Did you know that if Amazon had been a country, it would be the 80th wealthiest in the world? And did you know that it is moving towards that by creating its own currency? Cryptocurrencies, accessible through a bitcoin wallet app, now also include Amazon Coin, in other words.
Amazon Coin and Other Bitcoin Wallet App Coins
Is it possible that people could, at some point, stop using the Dollar or any other fiat currency in favor of Amazon coin or bitcoin? It is possible, but not probably. Amazon Coin, in particular, is in its infancy, suitable only for in-app items, games, and Kindle Fire apps. You can’t even use it for movies or books! Any coins you purchase are guaranteed to have a value for the rest of your life if you buy them yourself. If you are gifted them, however, they only last for a year. Considering that electronic devices go out of fashion quicker than most people can keep up with, it is likely that most Amazon Coins will simply end up in a virtual jar.
However, Amazon Coin is not the only cryptocurrency. Each type of cryptocurrency has its own pros and cons as well. Bitcoin, for instance, is detected by the Consumer Product Safety Commission. They believe it is the real of drug dealers and more. But Amazon, however, doesn’t allow their coins to be exchanged for cash, doesn’t allow them to be resold, and doesn’t allow them to have any transfer of value. That makes them safer, but also a lot less useful. Other similar options that exist include the Xbox Marketplace, for instance.
The App Is all that Matters
Microsoft, Apple, and Google all have distribution systems for their apps. Amazon also has a hardware platform through Kindle, so it is unsurprising that they have come up with their own cryptocurrency as well. Yet, at the same time, people who already have some knowledge of cryptocurrencies feel the Amazon Coin is too little too late. It isn’t fit for purpose, it doesn’t offer anything that others don’t already offer as well, and it basically isn’t suitable for anything.
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So is the future in cryptocurrency? Quite possibly. It definitely isn’t, however, in the Amazon Coin. But Bitcoin and Ethereum, by contrast, are very interesting. Wallet apps for these currencies are some of the most popular on the different marketplaces today. People love the decentralized nature of the platforms and they love the fact that it is open source. They believe that it is about time that people trust in each other again, instead of having a centralized system control everything, not in the least because nobody trusts these centralized systems anymore.
There is one downside to cryptocurrency and that is that they are very complicated to first get to grips with. But once you understand what you are doing, they really offer a fantastic form of payment that no other currency can offer.