There have been reports of Amazon registering cryptocurrency domain names! The registration dates back to November 2017. The names include: amazonethereum.com, amazoncryptocurrency.com, amazoncryptocurrencies.com. But, what does this all mean?
In recent news, Amazon has announced its own package and delivery service which could potentially destroy rival companies FedEx and UPS. In the article (Amazon Cryptocurrency Exchange), reporter Maj Soueidan explains how Amazon has the resources to create such an exchange and provides facts as to how the company has slowly been building the foundation to make such a transition.
The CEO of Amazon commented on the absence of the blockchain in their network and how issues are capable of being resolved without the blockchain. If you have not read any of my other blogs, I suggest you refer to https://steemit.com/cryptocurrency/@ctrl-alt-elite/ups-and-bitcoin as well as https://steemit.com/cryptocurrency/@ctrl-alt-elite/fedex-partners-with-bita. In these articles, I provided sources that show both FedEx and UPS are working with blockchain technology. Now, this makes me wonder what Amazon has up their sleeve.
So, I am interested in your thoughts on the subject. Do you think Amazon will create its own cryptocurrency exchange? Why have they not adopted blockchain technology? What technology do they depend on? And why are we hearing about the domain name adoption now? These are all questions I would like answered. I will be sure to update all of you as soon as the answers become readily available.
---Ledger
Amazon Competition- https://www.seattletimes.com/business/amazons-delivery-dream-is-a-nightmare-for-fedex-and-ups/
Amazon Crytocurrency Exchange- https://smartereum.com/a-potential-amazon-cryptocurrency-exchange-everyone-is-wondering-about-this-move-amzn/
Follow me on Twitter @AltLedger
Replies (8)
Wow nice post. Keep em coming. will folloy you for more in the future :)
Thank you very much. Please feel free to leave any comments or thoughts on the topic.
If they are gonna create their own cryptocurrency i assume it focuses on buying stuff out of there own shop, well we already have so many of that proven and well established already. Why not just choose from the current existing one and help them grow. Do not get in the hype anymore, i think you're just wasting time and money there.
Be one of those company that help cement a better foundation for cryptocurrency in the entire world. That would give you a better edge.
Me and a friend were talking about this the other day actually he was asking who everyone thought the first giant mega corp would be to jump in on crypto, I said it'd probably be Amazon. They are probably one of the most forward thinking companies out there, other than probably Tesla and Elon Musk but he's on another plane altogether!
As others have also noted, any existing coin that gets accepted by Amazon will have to handle a massive increase in transaction volume. If it chokes on that increase, investors will judge the entire crypto sector quite harshly. That will be a great time to buy more coin.
As for Amazon creating its own coin, what is the use case that would both benefit Amazon's operations and make the coin worth buying?
good call. Amazon is pretty much taking over every market. It will be exciting to see what they do with the crypto.
I agree. I would like them to partner with an already existing coin, however, they have more than enough resources to produce their own. I essentially see them using there own. They are already opposed to using the blockchain which is concerning.
Excellent point! If they did create their own coin, what would be the asset behind it? It would have to be used as a "vessel" for investing. And in that form the value would be what the traders make it to be? So, then they may have to resort in using a variety of cryptocurrencies (coins and tokens) in order to handle the massive volume. Something with a high volume. However, that is assuming they would "only" accept crypto as a form of payment which would never happen. So a combination of accepting both fiat and crypto as a form of payment could work.