Amazon to Launch Crypto Coin Marketplace, Inviting Developers to Apply
Amazon has been busy this year, acquiring grocery chain Whole Foods and launching a line of smart home products. Now, the company is stepping into the crypto space as well. Amazon is launching a new marketplace for Bitcoin and Ethereum for developers to sell their goods. Amazon is opening up its site to sellers who will be able to list their Bitcoin, Bitcoin Cash, Ethereum, and Litecoin on Amazon’s platform. With all these changes happening at once, it’s no wonder some people are speculating that Amazon may be looking to take over the world. But what does this mean for the future of cryptocurrency? And what about Amazon? Here are some thoughts on how Amazon Crypto Coin can change your life in many ways.
What is Amazon Crypto Coin?
Cryptocurrency is the world’s next great innovation that you’ve probably never heard of unless you have been paying close attention to Bitcoin. Cryptocurrency is a totally decentralized digital system of digital coins that are completely portable, stored, and encrypted. To keep things organized and useful, each type of cryptocurrency has a unique “coin” in its name. Here’s the list of the most popular types:
Bitcoin (BTC): This is the most well-known of the cryptocurrencies because it’s the most widely used one.
Ethereum (ETH): Ether is the second most commonly used Amazon Crypto Coin.
Dash (DASH): This is an anonymous cryptocurrency that doesn’t have a central authority or a bank to verify transactions.
Bitcoin Cash (BCH): Bitcoin Cash is the follow-up to Bitcoin.
How does Amazon Crypto Coin work?
For those who don’t know, cryptocurrency is a digital currency that can be traded online for goods and services. An example of a cryptocurrency is Bitcoin, which is actually one of the first digital currencies ever created. You can think of Bitcoin as a form of digital cash, but it’s different than what most people are used to. Since Bitcoin isn’t controlled by a central bank, the rules can be tweaked over time, which means that Bitcoin can be used for different transactions, just like other forms of currency.
While the world of cryptocurrency is still new and still evolving, it’s important to understand why you might be buying it.
What are the benefits of using Amazon Crypto Coin?
In a word: convenience. You no longer have to take extra steps, you can bypass currency exchange fees, and you won’t have to wait to find a bank with free ATMs or send money to a friend over WhatsApp. It also brings a new level of transparency to the buying process, because you are no longer dealing with middlemen like exchanges and banks. Most of all, crypto opens new doors to consumers who are in the process of transitioning from cash to online payments.
What are the disadvantages of using cryptocurrency?
It is notoriously volatile, and to be frank, it is difficult to purchase on Amazon. The process is lengthy, and it takes time to reach the exchange to buy your crypto, because of PayPal, money transfer, and other services.
How does Amazon Crypto Coin’s announcement affect the future of cryptocurrency?
Amazon’s foray into cryptocurrency doesn’t change anything immediately for you as a Bitcoin or cryptocurrency enthusiast. It’s worth noting, though, that Amazon’s acceptance of Bitcoin as a currency is significant and opens the door for a lot of other things as well. Amazon is the biggest online shopping site in the world and by accepting Bitcoin as a form of payment, you’ll be able to buy almost any product that you can imagine. You won’t be able to get Amazon’s cheapest deals, but the fees will be much cheaper.
Now, to be clear, Amazon is not the only place you can spend your Bitcoin. You’ll still need to go to a wallet to spend that same currency, and while some wallets do allow you to spend your cryptocurrency on Amazon Crypto Coin, many do not.
So what do you think? Is Amazon the next big thing in the world of Amazon Crypto Coin? Is it too late to get into the crypto world? Or will it be another great era to enjoy Bitcoin?
Images courtesy of Shutterstock, Amazon, Giphy
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