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Ledger Nano X. Shop for Ledger! Simple Search Our unified single line search bar allows you to quickly search for venues by name or address. Despite being the world's most famous digital currency, bitcoin has failed to crack into Amazon, the world's largest retailer , though the company is considered by some to be the golden goose that might bring bitcoin usage to the mainstream.

This has been a particularly hot topic ever since early , when Overstock. There are a lot of theories about why Amazon refuses to accept cryptocurrencies. The price of bitcoin is more volatile than the price of many other government currencies accepted by Amazon, so there could be some challenge in pricing products.

The uncertainty about future cryptocurrency regulation might also scare the ecommerce giant, as might the difficulty processing returns considering Bitcoin's wild price fluctuations. NYSE: V , and other payment processors. Smaller online retailers don't get such favorable conditions, which creates a competitive advantage for Amazon.

When Will Amazon Accept Bitcoin? (AMZN)

Bitcoin, in an effort to grow, already allows small web shops to accept payments at low costs, which means Amazon couldn't realize the same kind of advantage with bitcoin. One cynical theory is that Amazon CEO Jeff Bezos is not a fan of Bitcoin, possibly because he is opposed to the unregulated and anonymous nature of the technology. This theory gained some traction after the Washington Post, a newspaper that Bezos owns, published a particularly critical article in January entitled, "R.

It's time to move on. Another theory is that Amazon would like to eventually roll out its own digital currency.

Benefits of Cryptocurrency in E-commerce

If that were the case, Amazon does not want to lend credibility or open up its huge market to a future competitor. Amazon already launched Amazon Coins in for game, app and in-app purchases. In April , Amazon indicated that it would not accept bitcoin because "we're not hearing from customers that it's right for them.

Since wide usage relies on wide acceptance, Bitcoin finds itself in a catch If another major corporation such as PayPal Holdings Inc. There are no official estimates for the number of regular bitcoin users in the world, but few estimates put it higher than one million.

Until that number rises, there is not much reason for Amazon to devote resources to implement a bitcoin feature. Even though Amazon does not accept bitcoin, it does accept gift cards. The Amazon digital gift cards act just like U. This process adds a small step and expense, but it is the quickest workaround in lieu of a direct Amazon option.

Tyler Roye, CEO of eGifter, told Forbes during a interview that he knew people were paying using bitcoin, and that they were buying specific amounts for single purchases. Washington Post. It's Time to Move On. Amazon Developer. Time Magazine. Tech Stocks. Your Privacy Rights. To change or withdraw your consent choices for Investopedia. At any time, you can update your settings through the "EU Privacy" link at the bottom of any page.

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Who Accepts Bitcoin as Payment? [UPDATED]

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