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Why Alibaba Could Embrace Bitcoin Ahead of Amazon, Google, Others

Speculation from a recent public poll conducted via Twitter shows that top Chinese e-commerce company, Alibaba, is likely to be the next global giant to accept Bitcoin.

52 percent of 4,500 participants in the survey put together by the owner of Digital Currency Group, Barry Silbert, are of the view that the Chinese company is next in line to embrace the virtual currency, topping the likes of Amazon (31 percent), Google (12 percent) and Facebook (5 percent) as the first of the groups to get serious about Bitcoin.

The people’s opinion is not an indication that the companies mentioned would choose to accept Bitcoin as a form of payment. Also, there is no particular information on the specifics of the poll’s participants with regards to their age groups, location, interests and earning capabilities as well as other factors.

However, what could be considered interesting on the other hand is the fact that if one of these global giants choose to accept the use of Bitcoin, it will encourage others to follow suite especially if the digital currency’s addition to the operation improves the profit margin of the first company. This could be an extension of the already-existing use of Bitcoin as a form of payment to purchase items indirectly from merchants like Amazon through third party services like Purse.

Though none of the said companies has officially expressed any interest in accepting the digital currency as a form of payment, Alibaba stands a better chance of being the first to start accepting Bitcoin. There have been several reports that Alibaba, through its affiliate company, Ant Financial Services, has been edging towards embracing the Blockchain technology which powers Bitcoin in its operation.

Aside that, the company is China-based, has a global approach and is surrounded by countries in the in Asian markets where there is a high level digital currency awareness and regulations have been discussed or introduced e.g. China, India and Japan.

The key issues could be standing in the way are the price volatility, the increase in transaction fees which are not in any way friendly for new entrants to embrace and the Chinese companies steering clear of using Bitcoin as a currency as proposed by the Chinese government.

COMMENTS(15)

  • BitcoinAllBot
    3 months ago BitcoinAllBot

    Here is the link to the original comment thread. Or you can comment here to start a discussion. Author: 8btccom

  • dietrolldietroll
    3 months ago dietrolldietroll

    none of the said companies has officially expressed any interest

    The key issues could be standing in the way are the price volatility, the increase in transaction fees

  • btclizard
    3 months ago btclizard

    https://imgflip.com/i/1roxz7

  • gabbardo
    3 months ago gabbardo

    Every body loves jack ma, including mr satoshi…

  • autotldr
    3 months ago autotldr

    This is the best tl;dr I could make, original reduced by 64%. (I’m a bot)

    52 percent of 4,500 participants in the survey put together by the owner of Digital Currency Group, Barry Silbert, are of the view that the Chinese company is next in line to embrace the virtual currency, topping the likes of Amazon, Google and Facebook as the first of the groups to get serious about Bitcoin.

    What could be considered interesting on the other hand is the fact that if one of these global giants choose to accept the use of Bitcoin, it will encourage others to follow suite especially if the digital currency’s addition to the operation improves the profit margin of the first company.

    Though none of the said companies has officially expressed any interest in accepting the digital currency as a form of payment, Alibaba stands a better chance of being the first to start accepting Bitcoin.

    Extended Summary | FAQ | Feedback | Top keywords: company#1Bitcoin#2Currency#3accept#4Chinese#5

  • sexyama
    3 months ago sexyama

    if their government tells them to, that is

  • uglymelt
    3 months ago uglymelt

    Bitpoint Adds Bitcoin and Ether Payments to Platform with Unionpay, Wechat Pay and Alipay

    https://news.bitcoin.com/bitpoint-bitcoin-ether-payments-platform-unionpay-wechatpay-alipay/

  • Ecomadwa
    3 months ago Ecomadwa

    Why would any major merchant accept Bitcoin now?

    The ones that did in the past are largely discontinuing use. It no longer offers cost savings per customer. It is not able to scale to their needs. And practically nobody is using it anyway.

  • clcys
    3 months ago clcys

    Alipay already made the first step in japan

  • painlord2k
    3 months ago painlord2k

    Alibaba group make 150-180 tps

    Amazon make 30 tps

    I know what branch they would use

  • gabridome
    3 months ago gabridome

    One of Alibaba’s company specialized in hosting websites already tried to accept bitcoin back in 2013 I think.Then they stepped back.

    EDIT:Pardon. It was Baidu: http://www.coindesk.com/chinese-internet-giant-baidu-starts-accepting-bitcoin/

  • onetown
    3 months ago onetown

    Gonna need a lightning network

  • au80022
    3 months ago au80022

    Dogecoin would be perfect

  • zomgitsduke
    3 months ago zomgitsduke

    All of them are interested and probably ready to implement it in 24 hours notice. They just don’t want to do it yet for the reason outlined above.

  • HJOrtiz
    3 months ago HJOrtiz

    Paypal is already excepting Bitcoin deposits. So why the hell not.

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