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Author Topic: Starbucks drops hint at plans to accept Bitcoin  (Read 1934 times)
charlotte04
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August 21, 2018, 05:28:22 AM
 #61

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Back in May, reports surfaced that New York Stock Exchange owner Intercontinental Exchange (ICE) was developing a Bitcoin trading platform. This morning, it officially announced the creation of Bakkt, a new company that will help trade and convert the best known cryptocurrency to fiat money — government-backed legal tender.

As one might expect from a new company with close ties to the NYSE, Bakkt has enlisted some big names already, including backing from Microsoft, Starbucks and BCG. Microsoft, for its part, will provide cloud infrastructure for the service. Even more compelling, however, is the involvement of Starbucks.

After all, the coffee giant has played an outsized role in helping mainstream mobile payments among the U.S. population, it has worked with Square (which accepts Bitcoin) and it just announced a deal with Alibaba in China for coffee deliveries. The chain isn’t always the first to adopt payment solutions, but its involvement goes a long ways toward legitimizing technologies among the public. If played right, this could be the push Bitcoin as a payment system for mainstream consumers here in the States.

In a statement, Starbucks referred to itself as “the flagship retailer” involved in the project, hinting at the very real potential that the company is setting itself up to accept Bitcoin converted through the Bakkt system.


“As the flagship retailer, Starbucks will play a pivotal role in developing practical, trusted and regulated applications for consumers to convert their digital assets into US dollars for use at Starbucks,” said Starbucks Payments VP Maria Smith said in the statement. “As a leader in Mobile Pay to our more than 15 million Starbucks Rewards members, Starbucks is committed to innovation for expanding payment options for our customers.”

Bakkt’s implications go well beyond mobile payments, of course. As Fortune notes, the system could help attract investors who have been put off by Bitcoin’s extremely volatile nature. Among other things, it could help make the currency a safer choice for 401(k)s, IRAs and other retirement plans. That, in turn, could help propel Bitcoin toward wider Wall Street trading.

https://techcrunch.com/2018/08/03/starbucks-drops-major-hint-at-plans-to-accept-bitcoin/

....

Purchasing a cup of coffee via bitcoin might materialize faster than anyone had thought.

I like the idea of starbucks embracing bitcoin. It is known some starbucks function almost exactly like homeless shelters. Adopting bitcoin could put crypto currencies into the hands of where its needed in terms of helping the poor, the unbanked, those who can't afford the minimum balance on a bank account or have trouble obtaining debit cards or credit cards to make electronic transactions. Over the long term this could help people to find jobs to give them more options and opportunities which could help them to escape poverty and elevate their standard of living. Which in turn could help reduce crime and negative trends associated with violence.

The point @ the bottom about making bitcoin a safer choice for 401k's, IRAs and retirement plans is interesting. I've wondered if bitcoin and crypto currencies in general could have future potential for retirement funds due to them being designed to appreciate in value over time. An asset which appreciates in value could help to offset increasingly higher costs associated with higher average lifespan. It could imply crypto has potential there.

I don't know about that if they are really going to accept Bitcoin as a payment for their coffee since the price of Bitcoin or any cryptocurrencies is so volatile, but if that happens, I wouldn't really use my Bitcoin just to buy some expensive coffee.

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August 21, 2018, 07:20:43 AM
 #62

I think that Starbucks uses bitcoin to get great PR for their company and they did it

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August 21, 2018, 08:06:03 AM
 #63

I don't think I don't care so much about Starbucks. Starbucks is indeed a great world company, but it has already broken the way. It just represents the payment of the cryptocurrency. But in fact, cryptocurrencies change the trend of humans, no one can stop it. Consensus is the greatest natural enemy of mankind.
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August 21, 2018, 11:50:44 AM
 #64

I can't wait until these big things happen. Think about it, if facebook buys coinbase, if starbucks accepts bitcoin and if ETF gets accepted. All three of this happens and we are looking into something incredibly different. A bull market like no other, the price of bitcoin could be so high that we will have to manually do math to double check if we are seeing the price correctly. These are HUGE news for a market as small as bitcoin. Starbucks has places all over the world and if they accept bitcoin that is free advertisement for bitcoin for all over the world that would make people who never heard or never interested in bitcoin to go check out bitcoin.

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August 22, 2018, 05:57:16 AM
 #65

I hope this will affect the growth of cryptocurrencies

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August 22, 2018, 06:15:27 AM
 #66

Hoping that it will be coming soon..that is so great it means that there's  a big possibility  that the crypto is getting popular in all kind of business imagine that once it will be happened crypto market will gonna have a stable price and take note that it be very easy for us because we dont need to bring a cash always in our pocket.
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August 22, 2018, 11:14:12 AM
 #67

The more companies that accept bitcoin as a payment tool for the products / services they offer, of course this is a good thing for the climate of bitcoin prices and other crypto currencies, and this is good news that can improve the reputation of crypto currencies in the eyes of investors

Yes. That is true. Their competitors forced to used bitcoin to level their market to starbucks. It is a great market strategy to introduced bitcoin to the people. Many bitcoiner would be great to hear that news especially the coffee lover who always hanging out in the said store. It also be a great opportunity to all of us because the popularity of bitcoin is widespread.

