Connect with us

Blogs

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

Published

on

Amazon.com
READ LATER - DOWNLOAD THIS POST AS PDF

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

Altcoins

KaratGold Proves Its Business Model By Providing Official Documents

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

There has been a lot of renewed enthusiasm in the cryptocurrency market thanks mainly to Bitcoin’s strong move about 10,000.  Although Bitcoin continues to show its dominance, the altcoin market has yet to benefit from that rally.  A few of the largest altcoins remain popular but the rest of the market continues to lag behind.  In 2018, there was a lot of talk regarding a possible altcoin apocalypse where only the strong would survive.  That prediction appears to be playing out as expected.  Going forward, only the best projects that have a real world need will survive.  Crypto traders will have to spend a lot of their time doing proper research in order to find the best opportunities, just like in all financial markets.  One promising project that appears to have the makings of a future winner is KaratGold Coin.

KaratGold Background

KaratGold Coin is a cryptocurrency developed by the reputable German company Karatbars International, which maintains a leading position in the market of small gold items and investments. The project is part of a larger ecosystem, which involves several blockchain solutions that can be used for transactions, communication, investing and other tasks. During the past few weeks, however, the KaratGold ecosystem has been a target of unsavory scam allegations.  

Karatbars International and GSB Gold Standard Banking Corporation…

Continue Reading

Altcoins

ICTE May Bring About Sweeping Changes for Cryptocurrency Exchanges

Published

on

READ LATER - DOWNLOAD THIS POST AS PDF

Cryptocurrency has taken the world by storm during the last few years. An entirely new financial market was created almost overnight which has captured the imagination of all its participants. Cryptocurrency is even starting to attract institutional money from investment banks, hedge funds, and other proprietary trading firms. Despite the rapid growth, traders remain extremely frustrated by having to deal with the fragmented nature of centralized crypto exchanges.

A Change is Needed

When cryptocurrency first began, there weren’t many participants and the trading volume was relatively insignificant. But, over time, that has radically changed. Some tokens now have a capitalization in the billions and are being traded 24-7 by institutions all over the world. Despite the volume, significant problems exist with the current way that exchanges work. Some of those problems include the following:

  • Constant fear of hackers
  • Exchange manipulation
  • Fragmented liquidity
  • Risk of identity theft

One of the biggest issues regarding centralized exchanges is the risk of being hacked. These hack stories seem to always be circulating around the internet. While experienced traders may have the tools to avoid becoming a victim, potential new traders have zero interest in dealing with this. And it’s not just the small exchanges that are at risk. Even large exchanges, such as Mt. Gox and Binance, are subject to being hacked.

Another huge risk is having to deal with…

Continue Reading

Altcoins

SonicX and Dash Could Challenge Facebook’s Libra for Global Payments Market Share

Published

on

SonicX
READ LATER - DOWNLOAD THIS POST AS PDF

When Satoshi Nakamoto unveiled Bitcoin to the world, the dream was always for Bitcoin to serve as a new universal currency.  It would be free from the bureaucracy of governments.  And free from the tyranny of the old-world financial cartels.  Although the dream hasn’t yet materialized, it comes closer and closer with each passing day.

One of the biggest roadblocks for Bitcoin has been scalability.  At a speed of approximately 7 transactions per second, Bitcoin lags behind other cryptocurrencies like Ripple and global payment processors like Visa.  Many expect the lightning network to have a positive impact on Bitcoin’s TPS but until that comes to fruition, mass adoption will likely need another significant development.

Libra Currency Announcement

One development that could help pave the way toward mass adoption is the launch of the Libra currency.  Libra is expected to go live during the first half of 2020 according to Facebook’s June announcement.  According to Facebook, Libra will make sending money online cheaper and faster.  It will also have a hand in improving access to financial services, especially for the unbanked.  Given Facebook’s global reach, including many third world countries, providing financial access to the unbanked could provide a huge spark to global economies.  Additionally, it could provide the growth spark that cryptocurrency needs.

Facebook’s most popular messenger, WhatsApp, has approximately 1.5 billion monthly users.  This application is…

Continue Reading

Elite