Tag Archives: Jeff Bezos

Why Amazon Accepting Bitcoin Would Be A Game Changer (And Why They Might NOT Do It)

Jeff Bezos Directs Amazon to Accept Bitcoin and Other Popular  Cryptocurrencies: Report – Bitcoin News

In all the years I’ve been browsing the internet, I’ve never seen something so divisive or so disruptive as cryptocurrencies. Yes, that includes both video games and internet porn. Crypto’s impact has been that profound. That impact is likely to continue in unexpected ways for years to come.

However, there is still plenty of uncertainty and confusion surrounding cryptocurrencies. I recently had dinner with my parents and my mother asked me to explain it to her. I tried. I’m pretty sure I failed. I tried to simply frame it as digital money, but that didn’t even come close to explaining what cryptocurrency is, how it works, and why it has become such a huge industry.

There are far smarter people than me who can explain what cryptocurrencies are and how they work. This video here does a decent job of explaining it to beginners who aren’t particularly tech savvy.

While I’ve been following the rise, fall, revival, and growth of cryptocurrencies for years, I didn’t actually buy any until very recently. I even wrote about my experience, which ended up being somewhat mundane. It was no different than using an ATM.

That’s somewhat illustrative of where cryptocurrencies are right now. Buying currencies like Bitcoin has never been easier. You can download any number of wallets for free on your phone. If you don’t want to link your bank account to it, then finding an ATM like I did is very easy.

If you have any spare change lying around, you can turn it into Bitcoin. That’s where we’re at now with cryptocurrencies.

The harder part at the moment is actually spending Bitcoins. While you can find numerous online merchants who take Bitcoins, you can’t exactly use them to pay your bills, buy your groceries, or just purchase something on a whim. That’s one of the biggest barriers to cryptocurrencies in general. Using it is more cumbersome than regular cash. That’s why most see Bitcoin as an investment asset rather than a usable currency.

That could change very soon, however. The reason for that change could come from the largest retail entity on this planet, Amazon. If ever there was a company that could completely change the way we see and use cryptocurrencies, it’s this one. It may ultimately make Jeff Bezos even richer than he already is, but let’s table that concern for a moment.

This isn’t just me speculating. There was a recent rumor among the business world that Amazon was looking to start accepting Bitcoins as a payment method. While Amazon ultimately shot down that rumor, they did not say they would never accept Bitcoins.

In fact, I would go so far as to say it’s only a matter of time before Amazon starts accepting cryptocurrencies in some capacity. There’s just too much money to be made from doing so and Amazon, like all big businesses, is always looking to grow. This would be one way of doing that and it’s impossible to overstate the larger impact that would have.

For one, it would send shockwaves through all currency markets, crypto and otherwise, more so than a million tweets by Elon Musk. Suddenly, this asset isn’t just an investment vehicle anymore. It’s a form of money with an actual use.

Amazon is already the biggest retailer in the world. It’s also becoming one of the largest grocery chains. It still has some competition, mostly through companies like Walmart. None of them accept Bitcoin yet, but you can be reasonably certain that as soon as one of them takes that leap, the others will follow.

Beyond just being a novel payment method, Amazon accepting Bitcoins could have a far broader change. One of the main driving forces behind the development of cryptocurrencies is that this is money that has no boarders. It doesn’t matter where you are in this world. You could be in America, China, or the middle of Africa. So long as you have an internet connection, you can access this currency.

For companies like Amazon, that means accessing a customer base that has been traditionally inaccessible. There are over a billion people in this world who have no bank accounts. In some parts of the world, their currency just isn’t usable for companies like Amazon. Converting them to other currencies is already a hassle. Bitcoin could change that.

By accepting Bitcoin, Amazon and other retailers like it have the potential to the entire world in ways that weren’t possible until recently. If they’re going to keep growing, they need those customers and, like it or not, these people need Amazon. Opening more people up to an accessible market can only help get goods to people who need them.

All that being said, I can also understand why Amazon and other large retailers might resist accepting cryptocurrencies. Beyond them just being too loosely regulated, their volatile nature could be a problem for large retailers.

I can attest to that volatility personally. When I bought my first Bitcoins, the price was around $35,000. Then, it shot up to over $60,000 for a while. A few months later, it crashed to the point where it was worth less than my initial investment. It eventually recovered, but that’s a lot of instability for a currency.

That’s something I’m sure Amazon is aware of. By taking Bitcoins as payments, they’re also accepting its wild volatility. All those Bitcoins that paid for all those goods could be worth a thousand dollars one day and worth a fraction of that the next. Even if Bitcoin represents only a small portion of payment, that’s sure to create some anxiety among investors.

Given the current state of the economy and the world, as a whole, I understand why Amazon would hold off on diving into cryptocurrencies. For a large, publicly traded company, anything that makes the stock price or the overall value of its assets less certain might just be too much to handle for now.