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August 22, 2018, 11:32:07 AM
 #68

I drink Starbucks daily.  I would love to see this.  I can't imagine using Bitcoin in a scenario like this.  If this happens and other retail outlets are forced to compete Bitcoin will be accept around the world almost instantly.  Very exciting.  I hope it happen soon.

I wonder if a single order of coffee will be much more expensive if you use Bitcoin during your coffee break. To think the minimum mining fees or transaction fees that will be included in the payment in which i think it will be more expensive than using the fiat currency for the instant payment so i suggest paying bulk orders will be much practical way of using Bitcoin in this kind of establishment.

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August 22, 2018, 12:21:21 PM
 #69

Starbucks has rumored that it will not accept Bitcoin or other cryptocurrencies as a payment method!
In this cold bear market, any news related to BTC can affect the fluctuation of BTC!

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August 22, 2018, 12:24:46 PM
 #70

in my opinion this is good news for bitcoin, because of the many bad news and rejection of bitcoin by the government of some countries this is a cool breeze that will make the price of bitcoin skyrocket again, because starbuck is a company that can be said to have a big influence in the world business in their field
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August 22, 2018, 12:28:44 PM
 #71

Starbucks has rumored that it will not accept Bitcoin or other cryptocurrencies as a payment method!
In this cold bear market, any news related to BTC can affect the fluctuation of BTC!
if that is the case, at least this news can refresh the market which tends to be red. this can invite investors to return to buy and invest in bitcoin, even though in reality it is hopeless and starbuck doesn't really accept bitcoin as the payment method they use
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August 23, 2018, 11:00:50 AM
 #72

I think that Starbucks uses bitcoin to get great PR for their company and they did it
That is really great tactics about conquering bitcoin. And that is also the premise for their future development. Just think of the simple fact that when everywhere accept bitcoin the great thing will come to us. There are many more opportunities and much more convenient development.

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August 26, 2018, 07:55:57 AM
 #73

I hope this will affect the growth of cryptocurrencies
It is also expected to be considered as an opportunity for investors and the community. Only they have a positive impact on the community. Then the market will stabilize and move faster.

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August 26, 2018, 08:07:04 AM
 #74

We are on the verge of global adoption and more and more people are accepting bitcoin payments in small establishments in some countries. We really need the governments to back us up on this innovation or suffer being left out.

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August 28, 2018, 02:37:18 AM
 #75

If they would need people to petition to accept this, I WOULD GLADLY SIGN UP & SUPPORT THIS CAMPAIGN! Starbucks has a wide range of customers from all over the world, once they incorporate Bitcoin as a mode of payment. People will find it easier to understand how simple Bitcoin is and to know that it’s not a scam. If you’re the kind of person who’s practicing the no cash at hand method and avoiding credit cards, this is definitely a go! I wish they could’ve done this sooner.



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August 28, 2018, 06:57:07 AM
 #76

The point @ the bottom about making bitcoin a safer choice for 401k's, IRAs and retirement plans is interesting. I'

That's exactly what should be happening. Great benefit of Bitcoin's long term potential and the lack of legacy economy correlation is that you can easily hedge your risks and provide people a stable retirement fund even when things don't go well in the world economy.

I calculated my own future retirement payout, and it will very likely change in the forthcoming years considering that I am nowhere near retiring, and I lost close to 10% in the last 5 years, and then I'm not even talking about the loss of purchasing power. Bitcoin could have prevented that from happening and it really pisses me off that nothing yet has been done to address this. I get it that Bitcoin is a relatively risky asset class, but you don't have to go all in; a 1 to 2% allocation is more than enough to counter risks.

That's why I am glad that I have taken the necessary precautions myself.

I agree with that. No way are bitcoin and cryptos a safer alternative than retirement plans. Not today. Thinking long term, you can have bitcoin as a small percentage of your investments and if things go well, bitcoin going mainstream, that will be enough for you retirement, but going all in would be too risky, and basing your retirement on it even more risky.
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August 28, 2018, 09:07:04 AM
 #77

if bitcoin payment has been implemented on Starbucks and makes Starbucks more advanced, then starbucks will be a benchmark for cafes or other stores, and bitcoin payment will expand increasingly

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August 28, 2018, 10:49:12 AM
 #78

I think Starbucks' impact on cryptocurrencies is negligible. He does not affect the growth of cryptocurrency.
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August 28, 2018, 11:01:00 AM
 #79

I drink Starbucks daily.  I would love to see this.  I can't imagine using Bitcoin in a scenario like this.  If this happens and other retail outlets are forced to compete Bitcoin will be accept around the world almost instantly.  Very exciting.  I hope it happen soon.
Dude starbucks is awful Cheesy and overpriced in my opinion. Everyone has a different taste but I have to tell you there are much better options than starbucks .
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August 28, 2018, 12:53:30 PM
 #80

It is important that some big and well-known companies' usage of cryptocurrencies. Because common folk will learn and use these currencies when companies will use them. That is how you spread a trend I think...
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