Amazon is taking a new step in business, and they are now shifting their focus on cryptocurrency. They have purchased three domain names related to bitcoin, and they are; amazoncryptocurrency.com, amazonethereum.com, and amazoncrptocurrencies.com. Bitcoin has recorded an increase in its price to $6,600 following the announcement of Amazon’s wish to join the market, since its inception in 2009.
According to a report released by Coindesk.com, Amazon has been eyeing this industry over the last three years ago, with their earlier registration of amazonbitcoin.com. Upon visiting the domain, it automatically directs you to the website of Amazon.
The main reasons Amazon has turned its attention to cryptocurrency
• To establish cryptocurrencies as a mode of payment following the development of their payment system by the name Amazon Pay. With the implementation of Blockchain, this method will be one of a kind and will be more efficient.
• With their Amazon Web services (AWS), there will be a provision of mining services for cryptocurrencies.
• Domain names are properties: Amazon has purchased these cryptocurrencies to earn a profit in the future. These domains are like companies, buildings, and machinery.
• Misrepresentation – Today’s technological advancement makes it easy for the spread of misinformation in social sites such as Facebook, WhatsApp, and Twitter. Amazon has purchased these domains to reduce the chances of misrepresentation in the future and safeguard their company’s name.
• To secure the future– Amazon has embarked on this project keeping in mind the importance of cryptocurrencies in the future with a plan of expanding its market.
According to Ethereum’s co-founder Joseph Lubin, he believes that cryptocurrency concept is a” bubble “and is in its initial phase. He hopes these bubbles will revolutionize and be even bigger and more efficient. The bubbles create attention in the tech market and lead to more value in the system.
Who Will Develop the Amazons And the Instagram Of Cryptocurrency?
There is a lot of excitement and confusion in the world of cryptocurrency lately. Cryptocurrencies are transforming the money market, and investors are in still in the know of who will merge Amazon, Instagram, and bitcoin to develop a spectacular application. With this concept in implementation, Amazon will be in a position to acquire more value with every emergence of technology such as mobile, web and now crypto.
Amazon has achieved their slice in cryptocurrencies primarily because of their magnificent show of flexibility. The firm was initially developed as an online store. Their calculative move to bitcoin is taking them places and will in future turn the tech giant into a crypto pro. With the incorporation of Ethereum and other bitcoin technologies, Amazon has assured a Blockchain business that will spur a revolution in the world of cryptocurrency.
Crytomania Wallet Ranks Top Ten in the Amazon Bestseller List
The portfolio, ledger Nano S has made it to number eight on Amazon’s computer and peripheral department. The wallet goes for $80 on Amazon.com. What does this mean to Amazon? It merely implies that the tech company will have the best platform to mine cryptocurrencies, with the incorporation of their payment system Amazon pay and successful online store
This significant achievement spurred attention at the cryptocurrency fraternity after u/hunk_ quark posted to Reddit; this significantly suggested that it was a brilliant indicator of digital currency‘s move towards general adoption. Such hardware wallets offer security over theft and bitcoin users an efficient access to several digital cryptocurrencies.
Amazon’s decision to shift to digital currency is spectacular. They have a great platform to achieve the best in the world of Bitcoin, majorly because they have a good reputation and have dominance in the online industry. The incorporation of Amazon and the three domain names will undoubtedly yield success in both platforms.