Amazon (NASDAQ: AMZN) has bought registered three cryptocurrency-related domain names including “amazonethereum.com.”
The retail giant also bought the names; “amazoncryptocurrency.com” and “amazoncryptocurrencies.com,” Coindesk reported. The names were apparently registered on October 31, 2017.
There is no indication that Amazon is planning to do anything with cryptocurrency or any of these domains. Instead, it appears to be a routine legal tactic used to protect the company’s copyrights. Coindesk noted that phone numbers on the domain registration documents were for Amazon’s legal department.
The Everything Store has owned “amazonbitcoin.com,” which redirects to the regular Amazon page since 2013. The online goliath has also been fooling around with a virtual currency called Amazon Coin since 2013.
Sorry Geeks Amazon isn’t Doing Cryptocurrency Anytime Soon
Investors should not hold their breath waiting for Amazon to take cryptocurrency anytime soon. The legal complications from such a move would simply be too great, especially in its home base of the United States.
That means altcoin geeks will be stuck paying for Amazon merchandise with gift cards purchased from sites like eGifter or cryptocurrency credit and debit cards – if you can find one that works. TenX’s highly-publicized Visa shut down in most markets in October, after the company that supported it pulled the plug.
Do not expect to see Amazon go anywhere near cryptocurrency until a major government starts accepting it or issuing its own. Until then Amazon; and most other big retailers will stay far, far away from all cryptocurrencies for the foreseeable future.
Is Amazon Considering Ethereum Adoption?
There is no evidence that Amazon is considering accepting Ethereum or using Ethereum contracts. Amazon is not listed among the members of either of the two big corporate efforts to harness Ethereal.
Its’ name is nowhere to be seen on the websites of either the Hyperledger project or the Ethereum Enterprise Alliance. Also absent from those sites are the names of Amazon’s three most prominent rivals; Walmart (NYSE: WMT), Alibaba (NYSE: BABA), and eBay (NASDAQ: EBAY).
If Amazon is experimenting with Ethereum or any other cryptocurrency, it is being done in secret or through a front company. A strong possibility is that Jeff Bezos is waiting to see how crypto develops and plans to acquire a blockchain company when he’s ready to move in. That has been his standard operating procedure in other areas of tech.
One group of people who did benefit from the claims Amazon is moving into Ethereum was Ether investors. Ethereum’s price rose by $5.01 on November 2, right after the Amazon story hit the wire services. Ethereal was trading at $282.22 at 2 a.m. and $297.23 at 11:27 A.M. mountain time.
Even without Amazon, Ethereum is still a value investment because it is still the most versatile of the cryptocurrencies on the market today. Those who buy and hold it for the long term will not be disappointed.