When Amazon Switches to Crypto
We can see proof around us daily that the adoption and move towards web3.0 and a world empowered by the Blockchain is gaining traction. But how would we know when it has reached critical mass?
That day could be when the world's largest retailers like Amazon start accepting crypto as payment or have their own crypto-currency. This would then be a sign of adoption and the beginning of saturation.
In the last 3 months, Amazon received 7.8 billion website visits compared to around 400 million visits for Binance.com, one of the most popular Crypto exchanges. Amazon's turnover in 2021 was $569b which would be a sizeable chunk to start running through the crypto eco-system. In comparison, the largest cryptos like Bitcoin had a daily volume of $16b yesterday and Ethereum $8b. Tether had even higher with $37b.
Traffic on Amazon is at record highs, even after the busy Christmas period
If Amazon started accepting crypto or became a web3.0 environment, that would mean that most people in the world would have adopted crypto.
The $569 billion of transactions would be flowing through the crypto ecosystem. I can imagine a future setup similar to the Hive crypto platform where people earn crypto throughout the whole Amazon ecosystem, it will totally transform online shopping. If they adapt that is and don't let this change get taken by a competitor. Hot on their heels could be eBay for example powered by a Paypal powered cryptocurrency.
Currently, Amazon is a very centralised behemoth that could transform into a crypto-based decentralised system that empowers the individual. As a large corporation, will that be in their interest though? If they don't transform, they will die in web2.0.
Where are we at now?
You can currently pay with crypto by buying an Amazon gift voucher with Bitrefill and getting a 1% discount. Alternatively, you can use a crypto-backed credit card. These are the closest to using crypto on Amazon available right now. But the payment is still in Fiat.
Where are we heading?
There are rumours that Amazon is developing their own cryptocurrency to use on its platform. This is fed from speculation that they have hired someone last year to lead their crypto strategy.
Amazon isn't going anywhere in the medium term, but they know the future is on-chain and that they will need to adapt. Once they accept crypto as payment or have their own, we know that crypto has arrived. Until then, we are still early!
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It sounds really cool the development of they do. I can't wait .