Good News for Starbucks Consumers as Company on Verge of Launching Bitcoin Payment Option
The growth and popularity of cryptocurrency cannot be downplayed. Over the last couple of years, the number of bitcoin investors has risen exponentially, prompting some popular companies to reconsider its use. The latest to do so is Starbucks.
Cryptocurrency Introduction to Starbucks purchases
In fact, the company made a surprise announcement on Wednesday last week that it was partnering with Intercontinental Exchange and Microsoft to give its consumers the ability to make customer purchases from its stores.
Additionally, the company is currently designing a platform by the name Bakkt. This app will give users the ability to store digital currency within their respective profiles. They can then use it to trade for products in the item store. However, it will not do the trade directly. The digital currency will first have to be converted to US dollars which will then be used to make the said purchases.
Keeping up with the latest trends
The move is seen as a massive step for the company to stay at the apex of the coffee consumerism industry. Their aim is to become more innovative with how customers are able to pay.
The first cryptocurrency set to be available on the platform will be Bitcoin (BTSC). Though it is highly popular, it’s worth noting that its market value has been pretty unstable. In fact, in late 2017, one bitcoin was valued to be about $20,000. Today, its market value is considered to be $7400. However, individuals have the opportunity to purchase the bitcoin in fractions.
Bakkt’s availing is expected to take place sometime this November. However, it has not yet been revealed by Starbucks whether the app will be immediately available for consumer use.
That being said, this isn’t the first time that Starbucks has made leaps and bounds in its digital payment structure. In 2011, it was one of the first major brands to green-light mobile payments in-store.
More Companies Accepting Bitcoin payment
However, in terms of being the pioneer US company to accept cryptocurrency, Starbucks is pretty late in the game. The likes of Expedia, Overstock, and Microsoft are some of the companies that have already given their consumers the ability to make product purchases utilizing bitcoin.
In fact, there are a number of reasons why more companies are accepting bitcoin payments from their consumers every day.
First of all, it gives them the opportunity to target a larger demographic. Not everyone is comfortable with providing their credit-card information online. This being the case, it is much safer to make purchases with cryptocurrency due to the ‘no questions asked’ kind of structure that bitcoins provide.
Additionally, a lot of the misconceptions that were strongly believed to be associated with bitcoins are being debunked. For one, quite a number of companies initially believed that any payments made by bitcoin were prone to market fluctuations. That is, though a consumer did a $100 product purchase today in bitcoins, this could drastically change to $50 the next week.
It’s not until recent fail-safes were put in place to enable companies instantly convert the cryptocurrency into USD, and ensure their profits are maintained.
That being said, diehard Starbucks fans will have something to look forward to this coming months especially if they have a healthy stack of bitcoins.
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