Starbucks drops hint at plans to accept Bitcoin

[Hydrogen]

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.

[1714704799]

1714704799

[1714704799]

1714704799

[1714704799]

1714704799

[lunaelucemauram]

That is true and it will push other competitors to make Bitcoin as a mode of payment. I think what the cryprocurrency market needs to be made as a payment method is backing to one of the established chain in the market and yes if Starbucks plays it correctly they will be the first ones to advertise cryptocurrency in the mainstream market.

[Camster]

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.

[ucingucingan]

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

[Tervelatuk]

if bitcoin can accepted in more giant merchants in world, i think no more doubt about bitcoin future.and there will massive demand come to cryptocurrency market.and bitcoin price will soar sharply.soon and later this moment will come to us.

[Wendigo]

Starbucks is still not brave enough to accept Bitcoin directly though   A lot of small mom-and-pop coffee shops accept direct payments in Bitcoin so this puts many of the big companies to shame. And by the way one could buy Starbucks gift cards and many others on Gyft for example so it's not like people haven't had options for spending their hard-earned Bitcoin at brick and mortar stores. I guess this new company Bakkt will function similar to payment processors like BitPay so what's this fuss about? It seems to me that every time a new budding crypto company comes around they try hard to reinvent the wheel and hype up their services when in reality there have been alternatives for ages. Not downplaying the news in any way. Just my 2 satoshis.

[davis196]

What the hell is this Bakkt company and how it will help for mass bitcoin adoption?
It looks like the big corporations want to adopt a coin or token,which is backed by bitcoin,not the real bitcoin.
This kinda looks like the adoption of paper money in the western world ,300 years ago,when all paper money were backed by gold.
Good luck to Starbucks,but this project won't work.

[Nisharawal]

I really don't know when this news was release but yes i am really happy that STARBUCKS a giant industry in  the coffee sector in United states has taken a wise decision to accepts the bitcoin which is really a good decision and this will make many other giants to accept the Bitcoin and use it for their business purposes. This type of action are sure to bring some positive affect in the bitcoin prices and i want to see some more news like this ones.

[Indrawan77]

Its a an interesting development, many people said that bitcoin is not suitable to buy retail things, the fee and the speed is not ready yet, but if Starbucks really implemented the idea then it show the world that bitcoin can be used for currency, and its an interesting idea to make bitcoin into retirement fund, I think it need to be implemented to see the reaction of the people, I still think bitcoin is a bit risky to be used as retirement fund but that could change if there are a lot of people willing to used it

[googs84]

I guess Starbucks getting involved with the bitcoin is not the first time and have heard such news already. May be they are really after something and may become pioneer in the coffee world with crypto currencies acceptance. Many big brands are trying this way and I guess its good thing for the healthy economic of bitcoin and other crypto currency. However it remains mystery that how and when these kind of brands will actually in place the whole payment system of bitcoin. Off course people are going to be more than happy to at least try out such payments and it will slowly bring more crowd into crypto. Thats what I imagine about the whole scenario.

[1Referee]

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.

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.

[SplendidHunter]

I thought that they had already accepted cryptocurrency in terms of payment for their service, but they told that it was performed through a specific application.

[aso118]

Starbucks is still not brave enough to accept Bitcoin directly though   A lot of small mom-and-pop coffee shops accept direct payments in Bitcoin so this puts many of the big companies to shame. And by the way one could buy Starbucks gift cards and many others on Gyft for example so it's not like people haven't had options for spending their hard-earned Bitcoin at brick and mortar stores. I guess this new company Bakkt will function similar to payment processors like BitPay so what's this fuss about? It seems to me that every time a new budding crypto company comes around they try hard to reinvent the wheel and hype up their services when in reality there have been alternatives for ages. Not downplaying the news in any way. Just my 2 satoshis.

There is nothing wrong in companies accepting Bitcoin through payment processors. Starbucks' success comes from its expertise in selling coffee, not from managing Bitcoin volatility. Companies should stick to things which they are good at, while offering multiple options to customers. It doesn't matter who the payment processor is Bakkt or Bitpay.

[The Sceptical Chymist]

I like the idea of starbucks embracing bitcoin.

