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3 Reasons Why Amazon.com, Inc. (NASDAQ:AMZN) Will Use Litecoin (LTC) In 2018

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Amazon.com

Amazon.com, Inc. (NASDAQ:AMZN), the e-commerce giant, has long been considered as the keystone for cryptocurrency adoption. Not only is Amazon in the best position to start accepting cryptocurrency, as a digital platform with no brick and mortar ties, but the company also demonstrated foresight and the capability to innovate on technology with the advent of Kindle, eBooks and certain features like same-day shipping.

Amazon has shown a preference for adopting and promoting new technology in the past. The question now arises as to which currency they should be integrating into their system. Certain ways have been outlined by which Ripple was a contender for Amazon’s crypto payment service. The following are certain ways by which Litecoin stands a strong chance for adoption by Amazon:

  1. Growing brand name for Litecoin: Litecoin and Bitcoin are two coins entwined beyond price movement as Litecoin a fork of Bitcoin and thus functions similarly. The greatest hurdle of Litecoin being adopted by a company like Amazon is the latter overcoming the appeal of Bitcoin. Bitcoin overrides the rest of cryptocurrencies in the market on account of the following two grounds:
  • Market status as an early mover
  • Bitcoin is trendy

This is likely to change in 2018. Every investor that comes to crypto market not only takes an interest in the price value but also in the future of the currency. Developers, technologists, entrepreneurs, and visionaries will start turning towards cryptocurrency for more than ICOs and schemes to get rich quickly and begin building and promoting coins that are dominating the crypto market. The focus shifts from price speculation and profit-making motives, to the intrinsic utility of the actual technology. A vast majority have no idea that the weaknesses of Bitcoin are the strengths in other coins. Scalability will continue to be a grave issue for the crypto market, but Litecoin offers a remedy for the issues of high transaction fees and long confirmation times. At this stage, there is a growing sensation of Litecoin overtaking Bitcoin in terms of market dominance. It is now more a matter a when rather than how.

  1. Recognition of Litecoin usability in transactions: Litecoin is a usable form of crypto money. Even though Bitcoin has a brand name, the market status and the enjoys the spotlight, Litecoin overrides it in terms of utility.at this point, Bitcoin can be better positioned as a currency for asset appreciation rather than a real currency. For any currency to gain recognition as a form of legal tender, it requires a widely recognized value and a simplistic means for exchange. Cryptocurrency, in general, suffers from the lack of the former.

Price volatility aside, it’s hard to assess where the acceptability of crypto as a payment lies. Just because Litecoin is worth a specific amount on a certain exchange, does not mean it is a ubiquitous form of cryptocurrency. In spite of this, Litecoin has the potential to fulfill the second criterion i.e. a simplistic means of exchange. Wallet addresses and QR codes maybe cumbersome means for transactions, but the usability of Litecoin makes it highly likely to be used as money on a platform like Amazon. Looking at other Amazon-related innovations, it is obvious that Jeff Bezos’ company pays importance to simplicity and improved customer experience before adopting any new technology. Amazon prime is not just a way for the e-commerce giant to make money through subscriptions, but it also provides hardcore fans of Amazon attributes like fast delivery and a wide range of online content. Amazon Crypto, spearheaded by Litecoin payments, would have to offer the same enrichment in user experience, for real adoption to occur. This would necessitate simplifying the tangled wallet address system for sending crypto, and a confirmation of the order that precedes actual confirmation on the blockchain.

  1. Litepay and a model for payment platforms: Technically, with the advent of LitePay, customers will be able to use Litecoin as a means of payment on Amazon as they would with any traditional debit card. But a scenario is being envisioned where Amazon adopts Litecoin for payment without the intermediary step of fiat. This would require sending LTC directly, to an Amazon wallet for a purchase. From there Amazon could store the crypto, use as means of payment for distributors and employees or as payouts for MTurk and Amazon affiliate/associate programs. If enough interest builds in cryptocurrency as a viable means of digital payment, it benefits Amazon to adopt Litecoin and keep ahead of its competition in the e-commerce market. LitePay and similar crypto-to-fiat processors offer a barrier of protection while still enabling Amazon to move into the crypto verse. Even with the intermediate transaction to fiat, LitePay increases the valuation of Litecoin and significantly enhances the liquidity, thus facilitating more capital flow in the market.

Conclusion

All these attributes of Litecoin combined with greater utility than Bitcoin and Ethereum make LTC a highly feasible cryptocurrency for Amazon to adopt so that it could lead its future platform in crypto payments.

