New Cryptocurrency Contenders
When you think of digital currency, Amazon cryptocurrency may not come to mind right away, but that may soon change. It would be difficult to find someone who has access to a computer with the Internet and doesn’t know about Amazon. In today’s fast-paced Internet-based world, Amazon is just one of the largest online niches for all of your needs. From household goods to pet supplies and even beauty products or toys, you can find anything online with Amazon.
There are quite a few major contenders in the digital finance market today and some have shown interest.
- Facebook, for example, has put the intention out for a new cryptocurrency called the Libra. And while Facebook has a gigantic online presence, they got mixed reviews on their cryptocurrency plans.
- Walmart has also applied for a patent to begin dabbling in the digital finance market. This move could drastically impact how Amazon cryptocurrency would fair once released.
One thing is certain, if a large company introduces a new digital token, other competitors may quickly follow suit.
Is Amazon Foreshadowing Their Intentions?
There are musings in the finance world that although they haven’t confirmed an Amazon cryptocurrency is coming, it might be. These speculations have come from seeing that Amazon has purchased multiple domain names, with the intent of using them later. Domain names that have recently been snagged by Amazon include:
Purchasing these domains could foreshadow Amazon’s objectives of accepting Bitcoin and Ethereum or introducing their own Amazon cryptocurrency. And while this may be exciting news for some investors, that may not be their business plan after all.
On the other hand, it could also be for entirely different reasons to protect their brand name. Amazon is a massive contender and needs to ensure they can avoid any negative situations due to their online presence. By purchasing and holding these domain names, they can prevent another entity possibly using them outside of the Amazon portfolio.
How Would Amazon Cryptocurrency Fair?
Many potential investors are excited about the possibility of an Amazon cryptocurrency. For almost 25 years, Amazon has cornered the e-commerce niche and made a name for itself by starting with books. Luckily, they didn’t stop at books, and now there is no end to the diverse products you can find online.
Many investors feel that a company like Amazon would benefit hugely if they introduced their own token like Amazon cryptocurrency. By their virtual size alone, they could provide a massive boost to the online market almost immediately. This could be the next best thing investors are looking for to diversify and increase their portfolio.
But if Amazon were to move forward with a digital currency, it could set the precedence for other giants. With too many e-commerce giants vying for a spot in digital currency, Amazon cryptocurrency may not give the results needed. Investors can only wait and see what Amazon plans for the coming months and hope it’s the right one.