Amazon is reported to support Bitcoin! How can sellers collect payments?

Foreign media broke a news today these two days that an Amazon insider revealed that the company will support Bitcoin payments before the end of the year!

According to foreign media reports, an Amazon insider revealed that Amazon is planning to fully support Bitcoin for shopping and payment by the end of 2021. This will be another mainstream e-commerce platform after eBay to announce support for virtual currency payments, which will lay the foundation for Bitcoin to enter a broader market transaction in the future.

And that's not all. The source also said that supporting Bitcoin is only the first step for Amazon to enter the virtual currency market. In the future, it will add support for more mainstream virtual currencies and even launch its own virtual currency as early as 2022. The entire project was initiated at the behest of former CEO Jeff Bezos and is now almost ready for launch.

In addition, Amazon was also revealed to be recruiting for a position in charge of digital currency and blockchain products, and the job location is also at its Seattle headquarters. Putting these two pieces of news together, it is almost certain that Amazon is planning to develop blockchain and virtual currency payments.

This news has given a shot in the arm to the recent sluggish virtual currency market. Bitcoin took the lead on Monday, and the entire virtual currency market ushered in a wave of sharp increases.

In short, virtual currency has been confirmed to be Amazon's next big layout. However, if Amazon relaxes its support for virtual currency, the impact on us sellers will not be small. Just to say one thing, after the buyer uses Bitcoin to buy the product, how will Amazon settle with the seller?

First, it is unrealistic to give the bitcoins paid by the buyer directly to the seller. Although there is no problem in operation, the value of virtual currency fluctuates too much and too randomly. If the seller does not withdraw cash in one day, the currency value may rise or fall sharply. In addition, Amazon still has a 14-day payment period, so how much 10,000 virtual currency is worth after 14 days is a problem.

Therefore, the most likely scenario is that Amazon claims the corresponding price based on the currency price in real time, and after the buyer pays with Bitcoin, it immediately converts it into U.S. dollars to settle with the seller . This can avoid the problems caused by currency price fluctuations to the greatest extent.

However, this will place very high demands on the entire payment system. Amazon must not only connect to the virtual currency market to obtain real-time quotes, but also convert the purchase amount into legal currency after receiving it. In addition, since there is a time gap between order placement, delivery, and payment for self-delivery, the price of the product will definitely not be the same when the order was placed when the buyer receives it, so virtual currency payment should only be valid for FBA.

Although the ideal is great, there are too many difficulties on the road to realization. My initial prediction is that in the early stage of Amazon's launch of virtual currency payment, it is likely that it can only be used to purchase self-operated products. The problems of payment period and payment do not exist for self-operated products at all, so it will be easier to test the waters with self-operated products. First test it on a small scale, and then promote it on a large scale, which is in line with Amazon's usual routine. Third-party sellers cannot use it for the time being, but this does not mean that it is not beneficial to us sellers.

After accepting virtual currency payments, it can indeed help the traffic of the entire platform to a certain extent. The virtual currency market has been hot for several years, and many consumers have more or less various currencies in their hands, which can be used to shop in the world's largest e-commerce market. There will be a large wave of currency holders coming in to try it out , which will be of great help to the overall traffic of the platform.

In addition, there are two big dates at the end of the year, Black Friday and Cyber ​​Monday. If Amazon wants to promote Bitcoin payments, it is likely to combine these two dates. This year's year-end peak season will be very exciting.