Amazon Coins, an illegal simulated cryptocurrency being offered through their App Store. If investors fall for this scam they could lose all their investment.
Cryptocurrency and token presales are increasingly becoming an attractive investment opportunity, yet their increased interest provides a fertile ground for fraudsters to operate fraudulent schemes. Before participating in any project or token presale, do your homework carefully and seek second opinions from reliable sources before proceeding with anything.
Buying Amazon Coins
Amazon Coins offer a convenient new way of purchasing apps and games on the Amazon App Store. Similar to a gift card, these digital currencies can be purchased in any denomination and used towards purchasing any application available within it, although not physical goods or services.
Many people believe the Amazon Coin is a cryptocurrency; however, this is not true. Unlike Bitcoins, these coins cannot be sold or transferred and must only be used to purchase products on Amazon App Store. At present, Amazon Coin can only be used to buy apps and games, though this could change in future as its usage expands into different fields of product sales.
Amazon may or may not plan on creating its own cryptocurrency in the near future; it remains intriguing nonetheless to observe how they approach this payment system. They recently purchased three domain names related to crypto and blockchain technology – an indication that Amazon could potentially introduce their own virtual coin sometime down the line.
Investing in Amazon Coins
Amazon Coin is its own unique digital currency and can be redeemed for games, apps and in-app purchases on its Appstore – helping customers keep an eye on spending without running up credit card bills. Amazon claims they have seen success encouraging more frequent shopping through their app store.
Amazon Coins can be obtained by purchasing Kindle devices and subscribing to Amazon Prime, and can also be purchased individually for one dollar each. Unfortunately, however, they cannot be redeemed for cash or transferred elsewhere yet since Amazon isn’t ready to embrace cryptocurrency fully yet.
Amazon’s recent purchase of three cryptocurrency domains could be seen as evidence of their commitment to their blockchain strategy. Their purchase may signal their intent of creating their own cryptocurrency and integrating blockchain tech into platforms, although an exact date for their release remains unknow.
Investing in Amazon Tokens
Amazon has long been speculated to launch their own crypto token. Rumors surrounding a job ad have ignited these speculations; however, there has been no official confirmation. Amazon is well known for waiting until it can demonstrate a market is extremely lucrative before entering it.
Investors must exercise extreme caution when investing in Amazon coin. Only use reliable exchanges when buying it and safeguard your wallet against criminals who might target cryptocurrencies; to do this safely store AMZN coins in an accessible place and use strong passwords with your account.
Though Amazon is exploring digital currency options, it is unlikely to become a cryptocurrency due to their decentralized nature and blockchain foundation; thus leaving them susceptible to attacks. Amazon’s currency would instead be centralised, with the company controlling its future direction.
Avoiding Amazon Token Scams
Cryptocurrency enthusiasts have been abuzz over Amazon’s potential decision to issue its own digital currency. Although no confirmation from the retail giant has yet been provided, scammers have taken full advantage of the speculation and associated their counterfeit tokens with big names in an attempt to convince gullible investors that they’re legitimate – knowing full well that fear of missing out (FOMO) will cause investors to purchase without giving it much thought first.
Scammers may try to lure you in by offering promises of free token pre-sales, spamming social media platforms or texts/calls/phone calls/pop-ups on your computer and impersonating trusted companies such as Amazon, Microsoft, FedEx or your bank.
Bear in mind that there is no such thing as an Amazon crypto token; any website claiming to provide presale of such an Amazon crypto token should be treated as fraudulent activity.