Amazon Has Been Looking At Bitcoin Since 2012

A while back a news story circulated among the business media that Amazon had decided against adding Bitcoin as a payment method. At the time they said that while they’re always looking at ways to make payment easier for customers that there had not been any demand for the crypytocurrency. Some experts speculated that Amazon’s snub of Bitcoin was due to their own plans to offer a payment processing system while others–most famously Bitcoin guru Roger Ver–suggested that it was only a matter of time before Amazon jumped on the cryptocurrency bandwagon.

The Amazon/Bitcoin story just got stranger with the recent discovery of a patent filed by the online retailing giant back in 2012. The patent referred to Amazon’s cloud computing platform and described a system where users could pay with currencies ‘like Bitcoin’. Granted, it’s only a small mention but it does indicate that Bitcoin has been on Amazon’s radar screen since 2012. It also begs the question: ‘Why did Amazon consider Bitcoin viable back in 2012 when the BCN value was in the 5.00 range but not today when use of the cryptocurrency is exploding and BCN valuation is now over $600?

Obviously the fact that Bitcoin is mentioned in a patent filing doesn’t equate to Amazon having a master plan build around it. Companies file patents all the time and a good many of them never amount to anything. It does seem to refute the tone of Amazon’s recent announcement of non-acceptance which suggested that Bitcoin was some sort of new thing that they’d just started following and trying to get their head around. It wouldn’t make sense for Amazon to give consideration to Bitcoin in its infancy and dismiss it now that it is starting to penetrate the mainstream and with big companies like Dish Network jumping on board.

The Amazon patent is a fascinating revelation but don’t construe it to mean that they’ll be jumping into the Bitcoin pool with both feet in the immediate future. It does increase the liklihood that Amazon will accept Bitcoin at some point if the external market forces continue to move in a favorable direction.