Business 4 February 2019

Derek Tonin

Amazon entry into crypto space inevitable, Binance CEO says

Amazon is one of the most valuable companies in the world, and it just keeps growing and expanding its services. Until it happens, the question most crypto enthusiasts will keep asking is, when will they take crypto payments?

In a recent Twitter thread, Binance CEO Changpeng Zhao wondered aloud why not all Internet-based businesses don’t already accept crypto as a form of payment. When a follower encouraged him to reach out to Amazon CEO Jeff Bezos, Zhao replied, “Amazon will have to issue a currency sooner or later.”

This is little more than one businessman making proclamations on Twitter, which is less than a BitConnect token on most days; however, it does get the conversation going of when the world’s largest online retailer might take the next step.

Amazon isn’t a complete stranger to blockchain technology. Last year, they patented a cryptocurrency data marketplace, with many applications for customer, developer and government use. There really have been no rumblings about Amazon developing its own token though.

In April 2014, Amazon declined to add Bitcoin as a purchasing method because they were “not hearing from customers that it’s right for them.” Nearly five years later, much more of the public is familiar with cryptocurrency, but Amazon has still not added the option.

Where Binance’s chief officer might be wrong is in telling Amazon go to create a cryptocurrency of their own. Amazon is a company that thrives on creating efficiencies where inefficiency existed before. Spending millions on developing a new token, and then millions more on advertising to spread adoption, is incredibly inefficient. Once more, it’s totally unnecessary, as we already have a perfectly good cryptocurrency for them to adopt in Bitcoin SV (BSV).

BSV is the only cryptocurrency that can scale to the needs of a massive enterprise like Amazon. It has already proven it can support 103MB blocks, and the development team suspects it will be able to handle up to 2GB blocks in the near future. It also has reached a certain stability in its protocol, which Amazon can rely upon as a solid foundation for their customers’ use.

The day that Amazon does take the plunge into cryptocurrency will be huge for the industry. When it does, BSV will be ready for them.

Note: Tokens on the Bitcoin Core (SegWit) chain are referenced as BTC coins; tokens on the Bitcoin Cash ABC chain are referenced as BCH, BCH-ABC or BAB coins.

Bitcoin Satoshi Vision (BSV) is today the only Bitcoin project that follows the original Satoshi Nakamoto whitepaper, and that follows the original Satoshi protocol and design. BSV is the only public blockchain that maintains the original vision for Bitcoin and will massively scale to become the world’s new money and enterprise blockchain.

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