Amazon sent shockwaves through the cryptocurrency world when their job posting for a digital currency and blockchain product lead sparked speculation about Bitcoin’s fate. With their need for such expertise to develop their vision and roadmap for new payment products.
Bitcoin is revolutionizing what money means, and Amazon needs to adapt. Launching its own cryptocurrency could boost revenues while drawing in younger customer bases.
What is Amazon Crypto?
Amazon appears to be planning a big splash in the crypto space by creating their own digital currency. Although Amazon hasn’t confirmed their existence or released date of their cryptocurrency, they appear serious about entering this market.
The company, which had already been developing a virtual reality platform using blockchain tech, is venturing into cryptocurrency with plans to create a marketplace for non-fungible tokens (NFT). A source told City AM of this development.
These coins would operate much like app store credit, enabling customers to buy games and products on the company’s e-commerce platform. But unlike true cryptocurrency such as Tether, their value in USD cannot be speculated with. Over the past several years, Amazon has also experimented with non-fungible tokens (NFTs), including their Nike Dunk Genesis range which linked directly with real shoes.
How to Buy Amazon Crypto?
There is no direct way to purchase Amazon crypto, but you can purchase cryptocurrencies like Bitcoin and use them to buy Amazon gift cards – these cards can then be used on the website to purchase anything from food and books to electronics.
Bitrefill offers one way of doing this. It enables Amazon gift card purchases using cryptocurrency wallets such as Edge, Exodus, Guarda and Coinomi and then buy them using any one of them as your base currency.
An alternative method for paying with cryptocurrency is through the BitPay Card, a virtual card funded with Bitcoin and other cryptocurrencies that can be used to make purchases on Amazon’s website and offers other advantages such as reduced transaction fees, instant settlement and reduced credit card chargebacks – available both to residents in the US as well as certain other countries.
Scams
Amazon is being targeted by an increasingly common scam claiming it has launched a token presale. The fake news post and comment sections on YouTube videos spread this falsehood that AMZTRX or AMZD2X crypto coins may be purchased at discounted prices if referred by friends and family to this sale.
This scam uses urgency to persuade victims into making a hasty decision they will regret later. While their official stance on cryptocurrency remains unknown, the company has hinted in the past that they may accept crypto payments in future. Last year, the Federal Trade Commission took action against DK Automation and its owners for selling supposed investment services that generated passive income on autopilot; as a result, millions in refunds were ordered back to consumers from them.
Legitimacy
Amazon is extremely clear about their intentions not to introduce a cryptocurrency product or service anytime soon, even with Bitcoin first emerging over a decade ago. So far they haven’t provided customers the ability to pay with crypto for products at Amazon.
One reason behind Amazon Web Services’ reputation as a magnet for scammers may be related to how often its services attract scammers; one notable case being Jonny Platt who received an unexpected $45,000 bill after having his account compromised and used for Monero mining.
Amazon recently came under attack following accusations it is setting up its own blockchain to prepare for launching its own cryptocurrency token. Rumors were started when they posted an opening for a “digital currency and blockchain product lead”. Although that job posting has since been removed, speculation prompted investors to increase Bitcoin prices substantially as scammers sought out potential new investments looking for the next big thing.