Bakkt will partner with Starbucks for Bitcoin

[crossabdd]

Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced this week it plans to launch a consumer app for cryptocurrency purchases in 2020.

U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.

https://www.forbes.com/sites/billybambrough/2019/10/31/forget-the-halvingcould-this-be-what-sends-bitcoin-soaring-next-year/#12640c6e3062

[Pearls Before Swine]

There was someone who started a thread 'forget the halving' and I think that article is where he got it from.  And hey, I'm pretty glad starbucks is doing this tho I won't be spending my precious bitcoin on coffee.  I very much like starbucks and spend far too much money there, but I'm comfortable with using fiat and I know those dollars I have in my wallet aren't going to hit an all time high in 2020.

Adoption is progress for bitcoin, tho.  I do hope the bitcoiners who like to spend their btc will take advantage of this.  If not, starbucks will probably kill the whole thing like microsoft and some other retailers did.

[hello_good_sir]

Oh wow, it actually is pretty old news, been out for 2-3 days, and I haven't noticed it. I don't usually follow forbes and mainstream news, mostly Cointelegraph and Coindesk and I didn't see them do a piece on it.

I think this is going to become what Libra wasn't able to achieve. They have the same partners (I am talking about the size of the companies) and this time the governments actually don't hate them.

Let's check back on them next year and see what more they've done, this is going to be a slow process for sure.

[TGD]

It's good to see mass adoption for Bitcoin but starbucks still not accpeting direct payment BTC. So BTC will convert to fiat first thru the app which might slow the process of transaction unlike if its a direct purchase using BTC wallet. But still a good sign for crypto progress

[mk4]

Weren't they sort of affiliated with Starbucks since it was announced though?

Anyway, while I don't think that much people using bitcoin to pay for Starbucks(probably only a small minority), this is obviously still a win in terms of adoption and public perception. As time goes, the criticism "you can pay X with bitcoin" slowly but surely fades away.

[blckhawk]

Continuous announcement of Bakkt pursuing and making cryptocurrency possible with daily transactions, such as in Starbucks, may have positive impact in current market situation. Given the fact that Bakkt has partnered with Microsoft too, it holds a strong foundation of becoming successful. And having Bitcoin and other top altcoins in its platform would increase demand and prices, and improve market activity which would generally be good for crypto.

[hello_good_sir]

Weren't they sort of affiliated with Starbucks since it was announced though?

Anyway, while I don't think that much people using bitcoin to pay for Starbucks(probably only a small minority), this is obviously still a win in terms of adoption and public perception. As time goes, the criticism "you can pay X with bitcoin" slowly but surely fades away.

I believe so - after some digging of my own, it looks like they where in the talks about implementing a payment system for starbucks, long before today. Read - https://cointelegraph.com/news/coffee-for-bakkt-starbucks-equity-deal-will-see-crypto-based-payments-source-claims.

I agree, it would need to be a consumer that uses the Bakkt application, and it would also be someone who has a decent amount of cryptocurrency to spend, and wouldnt mind using it for a daily coffee, a small amount of people, but I think the win is more that big companies like Starbucks are taking note and leading ahead with the adoption.

Nowadays, we can use BTC on Amazon, in a couple months we can use it on coffees, and soon later we might be able to use it for everything!

[CryptoBry]

There was someone who started a thread 'forget the halving' and I think that article is where he got it from.  And hey, I'm pretty glad starbucks is doing this tho I won't be spending my precious bitcoin on coffee.  I very much like starbucks and spend far too much money there, but I'm comfortable with using fiat and I know those dollars I have in my wallet aren't going to hit an all time high in 2020. Adoption is progress for bitcoin, tho.  I do hope the bitcoiners who like to spend their btc will take advantage of this.  If not, starbucks will probably kill the whole thing like microsoft and some other retailers did.

Same thing here, I will never, at least for now and for the remaining months of 2020, use my Bitcoin just to have my coffee need fixed by that famous and relatively expensive coffee shop. There are two big reasons why: 1. I only have a small Bitcoin hoard and in fact I am planning to add more so spending them for a coffee or some pastries can be contrary to may goal of hodling more in anticipation of the bull run (her, you are haha) and I know I am not alone with this feeling (can't you feel it too?); 2. I am a stingy (but not stinky am hoping) guy so I can't have a guilt=free experience in Starbucks or any same expensive coffee shop for that matter. Don't worry I better get an all-in-one coffee mix and make my own coffee at home (this makes me disqualified as a target market of Starbucks which recently opened some shops in my county).

