Amazon Crypto Coin is getting in on the crypto craze. The company recently announced the launch of a new cryptographic virtual currency called Amazon Coin. It can be used by customers to purchase apps, games, and in-app items from the Amazon Appstore for Android or to buy goods from third-party sellers through an online retail website. Here are some things you need to know about this new cryptocurrency.

 

What Amazon Coin is

According to a post on the Amazon website, Amazon Crypto Coin is a cryptocurrency created by Amazon through its Amazon Web Services (AWS) division. The aim is to facilitate in-app purchasing and allow third-party sellers to accept Amazon Coins for items sold on Amazon Marketplace.

How much Amazon Coin will cost in US dollars

The price of Amazon Coins has not been disclosed but Amazon says that they will be priced at $0.000305, which will roughly equate to 0.002 cents per Amazon Coin.

When will you be able to buy Amazon Coins?

Buyers can buy Amazon Coins starting today and the new cryptocurrency will be added to Amazon’s app and website.

What will Amazon Coin be used for?

Amazon says it will be used to reward customers for app and game purchases and for online retail purchases on Amazon.

 

How Amazon Coins work

Before you can purchase goods with Amazon Coin, customers will need to download a special app for Android or the Amazon Appstore for iOS. This app will allow you to use Amazon Coin to pay for products on Amazon’s website.

Once you’re set up with the app and Amazon Coin, you can buy certain apps and games by spending your Amazon Coins. Other products like books and household products can be bought with Amazon Coins. These purchases can then be redeemed for Amazon gift cards.

Amazon Coins can be purchased by using your Amazon account, debit card or credit card. However, a note on the company’s official website says that Amazon Coins can only be purchased using a debit or credit card and not a bank account.

 

Pros and cons of Amazon Coins

Amazon Coins can be purchased in Amazon Cash, Amazon Coins with no Amazon Cash account. Unlike Amazon’s credit and debit card payment systems, Amazon Coins can be purchased and redeemed in the app using a credit or debit card or cash. Once you’ve purchased them, you can use them to pay for purchases in the Amazon Appstore for Android or Amazon.com.

Though Amazon’s payment system is more convenient, it’s also less secure. You can only spend Amazon Coins on the apps and games you’ve already purchased in the Amazon Appstore for Android and on the Amazon.com website. And while there’s nothing stopping you from using other crypto coins in place of Amazon Coins, you’ll have to worry about setting up another account that can be used to make purchases. If you’ve recently set up an Amazon.

 

Conclusion

Yes, the hype surrounding cryptocurrencies is real. Their benefits are numerous. Additionally, there are numerous growing cryptocurrencies out there that don’t even carry Amazon’s name on them. I’m talking about big names like Microsoft, Microsoft Azure, and IBM.

Amazon Crypto Coin was obviously created to be a threat to other competitors, and there are some obvious risks involved. This doesn’t mean it’s a bad idea, but it does mean you need to fully understand what Amazon is offering.

Do you think crypto currencies are the future? If so, which one is your favorite