What is MyEtherShop?

Even though most people will agree that Ethereum has some of the more promising crypto technology under its hood, spending ETH on consumer products is still a major challenge compared with other currencies. Services such as MyEtherShop aim to slowly bridge that gap, and the project bears a few similarities to how All4BTC works for Bitcoin users. It is good to see this type of service emerge, as it should make spending ETH a lot more convenient.

MyEtherShop is a Shopping Solution for the Ethereum Faithful

Spending Ethereum at online and in-store locations to buy goods or services is very difficult. This is not because the Ethereum network cannot accommodate such transactions, but mainly because there are very few retailers who view Ether as a payment solution. That situation is slowly changing thanks to a new service, MyEtherShop.

This new service focuses on making Ethereum more spendable online. The platform itself does not sell anything, but it acts as a third-party service provider for people who want to shop on Amazon and spend Ether in the process. Using a third-party service for such a purpose often involves a service fee, but that is not the case with MyEtherShop.

The service uses the current Coinbase exchange rate to determine the amount of ETH owed for your purchase. However, there are no exchange fees or additional surcharges. Users will pay exactly the same price as they would normally for their Amazon order, but they get to do so using a very different payment method which is not officially supported by the company at present.

Users of MyEtherShop who subscribe to Amazon Prime will still receive their free one or two-day shipping on eligible products, and all users will receive an order tracking link once their goods have been shipped. Using the MyEtherShop service is straightforward as well: users need only copy the Amazon product link and complete the purchase with Ethereum. It is a very powerful and convenient service that will bring some positive attention to the Ethereum ecosystem as a whole.

Some people are questioning why anyone would launch such a service without turning a profit. Admittedly, it does seem a bit fishy. According to the project owner, the goal here is simply to make Ethereum more liquid. He will increase his credit score in the process, as well as obtain 5% cash back when using Amazon gift cards. Plus, he gets a lot of ETH to play around with, which could always go back up in value. The service is available to U.S. customers only at this time.

It is worth keeping in mind that this service may collect sensitive data on its customers. As there is no privacy policy in place right now, it remains to be seen whether that will hold the service back in any way. People looking to spend Ethereum on Amazon purchases without obtaining a compatible debit card will surely find use for MyEtherShop. We can only hope it does not turn out like All4BTC did in the end.