Topic: Bakkt will partner with Starbucks for Bitcoin (Read 512 times)

actually news like this must be very interesting for cryptocurrency users because now starbucks and microsoft companies that are very well known in the world want to collaborate with bitcoin, it is very possible this will raise the price of the bitcoin market to be higher and my opinion this year is of course the adopters and popularity of bitcoin will grow all over the world with their cooperation like that.

We don't yet to be sure. If this will become true, then this will lead to a positive thing not only to the users but in the whole crypto world.
And if happens that this will succeed and continue for a long time, this will lead to other business/companies to start to adopt bitcoin.

Is there any link of that news? if this is for real, then there is a good chance that this to be a new trend.
I don't hear any news regarding this, maybe this is just for the selected countries and not available in our country.

Long time Starbucks become partner with bitcoin and accepted payment currency using bitcoin, many Starbucks store have adopt with bitcoin as transaction payment and you can buy with using bitcoin, last years Starbucks announce for receiving bitcoin for their payment way, positive way how Starbucks doing after accepting bitcoin as transaction payment and make many people will know whit bitcoin not only for investing but for currency.

This is the first time I see good news with a huge company after my long vacation in cryptomarket. I recently got scammed and left the market behind but its good to be back again and its good to know that Starbucks will soon to accept bitcoin. There are times that we doubt this market but in long run bitcoin will still fly high. Now I will work hard again and do save more bitcoin, I will probably do this right now before the bull to come.

It's a good thing overall, at least when it comes to raising awareness. Also, if Starbucks starts accepting crypto, maybe others will follow, so good for adoption too. Small steps will lead us there.

I think this news will become a reality, increasing adoption of bitcoin will continue to be carried out by people. The more companies that adopt bitcoin, the greater chance for bitcoin to survive and provide a sense of security for investors because bitcoin is increasingly popular and efficient.

Will there be Coffee day after Pizza day? I'm just kidding, just intermezzo. News like this is also not something new, but let's look at the positive impact. Of course, this is progress where the more adopted bitcoin is for payment, the closer it is to everyday life. But if asked to choose, I would use fiat for instant and small scale payments like this, because it was more effective. While bitcoin is more effective to be used as an investment tool, trading commodity, and even for payments it is more effective for macro payments.

Let's hope that his one is for real, and not like the last time when there was a lot of hype earlier this year when rumors about Starbucks were floating around, and then nothing came out of it. If Bitcoin payments would indeed launch, it would mean that Bakkt isn't as bad as many people said it was. There's very little chance that big companies will be accepting Bitcoin directly, it's too much trouble for them and they would rather outsource it to companies that specialize on it.

Most of the large companies are now on the way to partner with popular exchanges to adopt bitcoin as their payment option which is really good news for all the crypto lovers.Starbucks is most famous coffee brand around the world with branches all over globe and customer who like to spend their btc on such services will be happy to hear the news.This type of adoption will surely boost the prices and we might see surge in prices this year so be positive.

Sure. These companies' usefulness are definitely debatable(because who doesn't want coffee and institutional access to bitcoin, right?), but they don't give a crap about your opinion. People are "so happy" because this is yet another step(regardless how small) towards mass adoption. Maybe try to appreciate the small things next time.

Yes, I agree with you, adoption of bitcoin is a very good thing for its progress in the future. In 10 years, adobsi has increased rapidly since it was first issued and when compared to the internet, bitcoin adhesion is faster and broader in this regard. This of course is the success of the innovation and development of bitcoin itself. This statement was made by Adam Back, CEO of Blockstream who is also the developer of the "hashcash" protocol used on Bitcoin, saying that the speed of adoption of Bitcoin is faster than the adoption of the Internet.
The following Adam Back statement that I quoted from the source.
Source

If they are charging a hefty price a couple of spoonful of coffee bean they will be charging a higher premium for bitcoin too, they will be implementing to show the young generation that they are following the technology and this will be another advertising strategy they will be using to promote them as well, because if they do something about bitcoin they get a free global advertisement all over the world, chat boards discussion about them and google search will be higher too, so it is a advertisement strategy in my opinion  .

There might be a good impact after Starbucks introduced the system that they will integrate their business using BAKKT to support bitcoin.
It's a good start to fuel up this BAKKT functions, it's been a while when most expectations are high with BAKKT and how it will bring more
success to more businesses to adopt the system. Hopefully it's not Starbucks alone but more well established businesses to adopt bitcoin.

starbucks didnt partner with starbucks after bakkt was released

starbuck CREATED bakkt with ice and others

There are more development in stores and glad to see major development being going on from major corporate houses and they have the power to change how bitcoin is viewed around the world and if they start accepting bitcoin then the rate at which bitcoin is adopted will increase rapidly and good to see those developments undergoing before the halving.

Although the number is minuscule, it still the real-world usability as a mean of payment, as someone who holds bitcoin, I'll be happy to buy a coffee using bitcoin even though it may become the most expensive coffee I've ever paid in the future when bitcoin reaches $1 million.
As time goes on, more merchants and retailers will accept bitcoin, that's what the purpose of bitcoin, to become an alternative online payment.
Everyone is free to choose whether to pay using bitcoin or fiat currency.

