Starbucks ready to accept crypto currencies but says no to bitcoin

[stompix]

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,...) ?

Sorry but that is apples and oranges at another level.

We need BTC in order to:
- get rid of the middle man (visa, mastercard ...and in my opinion bitpay also)
- be able to keep your money (coins) in a place where nobody can touch them.
Here I would have to mention that keeping cash under your pillow is not the solution since the central bank can easily print new notes and make the older ones useless.

This can be achieved with a coin with the LN.
And you're right now comparing LN nodes to banks....?

[Joebobb69]

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 think there are many reasons for not accepting Bitcoin as payment.  Volatility (how can you price anything when Bitcoin changes value so much?), long transaction times, and high transaction costs would be the main reasons.  Personally, I would never accept Bitcoin because it's electricity usage is bad for the environment.  It just seems unethical to use it.

[mattmct]

The fees are literally mad high every other week lol, no shit they wont accept BITCOIN not to mention the whole segwit no segwit bullshit

[guxu219]

Well apart from the crazy fees wont it be a pain in the ass to deal with the super small numbers like 0.00001 BITCOIN for a single coffee lol

[obinine]

Well no shit imagine ordering a coffee and waiting like 6 hours for all the six confirmations. Alts for cryptocurrency will be faster than BITCOIN anyway

[Ilegendph]

It makes sense that they're not accepting Bitcoin because of the high fees and confirmation times that haven't been fixed yet. But if this is true, then this is huge for the crypto market. I think they'll look into established coins such as ETH, or LTC and once that happens, we'll see a huge spike in price

I think that the best thing to do is that they should make their own crypto because their company is already established and can make huge profit out of it. By doing so, they can attract investors from different countries without violating any law prohibiting a foreigner to invest in a certain place.

[Sasuke102001]

That is quite weird because if this was before when bitcoin transaction fees were high and took a lot of time then it might have been logical for a group or person to avoid bitcoin use but curenntly bitcoin transaction fees and time both have gone down. The reason might be the volatility of bitcoin, volatility of crypto currencies when compared bitcoin has the highest volatility so maybe volatility is the reason of Starbucks not accepting bitcoin.

[InRex]

That is quite weird because if this was before when bitcoin transaction fees were high and took a lot of time then it might have been logical for a group or person to avoid bitcoin use but curenntly bitcoin transaction fees and time both have gone down. The reason might be the volatility of bitcoin, volatility of crypto currencies when compared bitcoin has the highest volatility so maybe volatility is the reason of Starbucks not accepting bitcoin.

What if BTC starts its rise again and tx fees increase? BTC is not sustainable in business use as it has scalability issues in its core code. This being said, BTC will not go anywhere, but i don't see companies relying on BTC in the future.

[faatipoke]

It is a great news Starbucks accepting crpytocurrencies. I can understand they do not accept Bitcoin, because bitcoin price and trasaction fees are too much for buying a coffee. Why do people still think bitcoin as a payment method? Bitcoin is the gold, storage of value, safe heaven. You do not need to use bitcoin in daily payments and micro transactions. There are plenty of other coins out there and this will not harm bitcoin

[ShowOff]

That is quite weird because if this was before when bitcoin transaction fees were high and took a lot of time then it might have been logical for a group or person to avoid bitcoin use but curenntly bitcoin transaction fees and time both have gone down. The reason might be the volatility of bitcoin, volatility of crypto currencies when compared bitcoin has the highest volatility so maybe volatility is the reason of Starbucks not accepting bitcoin.

What if BTC starts its rise again and tx fees increase? BTC is not sustainable in business use as it has scalability issues in its core code. This being said, BTC will not go anywhere, but i don't see companies relying on BTC in the future.

agree with this, fees still be problem for bitcoin transaction and it will not efficient for a small transaction, of course we all wouldn't want to pay transaction fee that higher than the coffee price itself

[QuestionAuthority]

I don’t know why buckies cares anyway. They won’t really accept any crypto especially not bitcoin. BitPay accepts bitcoin these businesses don’t. The only reason any company accepts bitcoin right now is because they immediately give the btc to one of the off-book exchanges, like BitPay, and exchange the btc for fiat.

BTW: If a global company with the annual revenue of Starbucks starts taking Litecoin and not bitcoin, LTC value is going to blow bitcoin away quickly. I’ve been saying for a long time that bitcoin has become nothing more than a day traders play toy anyway. Starbucks sees that too.

[PeRo]

I think they wont accept Bitcoin right now because of the problems that are currently haunting Bitcoin, just like Steam doesnt want to accept until things get settled. At least they accept other cryptocurrencies, but if they dont accept Bitcoin even when its over, that would be pretry dumb, Bitcoin still has the largest community.

[ralle14]

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 think there are many reasons for not accepting Bitcoin as payment.  Volatility (how can you price anything when Bitcoin changes value so much?), long transaction times, and high transaction costs would be the main reasons.  Personally, I would never accept Bitcoin because it's electricity usage is bad for the environment.  It just seems unethical to use it.

Most store uses electricity every single day there's nothing wrong in accepting different kinds of payment. I respect their decision if they're not ready to accept bitcoin we can still sell our bitcoin for fiat to buy their products if we want to and it's cheaper than making a bitcoin transaction.
 

Well no shit imagine ordering a coffee and waiting like 6 hours for all the six confirmations. Alts for cryptocurrency will be faster than BITCOIN anyway

From my experience waiting for confirmations are much faster now and you could easily get 4 confirmations within an hour if you put enough fees.

[styca]

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

The reason they are accepting crypto is that they are trying to be trendy and edgy. Their marketing people think that an association with crypto makes them look cool. I suspect they have absolutely zero real interest in crypto, be it bitcoin or alts. It's purely a PR gimmick.

[andylioe78]

So you say that they probably created their own crypto. Maybe they will not accept bitcoin because they're worried about going off anytime as other anti bitcoin said. As a result, more people are careful about buying and using bitcoin as a method of payment in it. business and transactions.