Are Amazon planning to get involved with cryptocurrencies?
Ever since cryptocurrencies came into existence, the skepticism about their future has been a constant companion. Recently, the total market cap of cryptocurrencies surpassed the $200 Billion mark. But the murmurs of doubt still linger, owing to the concerns regarding the lack of widespread acceptance of cryptocurrencies.
Amazon Buys Three Cryptocurrency-related Domains
As luck would have it, a recent development may silence the naysayers, and mark the beginning of the golden era of cryptocurrencies. A few days ago, Domain Name Wire reported that Amazon has registered three new domain names related to cryptocurrency – Amazonthereum.com, Amazoncryptocurrency.com and Amazoncryptocurrencies.com. The move has taken everyone by surprise as not too long ago, a top executive from Amazon categorically denied having any plans to enter the cryptocurrency market. But if the e-commerce giant’s past actions are anything to go by, maybe we shouldn’t be too surprised that the plan was kept under wraps until the move was actually made.
What are Amazon’s intentions?
As Jeff Bezos is keeping his cards close to his chest, we can only speculate about his intentions with the freshly acquired domain names. As far as accepting cryptocurrency payments is concerned, the e-commerce giant has affirmed time and again that there are no such plans. Recently, a petition to enable Litecoin payments on Amazon was dismissed out of hand. And in case you are wondering, the rumours that Amazon will soon start accepting Bitcoin payments are, well, just rumours. But if the demand for accepting cryptocurrencies crosses a certain threshold, we think Amazon won’t try to resist the trend.
Although we are not privy to what Amazon’s intentions are with the three new domains, we would still like to hazard a few guesses. Here are a few of those:
- One of the most likely possibilities is that Amazon may start acting as a brokerage service for cryptocurrencies. It would be possible to do so without even enabling cryptocurrency payments on Amazon’s shopping platform. Is Jeff Bezos going to let go of an opportunity to get a piece of the rapidly growing Cryptocurrency Pie if he can do so without upsetting the apple cart? We don’t think so!
- As one of the domain names is Amazonethereum.com, Amazon may have zeroed in on Ethereum as their cryptocurrency of choice. If it turns out to be so, it would be quite interesting to know the reasons behind the decision, as the choice is rather peculiar to say the least. Another possibility is that Amazon may create its own centralized digital currency named Amazonethereum. It’s quite unlikely, but the possibility certainly does exist.
- Even if Amazon doesn’t have any immediate plan with the three domains, buying them up to prevent other entities from doing the same is still a smart move. With this move, Amazon has killed two birds with one stone. Neither can anyone use Amazon’s name for their own cryptocurrency related business; nor can anyone cause any hindrance in the future, should Amazon ever decide to join the cryptocurrency party.
Why is this development so important?
If Amazon decides to jump aboard the cryptocurrency bandwagon, it’s going to be amazing for cryptocurrencies. Not only will it put the acceptance debate to rest for good, but will also address the concerns about the stability of cryptocurrencies. The sooner cryptocurrencies lose their reputation of being ‘speculative investment vehicles’, the better.
As of now, Amazon’s cryptocurrency plans remain shrouded in mystery. Let’s hope that Jeff Bezos recognizes the potential of cryptocurrencies soon. The fact that cryptocurrencies are going to be mainstream is not up for debate anymore. But with Amazon’s blessings, that inevitabile possibility is going to turn into reality that much sooner, and won’t we love that!
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