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

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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.

We will be updating our subscribers as soon as we know more. For the latest on LTC, sign up below!

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

Blogs

3 Things to Avoid if You Want Your ICO to Succeed

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Initial Coin Offerings, or ICO, have become quite popular in 2017, which is something that also continued throughout 2018. In fact, there were hundreds, if not thousands of them so far. However, no matter how many of them were organized, most never managed to make it into the market and achieve their goals.

Analysts claim that there are a lot more failed ICOs than there are successful ones, which has caused a lot of people to simply give up on the idea. However, many are still curious to know what went wrong, and while failed ICOs can be studied for years without discovering absolutely every flaw, some of the bigger ones can be spotted right away.

This is why we will now list top three reasons why so many ICOs failed, and everyone who is thinking about launching one should pay close attention.

1. The lack of demand for the product

According to estimates, around 60% of ICOs often fail at the first stage simply for the lack of interest in what they offer. When someone comes up with an idea and launches an ICO in order to raise money, they are presuming that people will be interested in investing in this idea. In addition, prior to making an announcement that an ICO is coming, it is wise to ensure that the announcement will be heard in the first place.

Additionally, ICOs need to be approved by appropriate…

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Bitcoin

Reasons Behind The New Bitcoin Crash

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Cryptocurrency investors and supporters experienced quite a shock last week with the latest Bitcoin crash. Almost every single one of top 100 cryptocurrencies trading in the red. Not only that, but most of them experienced massive losses, often larger than 12%, or even 15%.

The event was unexpected and all cryptos, with the exception of a handful of stablecoins, lost a large part of their value. However, as always, Bitcoin is the one receiving the most attention, especially since this is the first time that BTC has dropped below $6,000 in a long while. Right now, Bitcoin is still losing value, with its current price being at $5,503.11 per coin, and a drop of 12.76% in the last 24 hours.

After the initial shock, a lot of investors started wondering and researching the new crash. The main question still remains: Why did this happen?

While this is more than understandable, especially considering how much money, time, and patience people have invested in crypto, the reasons behind the new crash remain obscure to many. Because of that, we are now going to explain two events that are most likely to be causing this situation.

1. The selloff

This is believed to be the main reason for the new crash of Bitcoin. The selloff came as a consequence of the last year’s bull run, which has launched BTC and other coins to entirely new heights. Because of that, numerous…

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Altcoins

Here’s Why This Coin Still Has Wings (WINGS)

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WINGS, a decentralized crowdfunding platform based on the Ethereum blockchain, has had a great run over the past two months. Culminating in a peak of US $.23 just a few days ago, the currency behind the product has more than doubled since it’s lows of early September.

Despite the slight downturn WINGS is currently experiencing, this crypto-favorite may not be done running up the green candles on your favorite exchange just yet. A small drop like we had today was actually expected and could be considered healthy by long-term investors. These dips are also appreciated by those of us waiting to get in on a project we feel has real potential. WINGS has shown us that potential and is now presenting a great buying opportunity for speculators and traders looking for the next wave of support to lift this coin into the stratosphere.

What is WINGS?
WINGS was created to nurture project proposals via the Decentralized Autonomous Organization (DAO) model. Using blockchain networks and smart contracts, the platform allows the WINGS community to promote proposals with the greatest chance of positive returns. WINGS, in essence, is a decentralized forecasting ecosystem, where token holders are given an incentive to make choices concerning projects on the platform.

The DAO is a popular concept for crypto-projects that want to remain entirely on the web. Using the peer-to-peer technology of blockchain and smart contracts to enforce the rules of participation is…

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Elite