Starbucks ready to accept crypto currencies but says no to bitcoin

[JanpriX]

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.

[cryptohunter]

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

[newb-dev]

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

[bitorama]

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

[Hazaki]

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 .

[aardvark15]

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.

[Francissco12]

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.

[rockyfeller]

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..

[buyinbtc]

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.

[hieuho381]

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.

[zarados]

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.

[allahabadi]

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...

[specimen23]

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).

[skorupi17]

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.

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.

[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

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:

...
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

[moamin77]

I would say because of all the issues: the fluctuation in price (volatility), high Tx fee and delay
They better think of building their own blockchain/token or depending on another 'fast' one (with fast block production rate and lower number of required approvals, maybe EOS?) 

[baby222]

Fees started to be lower now so maybe they will accept bitcoin soon. I am sure that this was the main reason for not accepting it

[stompix]

I think Starbucks does not accept bitcoin because it's political reasons

What political reasons?
How can Expedia accept bitcoins and not Starbucks?

Can you please elaborate on this, or it was just o one liner thrown away to increase your post count?

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.

Stop with the fee argument, it does not matter for the merchant point of view.
Starbucks is not paying the fees, the customers are. So it doesn't matter to them how the customers are willing to pay.
They can simply add a crypto payment that supports all coins and they will have the same costs.
Besides that, check the latest fees in the chain...
There are txs coming through with only 5-10 cents.

Now, back to the altcoins problem, the fee for ETH is gradually spiking to 1.5 $ and we know the problem of scalability of ETH, what do you think will happen if only 1% of coffees would be sold via ETH?
Not to mention the size of the chain.
No blockchain would ever be able to accommodate the big four fast food sellers even with 1% of their sells and keep low fees.
LN....

[Tyrantt]

NO wonder, I wouldn't be accepting bitcoin as well, atm I'm trying to switch over to ETH as much as I can, fees are getting ridiculous, not just the height but the up and down, going from recommended 5sat/b to 165 sat/b, that got my transaction stuck. Something srsly needs to be done, the best solution and thing would be fixed transaction for whole blockchain. Easier calculating and you know your tx wont get stuck, ofcourse you can chooe between 3 options for speed overall but this we have now is ridiculous.

[bug.lady]

Now, back to the altcoins problem, the fee for ETH is gradually spiking to 1.5 $ and we know the problem of scalability of ETH, what do you think will happen if only 1% of coffees would be sold via ETH?
Not to mention the size of the chain.
No blockchain would ever be able to accommodate the big four fast food sellers even with 1% of their sells and keep low fees.
LN....

You are saying something I have been suspecting all along and even I had a post or two on the subject. The problem of scalability is inherent to ANY blockchain. The result seems to be devastating: no cryptocurrency can successfully reach high adoption.

Do you think we really have to settle for off-chain solutions in a long run? Then what do we really need bitcoin for, when we already have perfect off-chains payment methods (visa, mastercard,...) ?