Why I Think Paying With Bitcoin At Starbucks Is Positive News, Although I Would Never Spend Bitcoin At Starbucks
Now that the dust has settled over the big news that Intercontinental Exchanges will create a platform for digital assets, allowing, among other things, to pay with Bitcoin at Starbucks, I think it's time to take a closer look at it.
But since you probably don't remember it, let me refresh your mind: so, ICE will make a company, dubbed BAkkt (in Romanian, this sounds awful, by the way, kkt being the de facto shortening for shit). powered by Microsoft cloud and being in charge with managing digital / crypto assets. In other words, it will make a regulated Bitcoin-powered exchange (it already announced plans for Bitcoin futures). Companies using this exchange will be able to accept Bitcoin as a payment, since BAkkt will manage the conversion of the received Bitcoin into fiat and then remitting the fiat to the company.
Among the companies that announced support for this was Starbucks. A timeline for the project is not yet clear, but November 2018 seems to be the date from which the settlements (at least for futures) will be possible.
Why Is This Major News?
Well, because Bitcoin will suddenly become a legit payment buffer for bigger and more visible companies, like Starbucks, helping with mass adoption.
I don't think Bitcoin is a proper currency, though, but as a buffer, I think it will function well.
In other words, I won't be paying at Starbucks with my hard earned Bitcoins (like if I have some) but with my altcoins. With STEEM.
The existence of a legitimate buffer for Bitcoin as a means of payment will drive the need for consumption of alternate coins. You just swiftly change your STEEM, EOS, Cardano or other altcoins into Bitcoin, swipe your card and voila, you just got yourself a macchiato. The exchange will be totally transparent (if we use STEEM, where the transaction time is 3 seconds) so the ledgers will always be in sync. Something that doesn't happen yet even with credit cards operators like Visa and MasterCard.
So, yes, that means I'm really looking forward to pay for my tea (I don't drink Starbucks coffee) with the STEEM I make by blogging about being able to pay for my tea at Starbucks.
I'm a serial entrepreneur, blogger and ultrarunner. You can find me mainly on my blog at Dragos Roua where I write about productivity, business, relationships and running. Here on Steemit you may stay updated by following me @dragosroua.
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I want to be able to use crypto everywhere I go , because knowing I make Steem everyday is sort of a relief
I hear you :)
I was getting CASH from starbucks and CVS in 2014 using the GYFT App bro, lol u could always buy starbucks with bitcoin,
Owk I think I get the reason why you wouldn't want to use bitcoin but altcoins to perform day to day transactions . Is there any other way if getting bitcoin apart from either minning or buying? I doubt. But just by blogging, you could earn steem and use it for such transactions. I think that feels better to do while you just leave your Bitcoins as an investment .
Still need to see what the transaction fee will be.
You have my witness vote and a cup of tea when I'll have enough Steem ;)
Thanks for the witness vote, appreciate it!
Anytime.
Thank you for this update. Alternate currencies are starting to make sense to business as well as consumers. It will take time, but we have seen a big change in just over a year. Starbucks will be the last place I spend my treasured coins. Thanks again. 🐓🐓
I've always been a big proponent of the idea that BTC and major alt coins will need to become something more than investment vehicles and ways to transfer money if they are to become truly mainstream.
When I can walk down the street in my town and there are "Bitcoin accepted here" on a few shop doors, that's when we've moved on from just being a "fringe novelty." And when players like Starbucks, Amazon, eBay and others accept BTC as a form of payment, it's also going to make it that much harder for governments and regulators to "outlaw" cryptos... you don't want to anger your biggest taxpayers!
Not a fan of Starbucks myself, but this does sound like a great opportunity to start using different kinds of altcoins as currency without having to trade it into bitcoin or to fiat first.
Microsoft is good to have on board, too, though I don't use there products much. Not sure what the other company is. They didn't really publish a list. I wonder who the other companies are and how regularly they might be used? Microsoft is mostly a larger purchase type of company, that the common consumer isn't going to be buying from every day, whereas Starbucks has the potential for daily purchases by the same customer.
Still, as you suggest, it's a step in the right direction. It's nice to have bitcoin put to good use, too. :)
This is really great news. I still don't think I'll actually be spending even my STEEM, or any crypto for that matter, but I think even just having the option there popularizes the idea that crypto is real. That brings more investors into the overall market, and that's what we need.
The issue we have here in the US is the 20% capital gains tax being applied to all crypto transactions as of this year. Until Congress changes that tax law to at least exempt trades of under $600, there aren't going to be many people using crypto to buy a cup of anything at Starbucks. The tax on gains may not be much, but the time it takes to calculate and track gains and losses on every transaction will prove prohibitive.
Sounds very promising, I can't wait to see how the platform unfolds and companies start to offer its clients all kind of crypto assets as payment.
kinda incredible that MATHS is paying for real world beverages! :)
I get what you’re saying completely. It’s cool that it’s there and gets positive media coverage but just wouldn’t actually do it.
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