Amazon.com: Please start accepting the Ethereum cryptocurrency (Ether) for payments!
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Like many online retailers, Amazon.com currently only allows us to use existing fiat currencies for payments. This is bad both for consumers (you and I) and for Amazon.com for a number of reasons described below. To fix these issues, Amazon.com should lead e-commerce merchants by embracing the use of the Ethereum (https://www.ethereum.org/) crypto-currency for payments!
Ethereum is better for consumers and Amazon.com because....
- Lower fees. Amazon.com doesn't charge an extra processing fee, but with credit/debit card fees ranging up to 3.5%, they certainly have those fees baked into costs. Since Ethereum is decentralized and doesn't require a bank or government to process transactions, there are no middle man fees. This results in savings for both Amazon.com and consumers!
- MUCH more secure. Credit cards are notoriously insecure. With one card-issuing bank keeping track of all transactions, there's a single point of failure for a hacker to attack and steal your information and money. With Ethereum and other cryptocurrencies, that transaction record is distributed between millions of computer systems. Even if one is hacked, the other records are still there (and end up overwriting the hacked version), making transactions MUCH more secure and virtually eliminating charge-backs.
- Consumers control their money. Why trust a 3rd party to keep track of your transactions when you don't have to? While some fiat currencies are stable and you may trust your bank or government to control those, others are not. In many countries consumers must convert their local currency to another (incurring additional fees, losses due to exchange rates, etc). Ethereum is easy to access and hold onto, and works the same (and at the same value) everywhere. And the consumer stays in control of their money.
- Smarter transactions. While standard fiat currencies only convey a transfer of value, Ethereum allows for smart contracts, ensuring consumers receive the value that's paid for. Credit card processes like pre-authorizing a card and only settling that transaction when the product is shipped is messy. With Ethereum a transaction can have smart terms to only complete after the product is shipped, or if the product fits, or any other number of possibilities.
- Privacy included. Current e-commerce fiat currency payment methods require the collection of consumer information to help fight fraudulent transactions. With Ethereum, transactions can not be faked or reversed, so there's no need for personal consumer information to complete the transaction.
Why Ethereum vs other cryptocurrencies? Ethereum has built-in support for smart contracts (#4 above), increased privacy, faster growth in usage and value, and faster transactions vs Bitcoin and other cryptocurrencies. It's the right choice.
Amazon.com: I love shopping on your site. You're consistently focused on a great user experience and service for your customers. Please continue that focus and let us start using Ethereum for payments to benefit everyone involved!
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