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Disclaimer: This article should not be taken as, and is not intended to provide, investment advice. Global Coin Report and/or its affiliates, employees, writers, and subcontractors are cryptocurrency investors and from time to time may or may not have holdings in some of the coins or tokens they cover. Please conduct your own thorough research before investing in any cryptocurrency. Please conduct your own thorough research before investing in any cryptocurrency and read our full disclaimer.

Image courtesy of Mike Mozart via Flickr

Altcoins

DeFi Wizard Raises $750k from Blockchain Investment Bigshots, to Simplify Multi-chain DeFi Legos

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Bengaluru,, India, 24th February, 2021, // ChainWire //

In order to give shape to their ‘one-click DeFi contracts creation’ dream, Defi Wizard has raised a total of $750,000 from X21 Digital, AU21 Capital, Amsterdam-based TRG Capital, DeltaHub Capital, NGC Ventures, and ExNetwork.

Speaking on latest development Defi wizard founder and CEO, Anand Kamath said: 

“It gives us immense pleasure to announce that our platform, DeFi Wizard has attracted the attention of leading blockchain investors and funds.”

DeFi Wizard aims to help cryptocurrency companies and businesses seamlessly create digital assets, without any hassles, with the objective of becoming an all-in-one token creation platform. 

Investment Usage

This recently concluded fundraising round is an important milestone for Defi Wizard. It will fuel the development of the platform along with operations/maintenance.

Other ways in which Defi wizard will receive assistance is with liquidity bootstrapping for Uniswap listing, alongwith added global and regional promotional efforts to generate awareness for the platform. 

About Defi Wizard

Defi wizard is a dashboard for building DeFi (decentralized finance) smart contracts with a few clicks. It offers real-time programmer analytics and allows users to create smart contracts for ERC20 / BEP20 / EDST, staking, yield farming, governance, cross-chain bridge, gasless relayer baked in.

As per the latest statistics, more than five projects are already using DeFi Wizard’s staking services and more than $100M AUM has been locked through the smart contracts generated through the…

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Altcoins

99Bitcoins takes over the “Dead Coins” project to become the cryptocurrency undertaker

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Singapore, Singapore, 17th February, 2021, // ChainWire //

99Bitcoins, an educational website that maintains a list of Bitcoin obituaries made by the media, has taken over the Dead Coins project as well. This move effectively crowns 99Bitcoins as “The undertaker of the cryptoverse”.

Deadcoins.com was established in late 2017 to document the death of thousands of altcoins that popped up during the cryptocurrency mania of that time. The idea was simple – create a list of coins that have ceased to exist after the hype died down.

A coin can become “dead” due to a variety of reasons such as its development being halted, having no one that uses or trades it, being exposed as a scam and more. While the project was initially maintained only by its founders, it was later outsourced to the cryptocurrency community which was allowed to add their own dead coins.

“I think the dead coins project is a brilliant idea that needs a bit of polishing” says Ofir Beigel, owner and founder of 99Bitcoins. “The fact that anyone can add a dead coin themselves made the list of coins very inaccurate. We’ve spent days going through the complete list and sifted out all of the coins that were buried alive, so to speak. For example, Bitcoin, Tron, Dogecoin and Tether are just some of the coins that were listed when we took…

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Altcoins

99Bitcoins takes over the “Dead Coins” project to become the cryptocurrency undertaker

Published

on

Singapore, Singapore, 17th February, 2021, // ChainWire //

99Bitcoins, an educational website that maintains a list of Bitcoin obituaries made by the media, has taken over the Dead Coins project as well. This move effectively crowns 99Bitcoins as “The undertaker of the cryptoverse”.

Deadcoins.com was established in late 2017 to document the death of thousands of altcoins that popped up during the cryptocurrency mania of that time. The idea was simple – create a list of coins that have ceased to exist after the hype died down.

A coin can become “dead” due to a variety of reasons such as its development being halted, having no one that uses or trades it, being exposed as a scam and more. While the project was initially maintained only by its founders, it was later outsourced to the cryptocurrency community which was allowed to add their own dead coins.

“I think the dead coins project is a brilliant idea that needs a bit of polishing” says Ofir Beigel, owner and founder of 99Bitcoins. “The fact that anyone can add a dead coin themselves made the list of coins very inaccurate. We’ve spent days going through the complete list and sifted out all of the coins that were buried alive, so to speak. For example, Bitcoin, Tron, Dogecoin and Tether are just some of the coins that were listed when we took…

Continue Reading

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