Bakkt is useless
Starbucs is much more useless
Why everybody are so happy about it?

Do Starbucks really needs to partner with Bakkt to take bitcoin on the next level?

Why not Starbucks uses LN as payment scheme if they really wanted bitcoin? I guess both of them are just riding the popularity of bitcoin or crypto in general and this is a win-win situation. Can this affect the market price of bitcoin though? maybe, maybe not.

And someone mentions that this is not a direct P2P, so I'm assuming that Bitpay as bitcoin payment gateway, so this is like a soft adoption.

Sounds good, meaning even if the president of United States aren't believe into bitcoin, there have a popular US company continues to support bitcoin because they know the future of digital currency this time of edge new technology. Hope that plan can help,for bitcoin become stable their price. Good luck  for this parthnership plan.

this news is not new.
and many people think its about buying coffee with bitcoin.

essntially people already with bitcoin put their funds into starbucks as a custodian and then people offchain can then see their starbucks database btc balance decrease the more coffee they buy.(much like buying a fiat based starbucks giftcard)

but here is the thing people are not thinking about
people with fiat can walk into town and enter a local starbucks store and buy a coffee and buy btc with their fiat

lets just hope starbucks dont charge hefty maker:taker fee's on the exchange rate, because looking at their coffee prices they charge alot of money for a couple spoonfuls of coffee bean

This itself probably won't have a big impact as others have said. I definitely won't waste my BTC on coffee  

However it is a very important signal that Bitcoin and crypto are being legitimised and accepted in the real world. A couple years ago, Bitcoin was a small corner of the internet that no government wanted to talk about and that they didn't want to acknowledge. This news is part of the bigger picture that crypto as actually being accepted and acknowledged as a real thing, which is very exciting IMO. Bitcoin's future is getting brighter with every piece of news

Even though it's not big news, but this is good news for using Bitcoin. we know, BAKKT news about accepting bitcoin does not affect the price of bitcoin. but with the wider adoption, our hope is that Bitcoin is one of the currencies for official transactions that are used for daily use.

Bakkt was expected to make a big impact on the market. To the expectation nothing big happened, the price dropped. Bakkt partnering with Starbucks will happen through some intermediary and not directly. Till day most of the service providers accepting bitcoin were through bitpay and other services.

I think people are getting to hyped up with all the things surrounding Bakkt, because it gets a lot of media attention and the fact that it is linked

to institutional capital. Remember, not all institutional investors are going to drop their stable investment strategies and sell their current investments

to invest in something as risky as Bitcoin. Yes, the App is good news, but it will take a long time before you see any real movement from investors

going from old investments to new investments.    Do not fall for all the hype again.  

Bakkt is influential in the game. They are making steps that are beneficial for the growth of Bitcoin adoption. This consumer app in 2020 will be coming out just as the Bitcoin market is also anticipating the reward halving. This will add a positive vibe to the market.

Starbucks, Microsoft, and Boston Consulting Group. Big names! We will see how these rich institutions will affect Bitcoin's price as well as worldwide adoption. The game is getting exciting everyday!

This is just a piece of good news, in the past year I already heard news about Starbucks accepting bitcoin as a payment and I think the experience of the customer was great in paying in bitcoin also as the market go up and down the companies also need to strictly adjust their prices in the stores. As the year passes the bitcoin was also recognized by many companies and they think that it could be a good asset in their businesses and also a good investment as they were accepting bitcoin I think it could be a win-win situation.

Became big & more trending lately? Starbucks has always been dominating the coffee scene for many years my friend.

Anyways, I am not sure what their business decisions were behind this partnership. Maybe they just wanted a 'PR buzz' out of it.

Behemoth companies liek Microsoft and Starbucks leading the Bitcoin adoption! A great sign and looking for a steady rise of the BTC price during 2020. We can now say that daddy Bakkt is the catalyst that will boost the crypto growth for the next 1-2 years. Even if we have many events in 2020, investors should be careful at regulations, we don't want an unpleasant surprise.

Even if there are not going to be direct BTC payments it still ok if they use a BTC payment processor( especially through an institutional service provider like Bakkt).

Not literary people buying coffee with bitcoin that is not the only aim of BAKKT partnering with Starbucks, the main thing I think and the reason why BAKKT chose Starbucks is due to its popularity and the trend we are now. We all know that Starbucks company became big and more trending lately when people tend to buy coffee from their shop. Promotion is the first aim of this partnership, promotion of BAKKT itself.

Here we go again with the "X doesn't directly accept BTC" arguments again.

Look, no big business in the right mind would hold BTC. Both because of volatility reasons, and tax reasons. And we're talking about Starbucks here. Businesses like Starbucks makes money through selling products, not through speculating on risky assets like bitcoin.

Second, they don't want to hold bitcoin? Fine. I can also pay for US products that are priced in USD for my local currency(PHP), but they'd automatically convert my PHP to USD at point of sale because they prefer to hold USD. Is there something wrong with that? Not at all.

with great hopes, everything is being done. when the government banned but companies used. in the end the country will approve it. as a bitcoin user, support for companies that use crypto is essential. hopefully every day there are changes for companies in using crypto currencies.

