we shop online in the future?
If Amazon does launch Amazon coin, an alt-coin, would they be challenging the biggest name in cryptocurrency at the moment, Bitcoin? It’s way too early to tell, yet early surveys suggest that Amazon coin could be Bitcoins biggest threat to date.
Why Amazon coin?
The idea of an online retailer safeguarding your financial affairs is a strange notion that wouldn’t sit well with the bank. In today’s age anything is possible, so it shouldn’t surprise you that Amazon, a giant online retailer could be starting a digital currency.
Studies suggest that only one in five people are opposed to the idea of a digital currency brought forward by the online shopping company. In a survey conducted on a thousand Amazon customers, more than half of the candidates (51.7%) said yes to using an Amazon based digital coin.
Amazon coin is a future endeavour
While the idea of an Amazon cryptocurrency is exciting, it’s only a far future endeavour that may not even see the light of day. As it stands, Amazon doesn’t even accept any payment in the form of digital coin. What makes the plot even thicker is the move by Amazon to acquire a website called amazoncoin.com in November 2017, which redirects visitors to the current home page. The online retailer went as far as to register three virtual currency domain names but blasted speculation theories out of the water by ensuring the public that these were acquired to safeguard its brand.
Would more online retailers follow suit?
While there are a vast array of retailers that accept Bitcoin as legal tender, the digital currency has not penetrated any giant online shopping companies. If you are looking at using your Bitcoin for purchases in land-based and online retailers, this list will tell you exactly where you can shop. Anyone looking to shop with Bitcoin can do so at Steam, Intuit, Dish Network, Microsoft, Subway, Newegg, Etsy, Square, ExpressVPN, PureVPN, Expedia, Bitcoin.Travel, Cheap Air, Virgin Galactic, Overstock, eGifter, Mint.com, Evermore Health, Berkley Travel and more.
Amazon could be the first to break the barrier and start a new age of consumer culture, whereby all transactions on the online retailer’s site are processed effortlessly through a blockchain cryptocurrency.
How Amazon coin could affect online shopping
As it stands the online shopping process is already streamlined. Shopping with a credit or debit card can be daunting to those that still look for the CVV number in awe, as your checkout cart crushes your hopes of making it a speedy transaction.
Amazon coin would be based on a blockchain cryptocurrency. The digital currency would make transactions faster, more convenient and more easily understandable, as using one universal currency would systematize the entire process. The move would be as revolutionary as the move from a cheque to a debit or credit cards was.
What makes digital currency so easy to transact with is the fact that users don’t require high maintenance and complex system software to process transactions. All you need to receive cryptocurrency is a simple digital wallet, which is widely available online.
Cryptocurrency is generating massive interest and attention around the globe. New and old markets are looking into this technology to improve their products and services on offer. Companies like Amazon could very well create their own digital coin, which would have a knock-on effect on the online shopping sphere, changing trade as we know it.