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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