Amazon is revolutionizing the future of virtual reality by creating its own cryptocurrency to power its marketplace. The company has filed for a patent that will allow customers to use the Amazon Crypto Coin virtual currency to buy items on its platform. This move would give Amazon more control over its payment process, while also making it easier for customers to purchase things with less hassle.

This article will teach you everything you need to know about crypto coins and how they work, what Amazon’s new crypto coin means for the company, and what it means for all of us.

 

What Is A Crypto Coin?

The US Patent & Trademark Office (USPTO) defines cryptocurrency as a digital currency that “is a bearer instrument that can be used to facilitate commercial transactions without the need for intermediaries or third parties. Cryptocurrencies use a shared public ledger of all bitcoin transactions known as the blockchain. Blockchain is a digital ledger of transactions that are permanently stored and maintained by a network of computers on the internet.”

With the benefit of being a shared ledger, blockchain allows Bitcoin to be secure and anonymous, while also allowing the transactions to be instantly tracked and verified by everyone. Cryptocurrency functions like a cross between an American Express Black Card and your bank’s savings account.

 

The Amazon Coin

The Amazon Crypto Coin is a virtual currency that will be introduced to its marketplace in 2019. Amazon Coin will be used to pay for products and services on the Amazon marketplace. Amazon’s application for a patent states that users will be able to “use Amazon Coins in place of, or in conjunction with, credit and debit cards.”

To read the full patent, head over to the United States Patent and Trademark Office’s website.

Amazon’s Patent Filing

The Amazon Coin will also function as a loyalty reward program that users can use to accumulate rewards. Consumers will be able to use Amazon Coins to buy rewards for a discounted rate. According to The Verge, Amazon will be using its own BlockPay system to verify transactions.

 

What Does This Mean For Amazon?

The Amazon Crypto Coin virtual currency is designed to help Amazon compete with competitors like Facebook and Apple.

The Amazon Coin allows Amazon to keep up with the ever-changing technology trends, which is crucial to keeping up with the needs of its customers. In other words, the virtual currency will allow Amazon to quickly create different platforms based on the technology that will be most widely adopted by its customers.

In essence, this will allow Amazon to quickly develop a new user interface that’s based on which platform it deems to be the most popular. Amazon is currently engaged in a race with Facebook, Apple, and Google to become the first major social media platform to launch a cryptocurrency.

 

What Does This Mean For Customers?

Amazon shoppers have never had it easier and with this new method of payment, they will soon have more options.

More choices mean more savings and the ability to purchase things like virtual reality headsets from Amazon in much easier ways.

How Will It Work?

If you’re not familiar with the Amazon ecosystem, let me give you a rundown of how the Amazon cryptocurrency will work.