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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

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Blockchain-Focused ETF Arrives on London Stock Exchange

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The crypto community is still waiting for the US SEC to approve Bitcoin ETFs, with speculation which application might get approval being one of the hottest topics in 2018. However, come 2019, the US government shutdown dragged on, and the Bitcoin ETF request which had the most potential to see a grant got withdrawn by the very companies that submitted the application.

While the question of BTC ETF remains hanging in the air, blockchain-focused ETFs seem to be a different matter entirely. In a recent announcement by an independent investment managed firm called Invesco, the company has stated that it was about to launch the largest blockchain-focused ETF in the world. They managed to go through with this plan, and the ETFs have reached the London Stock Exchange today, March 11th.

The exchange-traded fund includes a portfolio containing as many as 48 different firms which are bringing exposure to the emerging technology. Among them, there is Taiwan Semiconductor Manufacturing, which is a well-known creator of chips used for crypto mining, as well as the CME Group, which is the first regulated exchange in the US which launched Bitcoin futures. There are many other well-known companies as well, such as Intel, Microsoft, and others.

Chris Mellor, the Invesco’s head of ETF equity product management in Europe, said that blockchain has a huge potential to increase earnings, even though…

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Could Jeff Bezos Turn to Bitcoin to Hide Fortune from Wife?

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Amazon’s Jeff Bezos has made numerous headlines recently due to his overly-publicized divorce, which shows all signs of being one of the most expensive ones — if not THE most expensive one — in modern history. According to estimates, it might cost him as much as $70 billion, which will make his soon-to-be-ex-wife the richest woman in human history.

However, as the process continues to unfold, many have started wondering if things may have ended up differently for Bezos if he turned to Bitcoin for help.

Bitcoin as a divorce tool?

In the last several years — since Bitcoin and other cryptos hit fame — many have started turning to BTC during their divorce proceedings. In fact, it can even be said that using the largest cryptocurrency in this way has become a new trend. The trend has been gaining so much strength that numerous law companies started including advice on what to do in regards to Bitcoin as part of their websites.

However, while the trend has been picking up in recent years, it is nowhere near as easy as it might seem. For example, if there is even a suspicion of a spouse having undisclosed holdings appears during the divorce process, it might be enough to impact the final decision of the judge. In other words, even if there is a complete lack of evidence, but…

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Three Biggest Things To Know Come Cryptocurrency Tax Season

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In recent years, digital cash systems known as cryptocurrencies such as Bitcoin and Litecoin have exploded into the public eye. A blend of cash and stocks, their use and value has grown exponentially. In 2017, the IRS decided to focus great effort on taxing them. In theory, this should be as simple as calculating taxes on any other type of property, bond, or other assets. Cryptocurrency, however, presents a unique challenge. The full extent of one person’s crypto activity can stretch across dozens of platforms and take a variety of different forms. This makes it difficult to gather all of this information cohesively, much less begin the seemingly- complicated process of reporting it.

These three tips should help anyone looking to legally report their crypto activity to figure out where to start.

Documentation is key!

There are dozens of different “exchanges” individuals can use to change their cash into crypto. When the flat currency is changed into cryptocurrency at the exchange, you establish your cost basis. This makes this data crucial when you begin the process of reporting.  Those who have used a variety of different exchanges should keep detailed records of everywhere that they made trades. Once tax season arrives, most exchanges will allow users to view their entire trading history with that exchange. This information will be necessary later to complete taxes.

Calculate your total gains

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