Starbucks ready to accept crypto currencies but says no to bitcoin

[HasHe]

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

[bug.lady]

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

I would be thinking of high fee issue. Lately companies were dropping the support for bitcoin payments they used to have (like Steam, for instance).

But generally, all that discussion with company A accepting bitcoin and company B dropping it makes me feel like I magically time-travelled back to say 2015. It was in those early days that everybody discussed hot topics on who accepts bitcoins now and who not.

Are we really back to that level? That accepting bitcoins is such a big deal nowadays? I would think we as a community and bitcoin as a currency, we are all more mature. But it seems we are not.....

[LFC_Bitcoin]

Fees are down a bit now, the mempool is clearing up too, only 38,xxx unconfirmed transactions now -

https://blockchain.info/unconfirmed-transactions

There were over 150k not that long ago.

[tophe15]

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.

[zeingrind777]

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

I think volatility and high transaction fees are the two reasons why Starbucks do not accept bitcoins but for other cryptocurrencies at a lower fee. by receiving cryptocurrency as a means of payment this will be many people who know about the world of crypto so will increase the price of cryptocurrency later

[stompix]

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.”

My opinion is they are going to create their own coin and because they already have more money on starbucks cards than some banks in deposits link , what the hell, let's try to milk this even more.

There is not going to be a decentralized coin on the starbucks app, just a simple coin with no mining, no nodes, no nothing and with the customer base they already have probably it will be a success.
But don't expect to be able to trade it or for the value to fluctuate.

[Jet Cash]

Starbucks is one of the Globalist elite groups, and this is why they support terrorists. I wouldn't buy their products because of this, and also because of the health risks associated with their employment policies.

They probably deny Bitcoin for political reasons rather than practical ones.

[daniweb]

I think it is just political reasons. I don't see why they wouldn't accept it as long as they accept other currencies.

[erickkyut]

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.”

My opinion is they are going to can create their own coin and because they already have more money on starbucks cards than some banks in deposits link , what the hell, let's try to milk this even more.

There is not going to be a decentralized coin on the starbucks app, just a simple coin with no mining, no nodes, no nothing and with the customer base they already have probably it will be a success.
But don't expect to be able to trade it or for the value to fluctuate.

I agree with this. Most of the companies nowadays want to penetrate the crypto industry by making their own coin. I think Starbucks wanted to make their own coin. Starbucks is a multinational company. Aside from that, it is one of the most known coffee shop. They wanted to make their own coin to be used when purchasing their products.

[audaciousbeing]

Reading the article, I was able to catch a glimpse of what he is talking about but the place I have issue was when he was quoted as 'bitcoin is not a currency today and not in the future' makes me wonder the amount of thought that is put into decision making of an organisation strategy thinking before coming out with a position. Although, he is yet to list the specific crypto currency that would be accepted but outrightly disqualifying bitcoin makes me feel its really not about implementation but about making a statement and this statement is coordinated one.

Bitcoin at this particular time, no matter how many people try to make themselves believe something else, bitcoin will remain the trail blazer in the industry and unfortunately for them, they are adopting the blockchain technology with bitcoin itself not knowing that they are even doing more in propagating the popularity of bitcoin. Also, only if they will be establishing their own exchange sites for conversion of fiat into any currency they want to use, there would still be need for the use of bitcoin in the process because any user would have to first convert to bitcoin before converting to any of the accepted crypto currency.

[cherryscarlett]

So it looks more like they want to create a new token of their own.
Instead of supporting other tokens now, because even bitcoin doesn't support it, what token can buy starbucks coffee?

[CryptoBeefy]

I would imagine other than some political reasons, the high price fees has got to be the deal breaker here. Imagine paying £2.99 for a coffee and it charging £5 in network fees, it simply wouldn't work.

[penig]

I think it is just political reasons. I don't see why they wouldn't accept it as long as they accept other currencies.

You dont see why they wouldn't use a currency that takes upto 10 minutes to confirm at $5 a time, for a product that costs $3 and prepared in 1-2min?  

They wont accept it because it doesn't work for them.

[Dudeperfect]

With no other thought, I am sure that high transaction fee and confirmation time is the reason that most of the merchants are avoiding Bitcoin. We really need to work on some concrete solution for this critical issue in order to make it user friendly even for the micro-transactions. I am optimistic about the picture of next 2 to 5 years and I am sure that Bitcoin has a good future if things are going in a proper direction.

[BlackMambaPH]

I'm not sure but Qtum or Robin8 also trying to be a partner with the Starbucks. I see it discussed on their blogs or social media channel that they will have a meeting with the Starbucks management. I will edit this for reference. Stay tuned.

Edit: Found it on Reddit discussion: https://www.reddit.com/r/Qtum/comments/7qo98l/huge_qtum_partners_with_starbucks/
Article: https://cryptovest.com/news/qtum-announces-starbucks-partnership-price-still-sinks/

[Don Pedro Dinero]

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.

[heringasem]

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

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

[Caesar-Giulius]

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

[rudox]

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.

[Flexystar]

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.