Starbucks ready to accept crypto currencies but says no to bitcoin - page 2.

bug.lady

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Quote from: tophe15 on January 31, 2018, 07:01:16 AM

Quote from: HasHe on January 31, 2018, 06:24:14 AM

Starbucks is going to become the pioneer in high street shops to accept crypto currency payments.It has said that it would soon incorporate blockchain as part of payment strategy but says no to bitcoin.

Starbucks Chairman Howard Shultz said that they would not be ready to accept bitcoin.

What might be the reason for this?

Is it bitcoin's high volatility or high transaction fee issue?

Here is the link

https://www.express.co.uk/finance/city/910629/bitcoin-cryptocurrency-news-latest-Ripple-Ethereum-price-value-surge-starbucks-payment

So you're saying that they might create their own cryptocurrency? am I right? Maybe the reason they won't accept bitcoin because they might be worried that it will burst at any time like what other anti-BTC are saying which as a result more people are cautious in dealing/buying/using bitcoin as a payment method in their businesses and transactions.

No they don't want to create any new crypto, where did you read it? I reread the article just to be sure there was no mention. They said they will be accepting some other existing cryptocurrencies but not bitcoin. And as I said above the reason is the fees I think, while the official reason from the article is high volatility.

EDIT:

Quote from: Don Pedro Dinero on January 31, 2018, 12:12:11 PM

...
I think it is more likely that they will issue their own crypto, as it’s been said.

It is how the rumour is born

skorupi17

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Quote from: Don Pedro Dinero on January 31, 2018, 12:12:11 PM

If it accepted alts but not bitcoin, I think this would be the first case, and something very negative for bitcoin, as until now, merchants were accepting bitcoin or bitcoin and alts.

I doubt this being a negative impact on Bitcoin. Cryptocurrencies have their own implementation advantages so if one is not suitable for the task then resort to another one. That's just how it is. Since Bitcoin transaction takes time to be confirmed, and transaction fees are much higher than other coins. So litecoin/ethereum should be suitable for their business.

Quote from: Don Pedro Dinero on January 31, 2018, 12:12:11 PM

I think it is more likely that they will issue their own crypto, as it’s been said.

Perhaps. However, I think they should have their own coin and not a token. If they are going for a new token, such as ERC20, then they should've used ETH instead.

specimen23

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i think the confirmation time for transactions is a major factor, considering that the value of each transaction in starbucks is usually small(1 digits mostly).

allahabadi

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Quote from: tophe15 on January 31, 2018, 07:01:16 AM

Quote from: HasHe on January 31, 2018, 06:24:14 AM

Starbucks is going to become the pioneer in high street shops to accept crypto currency payments.It has said that it would soon incorporate blockchain as part of payment strategy but says no to bitcoin.

Starbucks Chairman Howard Shultz said that they would not be ready to accept bitcoin.

What might be the reason for this?

Is it bitcoin's high volatility or high transaction fee issue?

Here is the link

https://www.express.co.uk/finance/city/910629/bitcoin-cryptocurrency-news-latest-Ripple-Ethereum-price-value-surge-starbucks-payment

So you're saying that they might create their own cryptocurrency? am I right? Maybe the reason they won't accept bitcoin because they might be worried that it will burst at any time like what other anti-BTC are saying which as a result more people are cautious in dealing/buying/using bitcoin as a payment method in their businesses and transactions.

Most plausible explanation...

zarados

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Quote from: HasHe on January 31, 2018, 06:24:14 AM

Starbucks is going to become the pioneer in high street shops to accept crypto currency payments.It has said that it would soon incorporate blockchain as part of payment strategy but says no to bitcoin.

Starbucks Chairman Howard Shultz said that they would not be ready to accept bitcoin.

What might be the reason for this?

Is it bitcoin's high volatility or high transaction fee issue?

Here is the link

https://www.express.co.uk/finance/city/910629/bitcoin-cryptocurrency-news-latest-Ripple-Ethereum-price-value-surge-starbucks-payment

For now, almost no companies like Starbucks are adopting bitcoin as a means of their transactions, owing to the high transaction costs. Of course, management has calculated if they use bitcoin as a means of payment under current bitcoin conditions. They need instant transactions and very cheap fees, maybe like Ethereum or Bitcoin cash.

In terms of volatility, this is not a problem for them, because their intent to receive payment with cryptocurrency as an alternative is as a means of corporate investment.

hieuho381

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This is a good news for the cryptocurrency market but not luck for bitcoin. Perhaps the fluctuations are so great that more and more frequency and bitcoin is the biggest object of variability, so Starbuck does not want the amount paid by bitcoin to drop. In the coming time there will be many services and corporations that accept crypto in transactions and payment services.

buyinbtc

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Quote from: cryptohunter on January 31, 2018, 01:18:32 PM

same for any shop that wants quick easy fast payments - who in their right mind would accept btc as it stands.

better to accept ltc or doge for that...

btc is a store of wealth why try to make it become both...

btc is your bank

alts can take the strain of being a payment system

I really like the idea of LTC for quick small payments as paying for coffee, taxi, or even pizzass, as their fees aren't that high and it's price is way more stable than bitcoin's. Of course this might be little bit bad for bitcoin, but as long as bitcoin would be used for other, larger payments, it should be fine.

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Quote from: HasHe on January 31, 2018, 06:24:14 AM

Starbucks is going to become the pioneer in high street shops to accept crypto currency payments.It has said that it would soon incorporate blockchain as part of payment strategy but says no to bitcoin.

Starbucks Chairman Howard Shultz said that they would not be ready to accept bitcoin.

What might be the reason for this?

Is it bitcoin's high volatility or high transaction fee issue?

