Amazon is the world’s third largest retailer and a name synonymous with the notion of online shopping. This makes Amazon a major player in the international market. Naturally, many wonder why people still can’t pay on Amazon using bitcoins and other cryptocurrencies. This is especially strange as several smaller businesses have made it convenient for customers to pay using their bitcoins.
However, it is precisely because of Amazon’s considerable size and ubiquity that Bitcoin is not a feasible payment method.
Two major defining drawbacks make it all but impossible for Amazon to implement Bitcoin as a method of payment.
One is its rather infamous price volatility. Bitcoin is gaining growing popularity as an investment asset. This often leaves it subject to dramatically fluctuating value. Therefore, Bitcoin’s frequently inconsistent worth makes it less than ideal as a means of payment for global businesses like Amazon.
The second is its relatively snail-like transaction speed. Due to the nature of the Bitcoin network, no more than ten transactions can be processed per second. However, Amazon being as widely used as it is, has surpassed 600 transactions per second during peak usage. Even if not all transactions were in Bitcoin, allowing folks to pay on Amazon using bitcoins could result in severe bottlenecking. This would certainly slow down the productivity of an average business day.
It should also be noted that cryptocurrencies like Ripple can process up to 1,500 transactions per second. Bitcoin may not be the ideal payment option for a large retail site like Amazon. As such, many are tempted to theorize that Amazon might opt to offer digital currency payment via an alternative cryptocurrency.
It still is too early to confirm the accuracy or timing of such a hypothesis. For the moment, you can pay on Amazon using bitcoins with Amazon gift cards.
How to buy an Amazon gift card with bitcoins
There are a small number of companies out there that offer the next best thing to paying on Amazon using bitcoins. They allow you to buy Amazon gift cards with your bitcoins. Quite simply, this is akin to converting your bitcoins into Amazon-friendly money.
Below is a list of two of these companies – the sort that are most reliable, easiest to use, and will convert your Bitcoin into a currency friendly to Amazon. This conversion takes a mere few minutes once you have completed your due diligence. This due diligence is simply you completing the registration process on their websites.
Buy an Amazon gift card with bitcoins using Gyft.com
A well-respected online platform to purchase gift cards, Gyft offers you gift cards for Amazon and a Bitcoin payment option. Through their services, the conversion is quick and simple.
Read our article for a list of steps on how to use your bitcoins to buy gift cards on Gyft.com.
Buy an Amazon gift card with bitcoins using eGifter.com
As popular and well-regarded as Gyft.com, eGifter.com also allows you to buy gift cards using bitcoins. eGifter.com is set apart chiefly by one thing; it offers payment support for Bitcoin Cash, whereas Gyft.com does not. This is something to keep in mind depending upon your particular cryptocurrency preferences.
How to sell your Amazon gift card for bitcoins
Of course, there is always the possibility that you will change your mind about your Amazon shopping spree. Maybe you missed special offers; or Amazon is sold out of what you were after; or you have limited affordability.
This is a time when you need to flip things around and turn your Amazon gift card back into Bitcoin. To facilitate this, there are a number of platforms through which you can sell your Amazon gift card for Bitcoin. These platforms include LocalBitcoins.com, Paxful.com, and Paybis.com – being amongst the most prominent.
As a Bitcoin user you’re well aware of the risks, so please exercise caution with any online digital currency exchange. There are scammers around every corner of the World Wide Web. Unfortunately, digital currencies have become one of their favourite mediums for carrying out crooked deals.
Conduct yourself carefully, however, and you should find the above processes quite smooth. You should have little to no trouble. Most importantly, you should easily be able to pay on Amazon using bitcoins. And should you no longer want your gift card, choose well and safely convert your gift card back to Bitcoin.
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