Millions of Americans still have a hard time understanding the concept of digital currency. Many business leaders are also puzzled by all things Bitcoin-related. One such person is Amazon CEO Jeff Bezos, who recently said that Amazon would not be accepting Bitcoin anytime soon.
Why Amazon Would Not Be Accepting Bitcoin
During an interview, Bezos was asked if Amazon would ever accept Bitcoin as a form of payment. The online retail giant has already begun to accept payments from Apple Pay and other forms of digital wallet technology. However, Bezos said that he does not see a future where people can use Bitcoin to buy things from Amazon.
There might be some good reasons why Amazon is not interested in getting in on the Bitcoin bandwagon. One reason is the constant fluctuation of prices associated with the volatile cryptocurrency market. Bitcoin has experienced several extreme price fluctuations in recent years, making it difficult for retailers to develop a consistent pricing structure for their goods and services. Because of this volatility, many businesses are not willing to risk being left with a loss. Bezos added that Amazon has been working hard to make its payment solutions more convenient for customers and is constantly looking at new ways to improve them. Bezos also touched on bitcoin mining, saying that it can become quite expensive when done at scale.
Despite Amazon being a trailblazer in ecommerce and moving into new horizons rapidly, it is unlikely that they will be accepting Bitcoin as a form of payment anytime soon. They have already got too much on the plate that they are currently working through. That does not mean that they will never take Bitcoin to buy things from Amazon —but certainly not soon.
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