It may not happen this year. It may not even happen next year. However, I’m not among those who think all cryptocurrencies are a scam, a scheme, or a fad. These aren’t Pokémon cards or Beanie Babies. This is a valuable tool for the digital world that has the potential to open up exchange with everyone, regardless of where they live.

That tool still needs refinements. Bitcoin certainly has its flaws. That’s beyond dispute. Amazon is aware of those flaws, as well. As they are refined, currencies like Bitcoin will gain more acceptance. Amazon and other big retailers will be part of that process. When that day finally comes, expect a whole new world to emerge. I don’t claim to know what kind of world that’ll be, but I’m excited to see how it unfolds.

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Earth, Jeff Bezos, And The Overview Effect

The Overview Effect: How Seeing the Earth from Space Changes You

What happens to someone when they’ve spent their entire life seeing the world one way, only to have it radically change in an instant?

What happens to someone’s perspective when everything they thought they knew and understood suddenly seems smaller and less grand than they thought?

It can be a jarring experience. For some, it might even be traumatic. It can take the form of a religious experience, a major life-changing event, or even something as simple as falling in love. Whatever the case, it’s powerful. You see the world one way when the day starts. Then, when the sun sets, you see it completely differently.

That brings me to astronauts, space flight, and Jeff Bezos. I promise there’s a connection there and it’s one worth highlighting.

Most are aware that Amazon founder, and world’s richest man, Jeff Bezos, took his first flight into space. It was well-covered by the media and was certainly fodder for plenty of criticism, some of which was quite warranted. However, I’m not going to touch on that. Instead, I want to focus on how this experience might affect him and his outlook.

That’s where the Overview Effect comes in. If you’re not familiar with this unique psychological phenomenon, then think back to the questions I asked earlier. Those are very relevant in that they’re part of what certain people experience when they go into space.

In short, the Overview Effect is a byproduct of this newfound prospective astronauts have when they go into space and see Earth from afar. Some treat it as a religious experience, so much so that it has an almost euphoric effect. That’s to be expected.

Up in space, there are no national boundaries. There are no politics, prejudices, and personal gripes. It’s only in space that you realize just how small Earth is and how small humanity is by comparison. That has a major impact on a person’s psyche. Some in the field of neuroscience have even studied it. One retired astronaut, Scott Kelly, once described it like this:

“The planet is incredibly beautiful, breathtakingly beautiful. Having said that, parts of it are polluted, like with constant levels of pollution in certain parts of Asia. You see how fragile the atmosphere looks. It’s very thin. It’s almost like a thin contact lens over somebody’s eye, and you realized all the pollutants we put into the atmosphere are contained in that very thin film over the surface. It’s a little bit scary actually to look at it.

And then you realize looking at the Earth, that despite its beauty and its tranquility, there’s a lot of hardship and conflict that goes on. You look at the planet without borders, especially during the day. At night you can see countries with lights, but during the daytime it looks like we are all part of one spaceship, Spaceship Earth.

And we’re all flying through space together, as a team, and it gives you this perspective — people have described it as this ‘orbital perspective’ — on humanity, and you get this feeling that we just need to work better — much, much better — to solve our common problems.”

That sort of perspective is hard for most to imagine. The number of people who have been into space is less than 600. Jeff Bezos is only the latest entry into a very exclusive club. That may also mean he’s the latest to experience the Overview Effect.

Now, it’s hard to say how much or how little he was influenced by that effect. His trip to space didn’t last very long. However, the journey may have already left an impression. He has already been quoted as saying this:

“The most profound piece of it, for me, was looking out at the Earth, and looking at the Earth’s atmosphere….But when you get up above it, what you see is it’s actually incredibly thin. It’s this tiny little fragile thing, and as we move about the planet, we’re damaging it. It’s one thing to recognize that intellectually. It’s another thing to actually see with your own eyes how fragile it really is.”

That could just be him making good PR, but it could also be revealing. Again, not many people have gone into space. They haven’t had a chance to experience the Overview Effect for themselves. While plenty of trained astronauts have done it, none of them are Jeff Bezos. None of them are worth in excess of $200 billion.

There aren’t many people on this planet who have access to resources like him. There are even fewer with the means and the skills to take a grand vision and make it real. Now, Bezos has seen the world in a new light. He has had his perspective changed. What will that mean for him and for us?

Before he took his famous space flight, Bezos stepped down from Amazon. He’s still very involved, but he now has time to focus on new ventures. Some of those ventures may take us into space. Some may go towards fixing the environment.

It’s hard to know where this will lead. However, if someone like Jeff Bezos can be impacted by the Overview Effect, then what does that say about the rest of us? How much would the world change if more people got to experience that perspective? Maybe we’ll find out one day. Maybe we’ll get that chance because Jeff Bezos funded it.

Only time will tell. Personally, I’d like to experience the Overview Effect myself. Maybe I will one day.

Also, Jeff Bezos should still pay his workers more.

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Filed under Current Events, human nature, philosophy, psychology, real stories, technology, Uplifting Stories