The cryptocurrency community has always thought about important companies like Amazon, Starbucks or eBay that launch their virtual currencies and in the last days there are some speculations on Amazon that builds its own cryptocurrency.
Individuals from around the world are buying things online at all times. in the last ten years, online commerce has grown at a very high rate and companies like Amazon have benefited from it.
For example, in the United States, online shopping accounted for over 10% of retail sales for 2017. And in fact, Amazon controlled an important part of that market with $ 189.61 billion in sales. For this, there is a growing speculation that the company is thinking of creating a cryptocurrency for its platform.
According to an article published in Townhall, Amazon could finally create its cryptocurrency. In the past, the company has owned several domain names closely related to cryptocurrencies. Some of them are amazonbitcoin.com, amazoncryptocurrency.com, amazoncryptocurrencies.com and amazonethereum.com.
This shows that society is in some way interested in virtual currencies. However, it is also possible to think that the company has decided to collect these website names so that others would not be able to use them.
One other thing that the author of the article marks is that Amazon is always involved in the latest trends connected to the latest technology. This trend can be seen in the products that the company has released on the market such as Echo or Kindle. In addition, the company provides cloud-based services to other businesses.
In the past, the company decided to launch Amazon Coins. In 2013, when these coins were released, Bitcoin was not what it has become today. These coins could be used by users to make purchases on Fire TV, Fire tables and Android devices using the official Amazon app. However, the coins were not cryptocurrencies. It was not possible to convert them into money or exchange them with funds. They could be used to make purchases on the platform, working similarly to gift cards.
The company also has a very active economic ecosystem that would help the adoption of this virtual currency. Amazon has a global user community that has been involved with the platform in many different ways. The gigantic company has an audience of 300 million people and the launch of a cryptocurrency would have its positive points.
Amazon would also set up an exchange to exchange cryptocurrencies, since it was very profitable for other companies such as Coinbase or Binance. People could start trading their favorite cryptocurrencies and use their native virtual currency to buy products.
However, there are some obstacles that could make it difficult for Amazon to launch its virtual currency. The US government has not yet created a clear federal regulation on virtual currencies. Each of the states is addressing this problem separately, something that is not good for companies working in space. Before creating a virtual currency, Amazon would wait until the regulatory problems are resolved and discussed, something that may take several years.
It may not be easy to create a virtual currency, but Amazon has everything it needs in terms of money, technology and infrastructure to launch a successful virtual currency.