Sunday, January 29, 2023

Amazon Buys More Crypto Domain Names, Still Not Into Digital Currency

Amazon Buys More Crypto Domain Names, Still Not Into Digital Currency

Online retail behemoth Amazon excited cryptocurrency fans today when it snapped up domain names,, However, the company said it still has no plans to accept digital currencies as payment methods on its platform.

Also read: Holy Satoshi! We’re in the Tenth Year of the Bitcoin Age

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What’s in a (Domain) Name?

Rumors that Amazon is about to accept bitcoin (or others) have run rampant for years now. The company already owns However simply owning a domain doesn’t signify intention — if anything, Amazon is probably protecting its brand against cryptocurrency enthusiasts who might use the domains to pressure it.

At an official level, Amazon has repeatedly denied it plans to accept digital currencies. CNBC quoted Amazon Pay VP Patrick Gauthier as saying “there hasn’t been much demand yet”.

Years of Amazon Cryptocurrency Rumors

Four months ago, rumors sparked up again after a Steemit post claimed Amazon would “soon” accept BTC and LTC. It wasn’t to be, though, and the “evidence” provided was a chat conversation with what appeared to be an entry-level customer service rep.

Still, it was enough to bump the bitcoin price at the time. Should Amazon ever officially endorse and accept cryptocurrencies, speculators would give it another boost.

In the end, Bitcoin’s power could grow to such a size that large companies have no choice but to use it.

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Even in 2014, Amazon management was busy squashing bitcoin rumors. Re/code reported in April that year that payments head Tom Taylor said “we’re not hearing from customers that it’s right for them and don’t have any plans within Amazon to engage bitcoin.”

Engadget sided with Amazon at the time, saying Amazon could be working on its own international payments platform.

In the end, the larger problem may not be corporations refusing to accept cryptocurrencies, but users’ tendency to hoard them. Smaller businesses have reported accepting BTC, only to find customers prefer to use cash/cards. Why spend money that might be worth three times as much in a month or two?

Will Amazon ever accept bitcoin or cryptocurrency? Tell us why or why not.

Images via Fortune/Jaap Arriens/NurPhoto

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