Amazon Denies Plans to Accept Bitcoin, What Does This Mean?

After the news spread about Amazon's move towards accepting cryptocurrencies as a payment mode, the e-commerce giant has made a statement denying any such activity.

Amazon Inc. posted a job opening for a digital currency and blockchain product lead on July 22, 2021. This led to speculations across industry experts and media circles that Amazon has finally started on its path toward accepting cryptocurrencies like Bitcoin as a payments mode for the transactions on its e-commerce platform. But yesterday, the e-commerce and retail giant denied such media reports. 

The report about Amazon’s acceptance of Bitcoin by the year-end published by some of the most prominent news groups sent the world’s biggest cryptocurrency up as much as 14.5% before it trimmed gains to last trade 6% higher at $37,684.04.


As per an Amazon spokesperson, notwithstanding the company's interest in the space, the speculation that has ensued around its specific plans for cryptocurrencies is not true.

However, the e-retail giant remains focused on exploring what such a move could look like for customers shopping on Amazon without a particular timeline.

Not Amazon, but other big companies have already embraced Cryptocurrencies 

Bitcoin adoption as a payment option for businesses is proliferating. This acceptance is bringing the previously untrusted and looked-down-upon cryptocurrencies closer to significant financial inclusion. Fast-food chains, major tech companies, and even auction houses are embracing cryptocurrencies.

Tesla Inc., Elon Musk’s leading electric vehicle company, has announced plans to accept Bitcoin as a payment method after carefully researching the amount of renewable energy used to mine the coin. More and more companies, including PayPal and Xbox, accept Bitcoin and other cryptocurrencies as a means of payment, and others are evaluating their options. Starbucks and Microsoft are other big names that have taken a big step forward. 

What are the benefits of Cryptocurrencies as the Payment method?

The main attraction of cryptocurrency for many businesses and users is the autonomy that digital currency gives. They can control the use of money without intermediaries such as banks or governments. Although cryptocurrency exchanges generally charge the “manufacturer” and “consignee” fees, along with potential deposit and withdrawal fees, cryptocurrency users are not restricted by traditional bank fees. This means, among other things, that there is no minimum account maintenance or balance, no current account costs, and no refundable deposits.

Like many online payment modes, crypto users can pay for their coins wherever they have Internet access. This means that purchasers never have to visit a bank or a store to buy a product. The fact that some of the world’s biggest companies are embracing crypto-trade and people are also jumping on this digital bandwagon is proof enough to show the potential of this future mainstream currency.

Aakash Sharma
Aakash Sharma
Aakash writes on Startup Ecosystem, Policies, Legal and Regulatory aspects of business planning. An alumnus of Delhi University, he is assistant editor at Dutch Uncles.

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