Well, as predicted Amazon won't accept BTC anytime soon. I mean, from an actual business stance, what's the benefit? Why would they do that? Values fluctuate heavily on the daily, BTC is slow (llike really slow), you can't pay other people with it, etc...
This should not be a shocker at all to anyone. I know a lot of us are wanting to be optimistic about the future and usage of bitcoin, but that's only because most of us have a vested interest in its adoption in order to make the value of the coin go up. But distance yourself for a second, and tell me realistically how a business like Amazon would actually benefit from accepting BTC as payment?
I assure you if I were starting an online market place that I would not accept BTC.
Let's talk about transactions. Amazon currently does more than 600 transactions PER SECOND! Now, think about if Amazon were trying to do all of that in BTC. It would clog the network and everyone would get pissed, plus it would make it take even LONGER for Amazon to have their BTC transactions go through. Plus think about what this selloff would do to the price? Any guesses?
BTC transactions are made to be used for large, slow, international transactions. Such example of this is actually real estate where there's escrow windows, large sums of money, and high wire and/or transfer fees. These factors are not the case with Amazon. Amazon is literally the polar opposite to the use case that is created by BTC. If Amazon ever wanted to integrate cryptocurrencies, it would need to adopt one that had lightning speed transactions that also was a lot more stable and heavily utilized already.
Until cryptocurrencies get better and more mainstream, there's absolutely no reason a company with a business model like Amazon would actually benefit from the effort it would be to accept BTC.
Thoughts?
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Theres no need for any companies to adopt any cryptocurrencies when you have payment systems like TenX or Monaco, payment platforms that instantly convert blockchain assets into fiat transactions. You can pay for goods on Amazon right now using Bitcoin via this method.
Amazon does not accept fiat straight from a bank without Visa or Mastercard to facilitate this transaction so why would they accept Bitcoin straight from your wallet?
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In the end, the final monetary vehicle may be different from the coins you mention, but I do agree with your thinking here Gamma. Thanks!
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There is someone paying for Groceries with their TenX card yesterday. the tech is already here.
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Big fan of TenX, Monaco, Metal etc. Out of crypto coins, my favorite 3 are Dash, NEM, PIVX. NEM is tested for 3000Tx/s and still have negligible fees (They have a proof of Importance model with zero coin emission). Dash has near instant Tx with ultra low fees. Dash is already set for 400MB block size increase with 2.5 min block time resulting 1600 times the transactions of BTC per second. PIVX is pretty much a PoS ripoff of Dash. Therefor I LOVE PIVX.
In future we may have even better products/services. Currently Dash, NEM and PIVX seems to be the best picks for businesses. Dash is already picking up 1-3 merchants each day while BTC is actually having negative merchant adoption.
https://discoverdash.com/
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Agreed , dash is a great project, i was in early but sadly I sold out around the $25 mark .... I'm holding PIVX also and agree with all your points, you know your stuff.
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Thanks for the comment. You should also check out WTC. It already had a major bull run but still it's super cheap with only about $80 million market cap. As an investment I'm more interested in PIVX because it's super undervalued for coin that is pretty much PoS Dash.
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Thanks, I'm big on WTC too nice to see it regain its value after 3 weeks of nonsense, PIVX I've been involved with since May and agree on its potential as a great privacy project way undervalued , and Neo is about to be added to Bithumb on Friday so if it follows the lead of others like Monero or Ripple that were added on there we could see multiple gains 🚀
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NEO is definitely THE competition that ETH is going to face. Maybe EOS will do better. Waves, Stratis,QTUM are all good products. But NEO has some interesting things going on (https://steemit.com/neo/@toria/the-neo-agenda) and I'm very impressed about the way they handled China FUD.( By that I mean they didn't. They kept going like it's just another day)
WTC should be around IOTA. They are already partnering with the textile related industries. It'll be cheap even at $40
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I agree with everything you've written. IOTA total supply put me off so when I saw Walton as another entry into Internet of Things technology I happily bought in. Much less total supply will mean greater dollar value quicker and I agree with your $40 estimate.
Neo in my opinion may end up the default coin on Chinese exchanges instead of BTC, I believe the strategy by china is not destroy Crypto but propel Chinese Tech to the top in China, already there are rumours the ICO ban is temporary this will of course benefit NEO, plus its being listed on Korean exchange Coinlink tomorrow and Bithumb on friday 🚀
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Just think about the BTC total supply in satoshi. Supply itself isn't a issue. IOTA can easily grow 50 times. With a massive supply, no transaction is too small. That's probably what they were going for.
WTC is easier to implement. It's mostly just RFID+Blockchain resulting in great immediate value for businesses. WTC could easily make every retailer compete with Amazon's brick n mortar shops.
I totally agree with NEO and China. It's like the Chinese BAT. Other than NEO there is WTC, Bytom and Hcash. That's all I know about. These projects will greatly prosper as long as they bow down to China.
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Very accurate. Cryptos need to scale up and surpass visa and mastercard transaction limits, plus come up with a innovative way for inicial coin distribution. POS is more secure since it harder to acquire 51% of the coin than 51% of the mining power. However POS does not solve the Inicial disitribution dillema. Further thoughts answered upon request regarding a better crypto. However i must add dispite these current shortcomings of cryptos i would still use them on a daily basis more than fiat if it was widely accepted
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100% correct and well said, to be honest, I hope merchant never accept BTC. It's so slow and so expensive like you said, even LTC is too slow and expensive in my opinion for mass adoption.
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