Bitcoin Forum

Starbucks on November will start accepting crytocurrency payments like Bitcoin for payment to their products.

Starbucks in partnership together with International Exchange, Microsoft, BCG and other more will make this all possible through Bakkt, a company their currently building.

This is said a good news for most crypto users because it is expected that it will aide against cryptos volatility and the ever wonder of where you can actually use bitcoin as payment by spreading adoption.

Starbucks is not the first to accept bitcoin payment. Overstock, Shopify, Newegg and other platforms before also accepted bitcoin payments.

So are we still to expect a bullish run on bitcoin this year? Leave your thoughts in the reply.

source: https://www.cnbc.com/2018/08/03/starbucks-partners-with-microsoft-ice-on-new-cryptocurrency.html

They did accept crypto to load onto their Starbucks gift cards but that wasn't that great.
If they can accept at the kiosk and at the counter now that is a match made to ramp up bitcoins value.
And it looks like the news is feeding the prices bullish run.
It has already gained over $285 from yesterdays price nearing the relaxing point of $7500 to the bitcoin investor. ;)

I don't know what is the reasons of this rise but I do not think it is related to starbucks.
It is indeed a good news and I want to see how many people will use this service to buy their coffee with bitcoin  ;)

Why wait so long? Will Starbucks accept Bitcoin transactions that can be confirmed within one hour or even longer, or do they want to use their own instant payment system such as RapidzPay?

It seems that the bulls are preparing the ground for Bitcoin skyrocketing in November 2018. In this case, the whole crypto exchange market will grow significantly.

I hope this will lay to rest the myth that it is impossible to buy coffee with bitcoins.  ::)

The ideal solution for Starbucks would be some kind of Lightning Network enabled Bitcoin wallet, because that is more suited to quick and inexpensive micro payments.

I hope this is not just another "test run", but a full implementation this time around.  ??? ::)  I know KFC and McDonals has also had some trial runs before, but it was more a promotional gimmick than anything else.  >:(

So, this is just another Bitcoin payment processor like BitPay and others, Starbucks and other companies won't really be accepting Bitcoin, this new processor will be immediately converting coins into fiat. This is less exciting than if they were accepting Bitcoin directly and managing their own wallets, it shows that companies are still scared of volatility, hackers and other risks. But it seems they are at least not scared of Bitcoin getting declared illegal, so that's some progress.

Well at least people will be using bitcoins for something and not just hoarding it in wallets. It also legitimizes Bitcoin as a

alternative payment option, even if these third party payment processors are used. I think if initiatives like this gets some

traction, then we will see a lot more companies and franchises doing the same thing.  8)  Let's just see some positive angle

on this.  ::)

I agree. At least bitcoin will have that kind of impression of it is usable as payment in the real world not just via online stores or alike. So I guess November this year is really where things are going to be excited.

This makes perfect sense more and more people are paying for their Starbucks with a phone.

Whatever Andreas Antonopoulos or Victoria van Eyk can say in support of Bitcoin, it doesn't matter for general public. They only trust those whom they know well, which is pretty much understandable. And that's why it is very important when big companies like Huawei, the second largest smartphone manufacturer in the world, or Starbucks with its 28,218 locations worldwide, announce that they will be dealing with BTC. Bitcoin has a strong community of supporters, but there are only few millions of them while we need hundreds of millions for Bitcoin to become accepted in the broad sense of the word.

That will be the biggest test, in my view. Given that transactions can be reversed, by sending another one with higher transaction fees. This might be an acceptable risk for Starbucks, given the small ticket size. Transaction fees might have fallen, but they might still not be feasible if all you want to do is buy a coffee and get the transaction confirmed quickly.

BitPay & Co expose themselves to the exact same risks. I know a couple of brick and mortar stores accepting instant Bitcoin transactions if the fee included is decent in relation to the network situation. Ill minded people can walk in, buy stuff, walk out and simply double spend with a higher fee. I'm not sure how they exactly hedge these forms of theft, but there surely is something that's helping them in that regard.

I know that BitPay at least shorts a small percentage of their Bitcoins in order to not lose value. In case the price goes down their short will be able to keep the value close to or above the initial $$$ value. It could be that these shorts help them to even cover the risk of theft to a certain degree.

Litecoin was used to buy a cup of coffee along time ago as you probably watched the view from youtube that got a lot of views of the guy who did it somewhere in Europe.
So this is not new(for crypto) just it being a worldwide corporation doing it puts it more on the map then some small shop around the corner. :D

If this was a full implementation, would we see the billions of coffee drinkers all around the globe start using bitcoin? Would they buy bitcoin only to purchase coffee? Would they stop using their credit cards?

No. But if they did then we might see blocks become full and fees become high again hehehe.

Although this news is positive, its failure will be counterproductive to all retailers. "Which may be due to:

 - I do not expect people to buy a home for a coffee or a digital product from Microsoft.
 - The increase in the use of bitcoin in small payments will once again bring higher fees and therefore the futility of using bitcoin in small amounts.

Therefore, unless there are many uses of bitcoin "uses in the stock exchanges" and activation of solutions such as "lightning network" this news will turn to negative.

The bright side is more interested in cryptos and the use of blockchain.

Yeah, it's great news and overall just better than nothing, but I'm just not super excited about it. I've used BitPay a few times in the past and it sucked, so I hope this new processor will be better.

What I'm really hoping to see is Lightning Network adoption by small businesses and brand new types of services that utilize it. Seeing new economic models based on true microtransactions is way more interesting than this.

This is certainly good news for the world. When such large networks introduce bitcoin, this greatly helps popularize crypto currency. Personally, I think that this is just the beginning of a long road that we still have to go through with you.