Monday, August 6, 2018

Starbucks WILL NOT Be Accepting Bitcoin ... Directly ...

When it was recently announced that your favorite latte purveyor would be accepting bitcoin at its stores, the crypto world went wild.  However, Starbucks clarified its position on accepting crypto at its stores, as follows: "It is important to clarify that we are not accepting digital assets at Starbucks. Rather the exchange will convert digital assets like Bitcoin into US dollars, which can be used at Starbucks. Customers will not be able to pay for Frappuccinos with bitcoin."

Bummer, right?  Not necessarily.  You see,  they're planning to use a platform called Bakkt, which allows its users to store crypto and trade it for products. So, you won't technically be paying for your cappuccino with BTC.  Not directly anyway.  Hypothetically, you would be uploading/storing/transferring your BTC to the Bakkt platform and that would convert it to USD with each purchase.  

Much ado about nothing?  I don't think so.  The size and reach of Starbucks may bring crypto to every consumer, including those that have never heard of bitcoin (if there are any left).  Sure, companies like Overstock and Expedia and Microsoft accept crypto online, but this will be the first time a company of this size will (indirectly) accept crypto at a physical location.  Folks that may have never otherwise purchased/used crypto might start using it - this may be the nudge the general public needed.  

We'll see how this plays out.  I'm sure there will be bugs along the way, but this is very exciting for the crypto/blockchain industry!   

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