Amazon launches virtual currency Coins

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Amazon has just debuted its own virtual currency, Amazon Coins, allowing customers to pay for apps on its Amazon Appstore for Android, as well as some in-app items. Kindle Fire customers in the US are the first to get their hands on Amazon Coins, as the company is giving all of them $ 5-worth of the currency, or 500 coins. The e-commerce giant is touting the virtual money as an easier way to pay for things on its Appstore, and there are several reasons why launching such a new exchange medium may be to the company’s advantage. At the very least, it poses a new, more centralized challenge to the popular virtual currency du jour, Bitcoin.

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