Using Bitcoin to Buy Products on Amazon with Purse.io
Many Bitcoin users know that one of the holy-grails for Bitcoin adoption is the integration of Bitcoin payments into Amazon.
Whenever there is a mere rumour of an Amazon Bitcoin integration, the markets rally. Sometimes, Bitcoin users try to interpret minor actions like Amazon buying domain names as evidence of eventual integration.
However, for those users that really wanted to purchase goods on Amazon with Bitcoin, there is an interesting alternative that is often overlooked.
This is Purse.io and they offer bitcoin users an option to buy through the Amazon gift card holders.
What is Purse.io
Purse.io is an online marketplace that launched their business in 2016. The Bitcoin based marketplace wanted to allow vendors to easily connect with a wide range of buyers.
The company also received backing from some of the largest names in Bitcoin including the Digital Currency Group, Roger Ver and Bobby Lee.
There are no restrictions as to what can go on sale on Purse and as such allows for a number of different items to be listed. Purse also makes sure to carefully curate all the listings.
Many who are familiar with the Etsy arts / crafts marketplace can easily relate with the current vendor market on Purse. Purse will charge the vendors a 1% fee for all the sales.
Sale curation is an important aspect of the Purse's operation as it can avoid any situations where users are attempting to sell questionable goods.
The Amazon Arbitrage
It was not too long before users realised that they could indirectly buy goods on Amazon through the use of Amazon users and their gift cards.
After noticing the demand for these types of exchanges, Purse decided to offer a full escrow service and discount filtering functionality to facilitate the transactions.
Purse makes use of user's Amazon public wish lists in order to match your desired product up with someone who has the gift cards and is willing to buy.
For example, assume that you would like to purchase something on Amazon. You would place these goods in your Amazon "wishlist". Then, you would save this wishlist as a public one and share the URL on the Purse platform.
On the Purse website, select whether you would like to buy the goods at a discount and how much of a discount you were happy with.
Once complete, Purse will try and match you up with an Amazon Earner who has gift cards balances and was willing to order the goods for you in exchange for Bitcoin.
In order to make sure that the transaction is completed effortlessly Purse will place the Bitcoins in an Escrow. Once you have confirmed receipt of the goods, they will release the Bitcoin to the seller.
Altcoin Options Soon?
With Bitcoin transaction fees at current levels many may also be wondering if Purse will be offering support in other cryptocurrencies eventually. For example, Purse recently ran a poll on their twitter as to whether they should include it.
Yet, there were rumours that they may have already begun the move to Bitcoin Cash (BCH). A twitter user called Ben Verret disclosed an archive of the Purse code that includes "BCH" or the Bitcoin cash ticker.
Some in the Bitcoin community took issue with the inclusion of Bitcoin Cash and as such, Purse denied the rumours of the potential integration.
Amazon Coin Dilemma
The ongoing scaling and fees debate has led many to wonder if Amazon will even consider supporting Bitcoin at all. Unless the transactions are over $1,000 the fees don't make it entirely feasible.
Whether Amazon decides to integrate another cryptocurrency or chooses to wait for the lightning network to be rolled out, they cannot ignore the pent up demand for crypto payments.
What is for sure is that the "Amazon-Bitcoin" speculation will continue well into 2018.
Disclaimer: These are the writer’s opinions and should not be considered investment advice. Readers should do their own research.