Starbucks drops hint at plans to accept Bitcoin

[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.

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.

I know there is nothing wrong with having alternatives in a free market. I just wanted to say that trying to reinvent hot water might not work for some. What's stopping anyone from exchanging some Bitcoin for Starbucks gift cards or loading some coins on a prepaid debit card and paying for the coffee with that? I bet the payment process at the Starbucks shop would be so much faster with those options than waiting for the transfer from your wallet to Bakkt payment processor to complete. By the way, Steam stopped accepting Bitcoin as a payment method via BitPay last December because of the high volatility. I don't think it would be any different with Bakkt, but I might be wrong. Anyways, as I said, it's always nice to have more alternatives on the market.

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[robbietobby]

Wow, this is so nice! I think it would be a great opportunity for us Starbucks-lovers to accommodate and feel pretty to grab and transact to their coffees using our means, bitcoin.

LAst time, I was strolling at the mall. I read that one Brownie shop accepts bitcoin and it enlightens me as I think that this currency would proliferate the world and transaction will all be better soon.

[Masleo]

A long journey begins with a small step that is what is seen from this event. The move was started by several large companies which I believe will be the beginning of a major change in our daily business processes later.

[BitcoinTurk]

I want to emphasize that it is good news as someone who is constantly drinking coffee. Bitcoin will also be approaching our everyday life more closely. I think that if the different campaigns are arranged for the users paying by this payment method, the demand rate will be reflected too. As a result, the price of the cabbage we drink today by paying 5 USD may cost hundreds of USD in the coming years.

[DMCR lah]

it looks like this news won't make the price of bitcoin rise, it's likely that people will still pay with real money rather than pay using bitcoin. especially with the current market 

[pginvest]

Howard Schultz always strikes me as a forward thinking innovator. I think if Starbucks did embrace BTC it would not only be good for BTC, it would also be good for Starbucks - showing them as a thought leader. Very interesting times ahead.

[icreative998]

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 think this as a way of advertising starbuck. And this is a clever step, because when accepting a bitcoin for a starbuck, it just helps starbucks get more visitors from bitcoin investors and get a bitcoin for the money to invest. their company or do many other things

[buwaytress]

Guess everyone was fooled, Starbucks just wants to be McDonald's after all (get their own "crypto"). Get into something cool as a way to catch the wave of "revolution" but by no means do they want to be part of the revolution.

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.

If you're talking about MacCoins, I don't think that is anything closely resembling cryptocurrency. Only accepted at 50 countries, don't see any referencing to a blockchain, don't see any cryptographic use. Just another centralised token with "coin" in its name to misrepresent itself.

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.

Nah, I don't think it's heresy. I personally like spending whatever I can with Bitcoin but only simply because I earn almost 100% in Bitcoin/crypto now, so whatever expenses I have I eventually have to sell Bitcoin. Of course, I save as much as possible, but makes no difference if I earned/saved in different currencies.

I imagine if someone earned fiat still and bought Bitcoin, then of course they don't go out of their way to spend BTC on coffee. To each his own, and all's fair and good.

[krishnaverma]

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.

When did Macdonalds made that announcement ? I have not heard about ti and there  is also no thread made about it here on this forum.

Now coming back to the article OP provided, I think it will be a cool thing once implemented. Starbucks is very popular among the youth and if they allow crypto, it will help increase its popularity.

[SunJAB]

Howard Schultz always strikes me as a forward thinking innovator. I think if Starbucks did embrace BTC it would not only be good for BTC, it would also be good for Starbucks - showing them as a thought leader. Very interesting times ahead.

Expectations of interest will come to us as well. Hope that is the new opportunities for the community as well as investors. This could be good or bad. However, we need to equip ourselves with the things necessary to adapt to market conditions.

[Lodipetmalu]

Once starbucks accepted bitcoin as mode of payment, many people will be glad since it will be a good news for them that they can now use their bitcoin to buy any starbucks products. Nowadays, many people patronage starbucks products.

[Jasell]

So nice and it's really a good news for coffee lovers out there. This could be the start of something big in the crypto world wherein massive adoption could happen.

[validavi]

These are good news that we need. This kind of news can really help the market to grown, because it gains credibility.
More uses, more value, that's pretty simple.

[Dannaey]

I think they already clarify the rumors spreading all over the internet that they are not accepting Bitcoin. I am not sure but that's what I recall. If ever this may happen one day, since I am a big fan of Starbucks because I really love their frappuccino, I would be delighted to purchase my favorite frappuccino using Bitcoin. 

[MedicineVNT]

Starbucks if they accept bitcoin deals is the best thing for the bitcoin market and you will probably get the benefit and convenience if you are allowed to pay for a bitcoin beverage push bitcoin

[gambitcoin53]

starbucks is a good start, an expensive cafe resto with limited costumers due to their expensive coffee, i think this will spearhead even the not so fancy cafe and other foodchains, you see, that is one of the best thing that blockchain technology has to offer, it has unlimited opportunities to apply with different stuff, i hope it will penetrate the mainstream products and establishments such as schools, hospitals and gasoline stations that will adapt this technology.  keep it going bitcoin, good job

[Danisababy]

Starbucks if they accept bitcoin deals is the best thing for the bitcoin market and you will probably get the benefit and convenience if you are allowed to pay for a bitcoin beverage push bitcoin

If this happens, then it would be a good news not just to the coffee lovers in bitcoin but for all of us here. When an international brand like starbucks will start to accept bitcoin, then maybe the other companies will do the same to catch up with the trend.

[Siren]

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.

Paying cup of coffee using bitcoin is like buying piece of chicken in Kentucky fried chicken using bitcoin too.

Things that i will never do for sure because i value my coins as an asset than a paying materials so instead of using cryptocurrency i will prefer cash or fiats because I'm a fanatic of starbucks and i may spend all my bitcoin if i do use this payiny such

[itsik78]

I read that Starbucks denied this news. Starbucks plans to participate in the development of Bakkt along with ICE and Microsoft, but this does not mean that it intends to introduce a payment tool into its business. The company clarified that they are considering such an opportunity after governments adopt laws on the regulation of crypto-currencies. Until then, you will not be able to pay coins for coffee.

[jcarlo]

I read that Starbucks denied this news. Starbucks plans to participate in the development of Bakkt along with ICE and Microsoft, but this does not mean that it intends to introduce a payment tool into its business. The company clarified that they are considering such an opportunity after governments adopt laws on the regulation of crypto-currencies. Until then, you will not be able to pay coins for coffee.

Indeed, from what i understand, starbucks just participate in development of BAKTT. I am believe starbucks bussiness not just a coffe shop because they are big company and maybe starbuck want to expand their bussiness on crypto market