Shiba Inu Fans Disappointed with Netflix Update

You can now pay for Netflix subscriptions and spend on Amazon using Shiba Inu, after FCFPay announced the adoption of SHIB by its crypto card. 

The news sounds bullish for Shiba Inu. More adoption and especially by household names like Netflix and Amazon is a step towards far higher trading volumes. Higher trading volumes mean higher Shiba Inu prices.

But Shiba Inu fans on Reddit were disappointed by the news.

One r/SHIBArmy commentator pointed out that 'Netflix does not take any form of crypto as payments'. Another said 'articles like this are made as clickbait knowing they'll be reposted by desperate investors'.

Here's what you need to know.

You can't actually pay Netflix in Shiba Inu 

FCFPay is a a crypto payment provider offering a pre-paid crypto debit card. The website boasts 'Now accepting Shiba Inu!'. But in reality FCFPay is a Visa card which still converts your crypto into fiat (USD, CAD, EUR, etc.) at the point of purchase.

While you can store Shiba Inu on the card, you're not actually paying with Shiba Inu.

Netflix and Amazon do not yet accept Shiba Inu directly. As one Reddit commentator said, the conversion process is 'no different than selling yourself and buying whatever you want'. In fact, other commentators said it might even be a disadvantage as other crypto debit cards like Coinbase or Binance offer up to 4% crypto cashback whenever you make a purchase.

Furthermore, with the price of Shiba Inu consistently falling this year it's unlikely SHIB investors would take a loss to buy a Netflix subscription or Amazon product. 

As one Reddit user said: "So it's not a big deal, gotcha."

What a Shiba Inu ecosystem would look like

What would it mean if Netflix or Amazon accepted Shiba Inu directly?

It would take SHIB to the next level. Shiba Inu has fallen consistently in price this year and investors are aware it needs to be more than just a currency based on a Japanese dog meme. If Netflix accepted Shiba Inu and payments could be sent via the Shibarium layer-2 blockchain it would mean that gas fees and commissions create income for the community. 

A great example is the EverGrow ecosystem. 

EverGrow is a reflection token with a 14% tax used to reward investors in BUSD and burn supply. But it also has a sister ecosystem token called Lucro with just a 1% tax and 0.8% of that used to burn EverGrow.

On the first day of Lucro trading in September this year, at least $65,000 was collected to burn EverGrow. In comparison just $17,500 worth of Shiba Inu was burned throughout September.

You can read more about the EverGrow ecosystem on its website.

If Shiba Inu on its new blockchain platform could collect its own fees or even charge small taxes, it would create an extra source of revenue for the SHIBArmy.