I don't know about the homeless shelter part of your statement, but I do agree with the above.  However, I don't want to buy coffee with my bitcoin.  I usually keep FRNs in my wallet for just such an occasion.  Those notes absolutely do not have the potential to make me a profit by holding them.  Those dollar bills are meant to be spent for coffee--I don't believe bitcoin is.  That might be a little heresy on bitcointalk, but I know there are many who agree with me. 

Look at how many people try to sell stuff here and get no offers, even if it's a good deal.  People want to use bitcoin as an investment.  The only really good use of it as a currency is in the dark markets where anonymity coupled with a need for electronic money transfer is necessary.  And it's so much quicker to just whip out a $5 bill and pay for that coffee in cash.

As I said, I do support Starbucks doing this.  I like the company and have been thinking about buying its stock for quite a while now.  I just can't seem to pull the trigger.

[chaoscoinz]

Starbucks has just reissued a statement regarding its acceptance of Bitcoin. They seem to be cool with learning about crypto and may eventually get directly involved, but unfortunately Starbucks won't be accepting Bitcoin anytime soon. It seems they have made a slight correction. It is right on time as well, because news like this could effect the market prices if I'm not mistaken. Here is a link to the article below.

https://qz.com/1348825/starbucks-is-not-accepting-bitcoin-but-it-is-getting-into-crypto/

[bobo012]

I like starbucks and their coffee. I cant wait until its done deal. It will spread the word about bitcoin and crypto to a wide range of people. Those things are always good. Hope to see them more comming.

[tomahawk9]

It seems they have made a slight correction. It is right on time as well, because news like this could effect the market prices if I'm not mistaken. e is a link to the article below.

https://qz.com/1348825/starbucks-is-not-accepting-bitcoin-but-it-is-getting-into-crypto/

I don't think news like this one have an effect on market prices, not anymore, mainly because people know that at the end of the day nothing happens.

Look at this article from CNBC: https://www.cnbc.com/2018/08/03/starbucks-partners-with-microsoft-ice-on-new-cryptocurrency.html

There was a time when you would expect major movements on the market simply because of articles like these, but this time even with such a sensationalist headline with the words "Starbucks" + "partnership" + "Bitcoin", the price barely moved (in fact, it went down a later). It goes to show that we're past the point where such news can have a real effect on the market.

However, I don't want to buy coffee with my bitcoin.  I usually keep FRNs in my wallet for just such an occasion.  Those notes absolutely do not have the potential to make me a profit by holding them.  Those dollar bills are meant to be spent for coffee--I don't believe bitcoin is.  That might be a little heresy on bitcointalk, but I know there are many who agree with me.  

heresy? nah, this isn't Reddit where everyone's waiting to buy a Frappuccino with Bitcoin...(or am I wrong?). I'd rather hodl my BTC than pay $3.95 (or 0.0005607 btc) for a stupid coffee.

[Ms.Anna]

McDonald's has already issued its crypto currency. Starbucks plans to accept payment by bitcoins. This once again proves the development and promotion of bitcoin and crypto currency.

[hopenotlate]

-snip
  However, I don't want to buy coffee with my bitcoin.  I usually keep FRNs in my wallet for just such an occasion.  Those notes absolutely do not have the potential to make me a profit by holding them.  Those dollar bills are meant to be spent for coffee--I don't believe bitcoin is.  That might be a little heresy on bitcointalk, but I know there are many who agree with me.  

Look at how many people try to sell stuff here and get no offers, even if it's a good deal.  People want to use bitcoin as an investment.  The only really good use of it as a currency is in the dark markets where anonymity coupled with a need for electronic money transfer is necessary.  And it's so much quicker to just whip out a $5 bill and pay for that coffee in cash.

As I said, I do support Starbucks doing this.  I like the company and have been thinking about buying its stock for quite a while now.  I just can't seem to pull the trigger.

Reading this post of your I see my same feeling regarding btc in it: I feel am wrong on this but I'm too jealous of my btc to use for everyday life needs.
Maybe because I own just a little bit or maybe because it already showed it can be an excellent way to diversificate our investiments.

Back to the topic , nice spot by original poster: make me feel optimistic in the long view.

[nicster551]

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.

If it does happen I wouldn't still going to waste all my precious Bitcoins for just buying some expensive coffee. But I would consider it somehow and would take it as a good news.