Amazon would have to issue a cryptocurrency in the future, says CEO of Binance
Ishan Garg Posted On February 2, 2019 
In a series of tweets, Changpeng Zhao, CEO of Binance, the world’s largest exchange, asks his followers on why online business won’t go straight out and accept cryptocurrencies.
For any internet (non-physical) based business, I don't understand why anyone would not accept crypto for payments. It is easier, faster and cheaper to integration than traditional payment gateways. Less paperwork. And reaches more diverse demographic and geography.
— CZ Binance (@cz_binance) February 2, 2019
CZ’s argument is that digital currencies are cheaper, faster and require less paperwork. And it kind of makes sense. Currently, very few major online business accept cryptocurrencies and most of them are shady businesses.
Back in 2016, multiple businesses from Microsoft Xbox to Uber started accepting Bitcoin. But due to huge volatility in the price of Bitcoin and concerns over the legality of the currency, businesses soon stopped accepting Bitcoin.
Amazon will have to issue a currency sooner or later.
— CZ Binance (@cz_binance) February 2, 2019
When a Twitter user “DAN the Bull” suggested CZ talk to Jeff Bezos, CZ replied that Amazon would soon have to issue its own cryptocurrency. And we couldn’t agree more. If rumors are to be believed, Facebook is already working on its own cryptocurrency to make global payments through Whatsapp. If Facebook launches its cryptocurrency first and gets a mass adoption, other tech companies would be dependant on Facebook. A position no one in Silicon Valley really wants.
Why aren’t businesses accepting Bitcoin in 2019?
Banking, regulations and KYC/AML are the biggest hurdles to cross for Bitcoin to become widely accepted cryptocurrencies. Currently, many banks flat out deny bank account for cryptocurrency transactions. Moreover, not everyone is using cryptocurrencies to transact on day to day basis. The network effect is increasing but albeit slowly.
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