Now, to get serious, I am sure that this good news of Bakkt and Starbucks at provides the mainstream and crypto-related media some topic to discuss and post. How will this affect the market and price of Bitcoin remains top be seen. Ironically, it has become a customary for members of this forum (including me, of course) to encourage others to patronize merchants who decided to accept Bitcoin (directly or indirectly) while we ourselves have decided that we are instead holding and not spending. Well, this can be a  little bit funny (for lack of a better word).

[GideonGono]

It's good to see mass adoption for Bitcoin but starbucks still not accpeting direct payment BTC. So BTC will convert to fiat first thru the app which might slow the process of transaction unlike if its a direct purchase using BTC wallet. But still a good sign for crypto progress

How it was adopt the bitcoin if they dont accept it? They introduce bitcoin by Starbucks but it was useless? How the people encourage to use it if it takes a lot of time before making payment?

Probably if it was happen they willing to buy money through online or cashless but not using bitcoin.

[crossabdd]

It's good to see mass adoption for Bitcoin but starbucks still not accpeting direct payment BTC. So BTC will convert to fiat first thru the app which might slow the process of transaction unlike if its a direct purchase using BTC wallet. But still a good sign for crypto progress

yes, I think it doesn't matter, even if you have to convert to fiat first. at least the introduction of bitcoin has begun. because with over 3000 Starbucks stores, it is expected to help someone who is not yet familiar with bitcoin can understand its usefulness.

[treetrunk]

Starbucks huh? Is that the best they can pull? I mean... seriously. How many customers would actually purchase a cup of coffee with BTC?

[lobat999]

I very much like starbucks and spend far too much money there, but I'm comfortable with using fiat and I know those dollars I have in my wallet aren't going to hit an all time high in 2020.

If I'm not mistaken, customers will be using converted fiat from crypto for purchases on the coffee chain  but it still is a very significant milestone in terms of adoption.

It's good to see mass adoption for Bitcoin but starbucks still not accpeting direct payment BTC. So BTC will convert to fiat first thru the app which might slow the process of transaction unlike if its a direct purchase using BTC wallet. But still a good sign for crypto progress

How it was adopt the bitcoin if they dont accept it? They introduce bitcoin by Starbucks but it was useless? How the people encourage to use it if it takes a lot of time before making payment?

Probably if it was happen they willing to buy money through online or cashless but not using bitcoin.

Technically the app or platform they will be using will not yet process on chain transactions for Bitcoin but will have the capability for BTC-fiat conversion to be utilized within Starbucks, so in essence, the originating asset is still Bitcoin but only converted to fiat, so Bitcon is not useless at all!

[crossabdd]

Weren't they sort of affiliated with Starbucks since it was announced though?

Anyway, while I don't think that much people using bitcoin to pay for Starbucks(probably only a small minority), this is obviously still a win in terms of adoption and public perception. As time goes, the criticism "you can pay X with bitcoin" slowly but surely fades away.

I believe so - after some digging of my own, it looks like they where in the talks about implementing a payment system for starbucks, long before today. Read - https://cointelegraph.com/news/coffee-for-bakkt-starbucks-equity-deal-will-see-crypto-based-payments-source-claims.

I agree, it would need to be a consumer that uses the Bakkt application, and it would also be someone who has a decent amount of cryptocurrency to spend, and wouldnt mind using it for a daily coffee, a small amount of people, but I think the win is more that big companies like Starbucks are taking note and leading ahead with the adoption.

Nowadays, we can use BTC on Amazon, in a couple months we can use it on coffees, and soon later we might be able to use it for everything!

with great hopes, everything is being done. when the government banned but companies used. in the end the country will approve it. as a bitcoin user, support for companies that use crypto is essential. hopefully every day there are changes for companies in using crypto currencies.

[mk4]

Here we go again with the "X doesn't directly accept BTC" arguments again.

