Amazon may have confirmed reports Monday afternoon of its impending push into cryptocurrencies were not true, but the company “doesn’t want to be left out,” Arina Kulackovska, Head of Corporate Payment Solutions at international crypto exchange CEX.IO, Invezz said in an interview.
Amazon is interested in cryptocurrencies
Amazon, like many other large corporations, wants to give its customers “a chance to do something” with crypto, Kulackovska told Invezz. The company is actively hiring specialists, so some of its possible future plans include accepting payments in cryptocurrencies. Alternatively, management may be interested in transferring some of its processes to the blockchain or even paying bonuses to employees in cryptocurrencies. The executive said: “In fact, there are many opportunities for speculation surrounding this news.”
Bitcoin will not be your preferred method
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According to the expert, anyone who can link their card to Amazon will find the money subtracted faster than the speed of the transaction on the blockchain in terms of Bitcoin (BTC / USD) and other mainstream cryptocurrencies. If we take a currency like XRP (XRP / USD), on the other hand, it would have a better chance of supporting a large number of transactions. In addition, the processing agreement would be instantaneous and Amazon would not have to wait for mutual agreements with the acquirer. Amazon is unlikely to focus on Bitcoin because its transaction speed is lower than that of cards.
Will Amazon occupy a place among the ‘champions’ of Bitcoin, like Tesla?
The executive would not call Tesla a mega-supporter. They are just one of the global corporations that have gone public with their work with Bitcoin and cryptocurrency technology. At the moment, his actions seem to be more of an indication that it may be time to change the way we think about money. If there is a major adoption or technological change, these corporations can take leadership positions in cryptocurrency sales quickly.
Amazon will find it harder than Tesla to implement BTC
Kulackovska believes that it will be more difficult for Amazon to implement Bitcoin due to the cost of processing and compliance. She clarified:
“Amazon will have to clamp down on the types or quantities of products available to buy with BTC, potentially leaving only the expensive items on the available list. Otherwise, they would have to spend a huge amount of resources supporting small crypto transactions for the cheapest products on their platform.
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