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Updated on | Posted in Bitcoin, Blockchain Technology, Cryptocurrency

Amazon Launches Crypto Coin Marketplace: Ready To Take Over The World?

Amazon has been a big player in the world of eCommerce and digital retail. Now, Amazon is looking to dive into cryptocurrency. Amazon already has a cryptocurrency marketplace that allows you to buy things like gift cards and software with Bitcoin. As of now, Amazon does not accept these Amazon Crypto Coin for payment on their website. However, this could be changing soon! What will it mean for other retailers and sellers?

What is Bitcoin?
Bitcoin is a digital currency that allows users to conduct financial transactions online and securely without a central authority. It is the first digital currency that can be stored on a device, and be transferred peer-to-peer. While a small amount is available in circulation, Bitcoin has soared in value. At one point, you could actually get paid to store Bitcoin!

In the US, the value of Bitcoin skyrocketed from around $1,000 in 2013 to over $17,000 in December 2017.

Where does Amazon stand on this new and confusing currency?

Amazon is building a new service called Amazon Coins which will be a system where customers can trade in their Amazon Coins to buy items on Amazon.com. Amazon Coins will be different than Amazon’s normal virtual currency, the Amazon Gift Card.

How to buy and store Bitcoins
This Marketplace has just launched today and is a seller-only section on Amazon. Users must meet the following criteria to sell:

At least 10 BTC or ETH as a starting purchase amount

Your full name and email address

US shipping address is required for sales in the United States

If you want to become a seller in this marketplace, you must apply with Amazon. The application process requires additional information like product listing and Amazon seller license. You must also be verified, so you can say that your business is established. You are not allowed to have more than 10 items listed and you must set an annual transaction limit of $1 million per calendar year.

The Amazon Crypto Coin market is growing, and everyone is going to need to start accepting them in order to survive.

Why invest in Bitcoin and how to do so
Anyone can invest in Bitcoin and all the cryptocurrency that has been created by the technology. The idea behind it is that you can use cryptocurrency to bypass banks and fiat currency in trade. Essentially, you can pay for things just as easily as you can with cash, wire transfers, or debit cards.

While Bitcoin has taken off the most in the market, many other alternative currencies and coins have been developed. There are millions of dollars worth of these coins that are worth only fractions of a penny, but there are a lot of people who are just getting involved.

Bitcoin is the primary currency, but there are plenty of other currencies available. It’s not a one-size-fits-all situation.

What are the risks of investing in Bitcoin?
Bitcoin has been a big hit with investors this year. It is the number one investment in the Amazon Crypto Coin space, with an astonishing valuation of $10,016.20. What many do not realize, is that investing in Bitcoin comes with some major risks. Bitcoin has an average trading price of $1650.69 apiece, and as the price of Bitcoin increases, so does the risk. With the exponential rise in Bitcoin’s value over the past year, the trade is getting more dangerous than ever.

The volatility of Bitcoin can easily move the price of a single Bitcoin up or down by $200. As of now, Bitcoin is incredibly volatile. For example, a single Bitcoin at one point this year was valued at $5,238.20. However, that same Bitcoin at one point last year was valued at only $731.

Obviously, a lot of people are watching this story closely, and if Amazon starts accepting Bitcoin, the world of digital currency could look very different in the very near future.

Disclaimer: The information contained in this post is for informational and entertainment purposes only. Please do not use this information for gambling, or investment decisions. I advise you to do your own research and do not make any trading decisions based on my personal opinions, opinions, beliefs, and information.