If I'm not mistaken, customers will be using converted fiat from crypto for purchases on the coffee chain  but it still is a very significant milestone in terms of adoption.


Technically the app or platform they will be using will not yet process on chain transactions for Bitcoin but will have the capability for BTC-fiat conversion to be utilized within Starbucks, so in essence, the originating asset is still Bitcoin but only converted to fiat, so Bitcon is not useless at all!

Starbucks huh? Is that the best they can pull? I mean... seriously. How many customers would actually purchase a cup of coffee with BTC?

yes, I think it doesn't matter, even if you have to convert to fiat first. at least the introduction of bitcoin has begun. because with over 3000 Starbucks stores, it is expected to help someone who is not yet familiar with bitcoin can understand its usefulness.

How it was adopt the bitcoin if they dont accept it? They introduce bitcoin by Starbucks but it was useless? How the people encourage to use it if it takes a lot of time before making payment?

Probably if it was happen they willing to buy money through online or cashless but not using bitcoin.

Same thing here, I will never, at least for now and for the remaining months of 2020, use my Bitcoin just to have my coffee need fixed by that famous and relatively expensive coffee shop. There are two big reasons why: 1. I only have a small Bitcoin hoard and in fact I am planning to add more so spending them for a coffee or some pastries can be contrary to may goal of hodling more in anticipation of the bull run (her, you are haha) and I know I am not alone with this feeling (can't you feel it too?); 2. I am a stingy (but not stinky am hoping) guy so I can't have a guilt=free experience in Starbucks or any same expensive coffee shop for that matter. Don't worry I better get an all-in-one coffee mix and make my own coffee at home (this makes me disqualified as a target market of Starbucks which recently opened some shops in my county).

Now, to get serious, I am sure that this good news of Bakkt and Starbucks at provides the mainstream and crypto-related media some topic to discuss and post. How will this affect the market and price of Bitcoin remains top be seen. Ironically, it has become a customary for members of this forum (including me, of course) to encourage others to patronize merchants who decided to accept Bitcoin (directly or indirectly) while we ourselves have decided that we are instead holding and not spending. Well, this can be a  little bit funny (for lack of a better word).

I believe so - after some digging of my own, it looks like they where in the talks about implementing a payment system for starbucks, long before today. Read - https://cointelegraph.com/news/coffee-for-bakkt-starbucks-equity-deal-will-see-crypto-based-payments-source-claims.

I agree, it would need to be a consumer that uses the Bakkt application, and it would also be someone who has a decent amount of cryptocurrency to spend, and wouldnt mind using it for a daily coffee, a small amount of people, but I think the win is more that big companies like Starbucks are taking note and leading ahead with the adoption.

Nowadays, we can use BTC on Amazon, in a couple months we can use it on coffees, and soon later we might be able to use it for everything!

Continuous announcement of Bakkt pursuing and making cryptocurrency possible with daily transactions, such as in Starbucks, may have positive impact in current market situation. Given the fact that Bakkt has partnered with Microsoft too, it holds a strong foundation of becoming successful. And having Bitcoin and other top altcoins in its platform would increase demand and prices, and improve market activity which would generally be good for crypto.

Weren't they sort of affiliated with Starbucks since it was announced though?

Anyway, while I don't think that much people using bitcoin to pay for Starbucks(probably only a small minority), this is obviously still a win in terms of adoption and public perception. As time goes, the criticism "you can pay X with bitcoin" slowly but surely fades away.

It's good to see mass adoption for Bitcoin but starbucks still not accpeting direct payment BTC. So BTC will convert to fiat first thru the app which might slow the process of transaction unlike if its a direct purchase using BTC wallet. But still a good sign for crypto progress

Oh wow, it actually is pretty old news, been out for 2-3 days, and I haven't noticed it. I don't usually follow forbes and mainstream news, mostly Cointelegraph and Coindesk and I didn't see them do a piece on it.

I think this is going to become what Libra wasn't able to achieve. They have the same partners (I am talking about the size of the companies) and this time the governments actually don't hate them.

Let's check back on them next year and see what more they've done, this is going to be a slow process for sure.

There was someone who started a thread 'forget the halving' and I think that article is where he got it from.  And hey, I'm pretty glad starbucks is doing this tho I won't be spending my precious bitcoin on coffee.  I very much like starbucks and spend far too much money there, but I'm comfortable with using fiat and I know those dollars I have in my wallet aren't going to hit an all time high in 2020.

Adoption is progress for bitcoin, tho.  I do hope the bitcoiners who like to spend their btc will take advantage of this.  If not, starbucks will probably kill the whole thing like microsoft and some other retailers did.

Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced this week it plans to launch a consumer app for cryptocurrency purchases in 2020.

U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.

https://www.forbes.com/sites/billybambrough/2019/10/31/forget-the-halvingcould-this-be-what-sends-bitcoin-soaring-next-year/#12640c6e3062