Amazon Crypto, created and supported by one of the world’s largest online retailers, is a new form of cryptocurrency built upon blockchain and designed specifically to be used within games and apps.
Amazon recently made headlines when their job posting sparked speculations of entering the cryptocurrency market with their own coin. These rumors, however, remain unverified.
What is Amazon crypto?
Rumors swirled that Amazon may enter the crypto space by creating its own token, prompting speculation by an Amazon job posting that mentioned need for talent in cryptocurrency and NFTs.
These fake crypto scams are currently circulating on social media using Amazon as bait to gain people’s trust and garner engagement through bots, such as likes, shares, and comments – enabling the perpetrators to manipulate prices by creating hype and speculation around token sales.
There is no official Amazon cryptocurrency, and any token claiming to come from them should be avoided at all costs. Amazon has partnered with Avalanche in offering blockchain as a service on their cloud computing platform – this partnership could signal Amazon’s intention to enter into NFT or digital collectible markets, perhaps expanding into NFTs or digital collectibles markets themselves. Furthermore, Avalanche introduced a gallery feature enabling users to display their digital tokens.
Will Amazon accept cryptocurrencies?
Amazon appears unlikely to start accepting cryptocurrency anytime soon despite their recent surge in value. CEO Andy Jassy cited logistic issues and fuel costs as being obstacles to acceptance; instead he hinted at getting involved with selling NFTs (non-fungible tokens backed by blockchain technology).
NFTs (Net Financial Tokens) are virtual currencies used in games and other applications. You can buy and sell NFTs via various exchanges and brokers, though no plans have been announced by Amazon Pay for purchasing NFTs directly.
Amazon has denied reports of its plans to create its own crypto coin. These reports stemmed from job postings for a Digital Currency and Blockchain product lead that spurred speculation of entering the cryptocurrency market. Although Amazon has established a blockchain platform as part of future projects, no plans exist at present to issue its own coin.
Is Amazon crypto a scam?
Be wary of cryptos that claim to be supported by Amazon as these could be scams. One should always conduct due diligence when investing in new cryptocurrencies and should check reviews on Reddit and independent crypto YouTube channels before investing. Furthermore, any ads asking for wallet verification or seed phrases should be avoided.
Akamai Technologies cybersecurity researchers issued a warning Thursday of a new scam using Amazon as bait to promote a fraudulent “Amazon token presale.” Criminals exploit time-limited offers and FOMO to pressure unwary buyers into purchasing these untrustworthy digital tokens.
Fake advertisements used to promote presale appear from reliable sources like CNBC, Guardian and Yahoo but actually lead to domains set up by fraudsters. Social media engagements on these sites are also locked so real users cannot write comments; similar ads have already targeted users earlier this year using CNBC ads as part of this scam.
Will Amazon accept Bitcoin?
Cryptocurrencies have been around for more than a decade, yet Amazon does not accept them as payment. Rumors abound that Amazon may begin working with digital currencies in the future.
Rumors began after the company posted an advertisement seeking someone with “domain expertise in blockchain, cryptocurrency and central bank digital currencies”.
Amazon may opt for its own cryptocurrency rather than accepting existing ones such as Bitcoin, due to their decentralized nature and peer-to-peer nature. Amazon would need to make decisions for all members of the community which could prove challenging.
Working with cryptocurrency would require major modifications to Amazon’s infrastructure worldwide, something they don’t take lightly. Even so, working with crypto would be a significant boost for both the industry and a surge in price of Bitcoin.