Does Amazon Accept Bitcoin?
Bitcoin has been in existence for over a decade now. Since its invention by Satoshi Nakamoto in 2008, it has gained popularity and credibility to become a reputable cryptocurrency. Despite its recognition by most people and online businesses all over the world, Amazon is still reluctant to accept it as a mode of payment.
Amazon has not given an apparent reason for not accepting Bitcoin for direct payment by shoppers. The company believes that since most of their customers are not using Bitcoin to transact on their platform, it is needless to make a move and ask them to start paying for their shopping with Bitcoin.
Also, there is an argument that Amazon is still reluctant to accept Bitcoin because the future of the currency is uncertain. While Bitcoin may stand as the most decentralized mode of payment that does not face regulation from governments, most people still cannot explain how it operates. Amazon could also face a lot of challenges when it comes to pricing their products and calculating their returns with Bitcoin. The reason is that Bitcoin is more volatile than fiat money.
You can also argue that Amazon wants to maintain its ‘monopoly’ as the leading online retailer. The company has collaborated with other financial institutions such as VISA to facilitate small online transactions from their customers all over the world.
Through their partnership with such institutions, customers can pay for their products at a low cost, which gives the company a competitive advantage to other small online retailers in the industry. Bitcoin faces wild price fluctuations, which makes it unfavorable for Amazon.
The anonymous technology behind Bitcoin also makes it less trustworthy to the giant retailer. Although this may seem cynical, most people believe that the company has not gained any trust in the currency. Also, five years after Bitcoin came into limelight, Amazon came up with Amazon Coins; a currency that they believe is suitable for those buying games and apps. It could be a signal that the company is on the move to come up with its currency and would not propose Bitcoin to its growing customer base.
Buy on Amazon with Bitcoin
Does Amazon take Bitcoin when shopping on their platform? Yes, there is a trick for buying products on Amazon with Bitcoin. It comes as a breakthrough to all online shoppers that are tired of paying substantial transaction charges. If you intend to purchase anything on Amazon with Bitcoin, you must first buy a gift card. The digital gift cards from Amazon are just like the US dollar currency, and you can use them to purchase anything on the platform.
There are many applications out there that you can use to buy and save money on Amazon with Bitcoin. Below are some of the software you should try using:
Bitrefill is one of the most popular online services that you can use to buy gift cards for use on Amazon. You can also use the service to buy airtime for your mobile phone using Bitcoin. Once you verify your account on Bitrefill, it is easy and fast to purchase gift cards and use them on any Amazon platform.
Purse.io is one of the most useful services for buying products on Amazon with a cryptocurrency. Most people around the globe are using this tool to make their purchases straightforward, fast, and save up to 33.0% of their money.
The service works on a simple methodology. It connects those who intend to sell Amazon gift cards for Bitcoin with those who want to buy goods and services on Amazon with Bitcoin. It acts as a link between a buyer and seller of Bitcoin to make the process of exchanging the cryptocurrency faster.
If you want to buy products on Amazon via a Purse.io account, you must select a product on Amazon with the highest discount. After picking the product from the online shelf, Amazon presents your order in the order book and makes it visible to all earners. Earners can be anyone willing to trade their gift cards and pay for your order. The earner receives Bitcoin once they have paid for your order with a gift card, and the transaction is complete.
Moon is another fantastic service that enables you to use Lightning Network payment to make purchases on Amazon. It also makes it possible to pay for your orders on Amazon via Bitcoin Cash, Ethereum, Litecoin, and Coinbase.
Moon is a simple browser extension that you can install and use on your Opera, Chrome, and Brave browser. It has a simple user interface, which makes it easy to navigate.
How to buy Amazon Gift Cards
There are many ways of buying Amazon Gift Cards. You can make Amazon pay with Bitcoin by using SpectroCoin. Using this tool is easy. All you have to do is to fund your SpectroCoin blockchain wallet then follow these steps:
- On the application’s dashboard, click withdraw funds.
- Move through to ‘top-up and vouchers.’
- Select the country where you are placing the order from.
- Select the Amazon store that you need a gift card from on the ‘shops’ section.
- You will receive an authentication key on your phone, email. Input the key and click on ‘submit.’
- SpectroCoin will send you a voucher code immediately. You can use this voucher to buy anything you want on Amazon.
Whenever you purchase products on Amazon with a gift card, you must specify your mode of payment to Amazon Gift Card. There are varieties of Amazon Gift cards, and you can use each of them in their specific locations. Note that Amazon gift cards and voucher codes expire. Therefore, you should only buy Amazon gift cards with Bitcoin if you are ready to purchase on Amazon.
Lastly, you must ensure that you install a VPN on your device to protect all your Bitcoin transactions. It is very risky transacting online without a reliable VPN extension on your browser. You are more exposed to cybercrime and identity theft when using an unsecured public network.
The future of Amazon and Bitcoin
The future may look bright for those intending to use Bitcoin on Amazon as the cryptocurrency keeps gaining popularity amongst their customers. If any of their customers begin using Bitcoin, then the retailer may have no other option but to accept direct payment with Bitcoin. Ideally, in April 2014, Amazon announced that they were not accepting direct Bitcoin payments because their customers were not asking them to take the digital currency.
Also, we can expect Amazon to start suing Bitcoin if leading corporations such as Walmart, PayPal, and eBay start using it. Amazon is likely to be under intense pressure to keep up with the market competition if other online retailers start accepting Bitcoin.
Amazon may still be reluctant to accept Bitcoin because the number of those using the currency is low. It is estimated that not more than one million people are using the cryptocurrency to shop online. Until the number of Bitcoin users grows significantly, Amazon may still be reluctant to use the currency. Those shopping on Amazon can only wait for the retailer to include the Bitcoin feature on their dashboard.
Online shopping on Amazon is fast and secure if you have a gift card. The retailer does not accept direct payment with Bitcoin. While this cryptocurrency is still gaining popularity among online shoppers, we can expect Amazon to embrace Bitcoin in the coming years.
When you use Bitcoin on Amazon, you must always check that your personal information is protected with a VPN. You don’t want to fall prey to information leaks that may damage your online reputation and expose you to online threats. With the information we have shared here, you can now go ahead and shop on Amazon with your Bitcoins.