Here is the link

https://www.express.co.uk/finance/city/910629/bitcoin-cryptocurrency-news-latest-Ripple-Ethereum-price-value-surge-starbucks-payment

Bitcoin price is not stable and high transaction fee.. Starbucks Chairman Howard is right they would not be ready to accept bitcoin at this moment because it's completely volatile i would choose Litcoin,Xem or Ripple for payments. If Cryptocurrencies will be adopted by many all alts will pump..

Francissco12

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I still can not understand the reason for the rejection of bitcoin but the approval of other cryptocurrencies and Blockchain, the good thing is that this will open the possibilities for other chains to follow the steps of starbucks and allow payments through cryptocurrencies. At this point we can see the interest of Starbucks in Blockchain technology for the purchase in their stores, this would represent a breakthrough in commerce so that users can use their cryptocurrencies to drink coffee or buy a sandwish.

aardvark15

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Quote from: HasHe on January 31, 2018, 06:24:14 AM

Starbucks is going to become the pioneer in high street shops to accept crypto currency payments.It has said that it would soon incorporate blockchain as part of payment strategy but says no to bitcoin.

Starbucks Chairman Howard Shultz said that they would not be ready to accept bitcoin.

What might be the reason for this?

Is it bitcoin's high volatility or high transaction fee issue?

Here is the link

https://www.express.co.uk/finance/city/910629/bitcoin-cryptocurrency-news-latest-Ripple-Ethereum-price-value-surge-starbucks-payment

It makes since that Bitcoin is not the coin they choose since the fees are high, but the lightning network is supposed to help with that. There are other coins that have zero transaction fees like Iota. It would make more since to choose a different coin.

I think this is good news for the cryptocurrency community regardless of which coin they use because this process of paying with cryptocurrencies needs to start at physical businesses at some point.

Hazaki

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There's a lot of potential reasons for the starbucks's boss to deny bitcoin from their new adapted strategy that seems to be a very smart move into attracting cryptocurrencies enthusiasts and generally anyone who don't wanna deal with any centralized parties any more .

The bitcoin ban from the equation might have several reasons tho and maybe they see that bitcoin ain't a coin that will fit such a massive industry since with the roller coaster of fluctuations , small and micro transactions aren't the best usage of bitcoin .
Maybe they think that it has already matured and crossed a lots of records , and that if they accept other cryptos that still has grounds to win , that'll be a long run investment since such coins still has a lot of time ahead to grow in value and users base, coins that has minor transaction fees and that has a much lower transactions time ( 4 seconds for ripple for e.g ) , that will certainly fit a company that wants it's coming payments to be cleared right away .

The chairman isn't certainly playing around , and his vision certainly saw that bitcoin will hold them back so just banned it , coming days will give a clearer image certainly .

bitorama

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I don't think the Starbucks will create their own cryptocurrencies, maybe they will use blockchain technology for distribution of coupons. Or using some tokens instead of coupons, but it seems not necessary

newb-dev

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I have heard that in Canada they started to accept bitcoin at KFC as a payment method. I think Starbucks does not accept bitcoin because it's political reasons

cryptohunter

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same for any shop that wants quick easy fast payments - who in their right mind would accept btc as it stands.

better to accept ltc or doge for that...

btc is a store of wealth why try to make it become both...

btc is your bank

alts can take the strain of being a payment system

JanpriX

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I really like the enthusiasm of Shultz in that interview regarding blockchain technology and its potential use in many different ways including payment system. It is also very understandable that he is not eyeing to use Bitcoin because of its crazy volatility (currently experienced right now). They are looking for a more stable cryptocurrency because it is very essential in their business. Always remember that he is a businessman and he is always looking for a profit for his company. Nevertheless, technology for BTC is moving forward with greater leaps and hopefully, this would provide stability for it so that companies like Starbucks will be able to use it in the future.

Flexystar

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Quote from: HasHe on January 31, 2018, 06:24:14 AM

Starbucks is going to become the pioneer in high street shops to accept crypto currency payments.It has said that it would soon incorporate blockchain as part of payment strategy but says no to bitcoin.

Starbucks Chairman Howard Shultz said that they would not be ready to accept bitcoin.

What might be the reason for this?

Is it bitcoin's high volatility or high transaction fee issue?

Here is the link

https://www.express.co.uk/finance/city/910629/bitcoin-cryptocurrency-news-latest-Ripple-Ethereum-price-value-surge-starbucks-payment

After reading the whole article it seems that this man is trying to gain the popularity through the use of crypto blockchain. I mean there is no reason fro him to disqualify the pioneer that is bitcoin in the first place.

He clearly mentioned that bitcoin has dropped a lot and might continue to drop this year. But on the other hand he speaks more about the successful currencies like Ripple, ETH etc. It clearly mentions that he is behind the money and not given a shitty about the bitcoin if it does not makes him fortune at all.

rudox

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I think there is this fear that Bitcoin price will continue to fall in the year 2018 according to the analysis by the Starbucks boss. He believe using the special app will make the company more.

Caesar-Giulius

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IMO, it is because of the high transaction fees and slow confirmation.

heringasem

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Quote from: HasHe on January 31, 2018, 06:24:14 AM

Is it bitcoin's high volatility or high transaction fee issue

Both and the slow confirm time compared to other currencies even with Lightning.

Don Pedro Dinero

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If it accepted alts but not bitcoin, I think this would be the first case, and something very negative for bitcoin, as until now, merchants were accepting bitcoin or bitcoin and alts.

I think it is more likely that they will issue their own crypto, as it’s been said.

Topic: Starbucks ready to accept crypto currencies but says no to bitcoin - page 2. (Read 468 times)