/biz/ - Business & Finance

why they would want to accept internet meme coins that have literally zero value?

>he needs 20 peers to confirm his payment

lel

>>12605079
>why would these websites not add in another payment option to increase sales by (in the case of amazon) $millions for near zero cost other than a half a dozen programmers maintaining it

Volatility and
>>12605083
this I would assume

>>12605079
If you still think this by now there’s no hope for you

>>12605066

Good luck paying your employees and suppliers in crypto

>>12605066
risk. KYC/AML laws and physical custody of the coins are the biggest barriers. amazon isn't about to put themselves on the hook for terrorist financing. but with coinbase and gemini creating custody and payment services it will become less risky with time.

>>12605104
I guess on reason is brand damage, crypto still has this "secret money to buy illegal stuff" image.
Also I could imagine they don't want to deal with customers facing trouble and attaching a negative image to amazon.
Just imagine how many boomers trying out bitcoin would ask their support to cancel a transaction because they typed in the wrong public address.
>what do you mean you can't reverse the transaction ?

>>12605066

>>12605104
It is a matter of internal rate of return. For a company the size of Amazon, they would have to devote serious manpower (much more than a half dozen engineers) to make a new feature as a secure, scalable, and user friendly as their reputation demands. They couldn’t rely on sloppy amateur stuff like bitpay or whatever; it would all be done in house. And there’s the opportunity cost of those engineers and designers not being able to work on other things so it’s not simply a matter of it bringing in more money than it costs - the average Amazon engineer is actually bringing in way more than their salary would suggest. There are also indirect costs of crypto such as volatility (the main reason Steam dropped it) that have to be managed and accounted for and reputation and legal liability issues that could cost money too.

>>12605066
The price of cryptocurrencys is changing so rapidly that they would probably make loss if they accepted Bitcoin or any other cryptocurrency.

>>12605118
answer here ^

You can already buy Amazon gift cards with btc dummie

>>12605066
Chicken and the egg problem. Nobody uses crypto to buy things because no site accepts crypto, and no sites accept crypto because nobody pays in crypto

>>12605066
same reason they dont accept gold and silver dumbass.

Bitcoin is not supposed to be a fucking currency, but a store of value-- and its moving in that direction.