Starbucks drops hint at plans to accept Bitcoin

[Kiweikoo]

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.

The main point there is that Bakkt(a Bitcoin trading platform) is being backed by Starbucks but that doesn’t mean that Starbucks is accepting Bitcoin as payment. It also states there that other big names like Microsoft and BCG are backing the platform too and they all have their parts to play and as for Microsoft, it’s providing cloud infrastructure for the service. So Starbucks is not actually accepting Bitcoin, neither are others. All these are just for personal gains for those involved.

[kramchers]

Starbucks should push the acceptance of bitcoin purchase on their store as early as this time.
BTC is so low and this is a good chance for them to gain more from people.
i am not a fan of starbucks but most of my friends are addictive to it.

[nur rochid]

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.

Thou, bitcoin is known around the world, all I can say is that we should still preserve this kind of stuff. Not everything can be handled by bitcoin. It is good to innovate but come to think of it, old habits die hard... I think that it will be a big change for the customers..

as well as starbuck which is known in most countries, making it easy for customers to make transactions. besides that of course it can also act as an investment for now

[jcpone]

Bitcoin as payment to a cup of coffee? Scalability is one of the issues bitcoin has been working on to resolve as soon as possible. Only if bitcoin can resolve the speed of every transaction of bitcoin in the network, for sure bitcoin will go mainstream and can purchase a cup of coffee in Starbucks. Also, need to consider the transaction fees.

[Ahimoth]

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.

Thou, bitcoin is known around the world, all I can say is that we should still preserve this kind of stuff. Not everything can be handled by bitcoin. It is good to innovate but come to think of it, old habits die hard... I think that it will be a big change for the customers..

as well as starbuck which is known in most countries, making it easy for customers to make transactions. besides that of course it can also act as an investment for now

I think many stores are gradually accepting Bitcoin as payment that's why it saalso gradually become popular. If the starbuck give a hint and planning to accept Bitcoin then that is good start because startbucks is one of the well know coffee shop in world so if they accept Bitcoin surely its popularity will be rise and possible some of shop will also do the same.

[wingsthegreat21]

For me I think thats a not a bad choice for them the reason is because Starbucks usually serves upstream customers and local individuals who starves for their product and many of them will use bitcoin pretty much if this will be legalized so I think that the fact that they set the bitcoin payment strategy can attract more people and can hold more bitcoin in the future.

[patarfweefwee]

Well if this is actually true then that is a good news for us crypto currency holders. This may actually open new doors and opportunities for other smaller chains to do the same if a global conglomerate is actually adopting crypto currency in their businesses. I just hope that it comes sooner rather than later.

[globalpain]

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.

Thou, bitcoin is known around the world, all I can say is that we should still preserve this kind of stuff. Not everything can be handled by bitcoin. It is good to innovate but come to think of it, old habits die hard... I think that it will be a big change for the customers..

We have seen a breakthrough from Burgerking last year and got a strong controversy from Parliament, some of them even described Bitcoin as just monopoly game money trying to be valuable, while not having any value at all.

I think Starbucks will experience similar obstacles and this will be a cycle of legality that has never been achieved at least in the next 2 years.

[criza]

Starbucks accepting bitcoin, will only strengthen their status as the forefront in the industry. It will only stabilize their good reputation since people nowadays relies also in the innovative strategies of a certain company. I think that Starbycks embracing amd accepting bitcoin will become more convinient for those customers of theirs who are using bitcoin. People nowadays think that it is safe transacting through bitcoin. Overall, I can say that there is no harm both for the Starbucks' party and the customer's side regarding this issue and that's what important thing to consider in line with the innovation. What may harm both parties is that, if Starbucks will only accept bitcoin because not everyone who drinks theor coffee has the account.

[BurgerCash]

Starbucks accepting bitcoin, will only strengthen their status as the forefront in the industry. It will only stabilize their good reputation since people nowadays relies also in the innovative strategies of a certain company. I think that Starbycks embracing amd accepting bitcoin will become more convinient for those customers of theirs who are using bitcoin. People nowadays think that it is safe transacting through bitcoin. Overall, I can say that there is no harm both for the Starbucks' party and the customer's side regarding this issue and that's what important thing to consider in line with the innovation. What may harm both parties is that, if Starbucks will only accept bitcoin because not everyone who drinks theor coffee has the account.

