[2018-01-27] Bitcoin SNUBBED after value plunge as Starbucks announces plans ...

[cybersofts]

Bitcoin SNUBBED after value plunge as Starbucks announces plans to accept cryptocurrencies




STARBUCKS is set to become one of the first major high street shops to accept cryptocurrency after it announced plans to incorporate blockchain as part of its payment strategy, but in a snub it has ruled out using Bitcoin.

The move means digital currencies could be traded for everyday purchases in the coming years.

Following the increase in consumer interest in the online currencies, Starbucks Chairman Howard Shultz said it was necessary for major businesses to adapt their strategies.

But the Starbucks boss said his company would not be looking at Bitcoin in their corporate strategy, claiming the original digital currency would not “be a currency today or in the future”.

He said: “I believe that we are heading into a new age, in which blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application.”

A number of cryptocurrencies have risen in popularity over the past 12 months with bitcoin, ripple, and ethereum all seeing surges.

Since bitcoin was first mined in 2009, the virtual currency has seen its value surge and reach an all-time high of more than $17,000 (£12,000) in December 2017.

However, it has recently plunged and last week saw its value drop to just £8,300.

There are concerns the currency’s value will continue to drop throughout 2018.

Starbucks introduced a mobile payment app in 2015 that allowed customers to pay and order their drinks.

The app gave customers rewards the more they used the app and has become a commercial success.

It is the success of the mobile app that leads Mr. Shultz to believe his company could become a world leader in accepting cryptocurrencies.

He also indicated if Starbucks was able to accept cryptocurrencies it would “significantly create long-term shareholder value”.



Starbucks Chairman Howard Shultz made the unexpected announcement

He said: “We think we have something to offer the companies that are chasing this because we are in a position to create the trusted legitimate place in which this could be accepted and possibly take advantage of the mobile payment digital platform that we have created.”

Nearly a third of all mobile payment for Starbucks is made via the mobile app.

The businessman added: “I believe that we are heading into a new age, in which Blockchain technology is going to provide a significant level of a digital currency that is going to have a consumer application.”


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

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1715338474

[chiggz]

Makes a lot of sense. I wouldn't pay $10 in fee for a $7 coffee. Which Cryptocurrency will it be then? Hope they don't start their own ICO in the near future. Whatever Starbucks chooses will require a chunk of time to implement. They should start with something that will last.

I would vote for XRB as I see a lot of potential in it to be able to use as a currency. Though it is currently not quite mature and fairly new but it as instant transitions, no fees or mining. It is literally the only coin that was designed for these types of transactions that is ready right now.

[Harlot]

Well that is a major hit on Bitcoin but I think what Starbucks is doing is looking for a long term goal as there are really better cryptocurrencies out there as a payment method of course. We might be losing the dream of seeing Bitcoin as a payment alternative but it is still there as our investment vehicle. Also it has not yet decided and businesses like these might change their mind about Bitcoin and accept it in the future, the thing that is blocking it from happening is of course the speed of the transaction as well as the network fees which is better on other cryptocurrencies such as Ripple.

[Paractor]

It just means a corporation cashing on bitcoin just on the fees alone.
Kind of like how the exchanges are doing now charging $10 just to withdraw your money and don't forget about the 0.05% on each trade you do.
Most people forget about that after they are exchanging their bitcoin in to their alt coin or vicesa versa.

[francoise]

stupid starbucks. I don't go to starbucks anymore, ever since its stupid ceo announces they will hire x amount of illegal immigrants. who cares if they sue not not bitcoin. bitcoin does not need it.