As Amazon continues to grow exponentially and disrupt other industries it only makes sense it will one day accept cryptocurrencies. That day is not today, however. Coming off a record breaking earnings report of $1.6 Billion it did reveal it would be creating tools that will allow users of its Amazon Web Services to create blockchain networks –decentralized digital ledgers that log transactions securely.
Having Amazon.com (NASDAQ:AMZN) enter into the cryptocurrency payment space would be huge for both Bitcoin and Ethereum, but don’t hold your breath. Despite Amazon registering amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com. and amazonbitcoin.com Amazon Pay Vice President Patrick Gauthier announced late last year that the company has no intention of accepting bitcoin anytime soon. With that said, their recent actions tell us they could be laying the groundwork for accepting digital currencies in the future. And why wouldn’t they? With almost half of all eecommerce sales in the US going to Amazon.com they could easily test digital payment systems and save millions in transaction fees to the credit card companies.
Payment technology is evolving and you can bet Amazon will embrace digital currency payments once the space has matured and the rewards outweigh the risks. We believe having a small amount of Ethereum in your digital wallet is a safe bet for when this day comes.