True, Starbucks obviously targets young tech-oriented people, they can't go wrong with accepting crypto.
I think accepting a number of cryptos will be even better for them.
Even though some of you might not like that

[kateycoin]

Well if it's TRUE it's a very good news to every people that always buy a coffee in Starbucks and its not surprising because many stores are accepting bitcoin as a payment. But of course it's a good news because theres another store are open for crypto or bitcoin.

[adzino]

Well if it's TRUE it's a very good news to every people that always buy a coffee in Starbucks and its not surprising because many stores are accepting bitcoin as a payment. But of course it's a good news because theres another store are open for crypto or bitcoin.

It is not true. This is an old news and as far as i know, they are not accepting bitcoins directly. Instead they are acting as a flagship retailer for a company. I don't actually remember the name of the company. The company will helps users to convert their bitcoin to traditional fiat currency. So, if you buy a coffee at startbucks you will actually be paying in fiat using that company to convert your bitcoin.

[Biscutard]

Starbucks should push the acceptance of bitcoin purchase on their store as early as this time.
BTC is so low and this is a good chance for them to gain more from people.
i am not a fan of starbucks but most of my friends are addictive to it.

I can't wait to their response if they really allowed and accept bitcoin as a payment for their products. More restaurants now are adopting blockchain while using bitcoin as their main payments for almost of their products. I want to see how they response to the market because some of businesses can't keep their pace due to the volatility.

[martinholly167]

Starbucks should push the acceptance of bitcoin purchase on their store as early as this time.
BTC is so low and this is a good chance for them to gain more from people.
i am not a fan of starbucks but most of my friends are addictive to it.

I can't wait to their response if they really allowed and accept bitcoin as a payment for their products. More restaurants now are adopting blockchain while using bitcoin as their main payments for almost of their products. I want to see how they response to the market because some of businesses can't keep their pace due to the volatility.

Well if they really do that, I don't think it will run on every starbuck in every country.
Especially my country where only our national currency is allowed to be used for transaction.

[dupee419]

Starbucks is a big company, I mean you can actually just see it everywhere, the people's choice, and for me, it actually is the best served coffee, and this is why If they engage this decision and pursue to be inclined in accepting BTC, then I think that more people would actually buy their products, but I am sure that there would be price changes every often since the price of BTC is volatile, so does their product in via Bitcoin.

[StacksCity]

As the launching of Bakkt delays to early 2019, we'd likely to see Starbucks payable by crypto with a bit of delay.
Still looking forward to it. =)

[jack8989]

That is good news for the holders. I think it really helps our market because the holders will have many big business companions. The crypto market will not die and there will be big changes in the next two years.

[jeromix]

I think starbucks has accepted bitcoin already but there are only few people who uses bitcoin for payment. Bitcoin is familiar all over the world but in some specific regions of a certain country bitcoin is not yet being understood on what the system is all about.

[mitchr4]

As a cryptocurrency user where we can use it in the real world of course very happy even though the store was not in our area. Very few companies or stores use bitcoin as their payment, starbucks plans to use bitcoin as their payment hopefully can make bitcoin is better known throughout the world. Why not? Starbucks is big companies, their outlets widespread in some countries.

[horrifiedx1]

As a cryptocurrency user where we can use it in the real world of course very happy even though the store was not in our area. Very few companies or stores use bitcoin as their payment, starbucks plans to use bitcoin as their payment hopefully can make bitcoin is better known throughout the world. Why not? Starbucks is big companies, their outlets widespread in some countries.

currently starbuck is like it is in all countries, of course this is a positive step to start everything. but I am still confused with a country that still rejects bitcoin, of course starbucks must follow the rules in that country and the bitcoiners cannot use it in that country, hopefully all countries will soon be able to accept it.