Look, no big business in the right mind would hold BTC. Both because of volatility reasons, and tax reasons. And we're talking about Starbucks here. Businesses like Starbucks makes money through selling products, not through speculating on risky assets like bitcoin.

Second, they don't want to hold bitcoin? Fine. I can also pay for US products that are priced in USD for my local currency(PHP), but they'd automatically convert my PHP to USD at point of sale because they prefer to hold USD. Is there something wrong with that? Not at all.

[Astvile]

Starbucks huh? Is that the best they can pull? I mean... seriously. How many customers would actually purchase a cup of coffee with BTC?

Not literary people buying coffee with bitcoin that is not the only aim of BAKKT partnering with Starbucks, the main thing I think and the reason why BAKKT chose Starbucks is due to its popularity and the trend we are now. We all know that Starbucks company became big and more trending lately when people tend to buy coffee from their shop. Promotion is the first aim of this partnership, promotion of BAKKT itself.

[ChrisPop]

Behemoth companies liek Microsoft and Starbucks leading the Bitcoin adoption! A great sign and looking for a steady rise of the BTC price during 2020. We can now say that daddy Bakkt is the catalyst that will boost the crypto growth for the next 1-2 years. Even if we have many events in 2020, investors should be careful at regulations, we don't want an unpleasant surprise.

Even if there are not going to be direct BTC payments it still ok if they use a BTC payment processor( especially through an institutional service provider like Bakkt).

[treetrunk]

Starbucks huh? Is that the best they can pull? I mean... seriously. How many customers would actually purchase a cup of coffee with BTC?

Not literary people buying coffee with bitcoin that is not the only aim of BAKKT partnering with Starbucks, the main thing I think and the reason why BAKKT chose Starbucks is due to its popularity and the trend we are now. We all know that Starbucks company became big and more trending lately when people tend to buy coffee from their shop. Promotion is the first aim of this partnership, promotion of BAKKT itself.

Became big & more trending lately? Starbucks has always been dominating the coffee scene for many years my friend.

Anyways, I am not sure what their business decisions were behind this partnership. Maybe they just wanted a 'PR buzz' out of it.

[Asuspawer09]

Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced this week it plans to launch a consumer app for cryptocurrency purchases in 2020.

U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.

https://www.forbes.com/sites/billybambrough/2019/10/31/forget-the-halvingcould-this-be-what-sends-bitcoin-soaring-next-year/#12640c6e3062

This is just a piece of good news, in the past year I already heard news about Starbucks accepting bitcoin as a payment and I think the experience of the customer was great in paying in bitcoin also as the market go up and down the companies also need to strictly adjust their prices in the stores. As the year passes the bitcoin was also recognized by many companies and they think that it could be a good asset in their businesses and also a good investment as they were accepting bitcoin I think it could be a win-win situation.

[NathanJB]

Bakkt, a New York Stock Exchange-owner backed bitcoin and cryptocurrency venture, announced this week it plans to launch a consumer app for cryptocurrency purchases in 2020.

U.S. coffee chain Starbucks will be its first launch partner, with the company one of the original backers of the crypto project, along with software giant Microsoft and Boston Consulting Group.

https://www.forbes.com/sites/billybambrough/2019/10/31/forget-the-halvingcould-this-be-what-sends-bitcoin-soaring-next-year/#12640c6e3062

Bakkt is influential in the game. They are making steps that are beneficial for the growth of Bitcoin adoption. This consumer app in 2020 will be coming out just as the Bitcoin market is also anticipating the reward halving. This will add a positive vibe to the market.

Starbucks, Microsoft, and Boston Consulting Group. Big names! We will see how these rich institutions will affect Bitcoin's price as well as worldwide adoption. The game is getting exciting everyday!

[Kprawn]

I think people are getting to hyped up with all the things surrounding Bakkt, because it gets a lot of media attention and the fact that it is linked

to institutional capital. Remember, not all institutional investors are going to drop their stable investment strategies and sell their current investments

to invest in something as risky as Bitcoin. Yes, the App is good news, but it will take a long time before you see any real movement from investors

going from old investments to new investments.    Do not fall for all the hype again.