Starbucks Wants to Accept Cryptocurrencies - Lets Get STEEM There!

in steemit •  8 months ago

Today main news is that Starbucks Chairman Howard Shultz said they have plans of adding cryptocurrency payments in their shops.

The thing that shocked the most was - he said - Bitcoin is not one of them as its not currency of the future.

In 2015 Starbucks made an app that allowed to purchase coffee and get points through it. Maybe this is where crypto payments will take place?

Full text: https://www.cnbc.com/2018/01/26/starbucks-schultz-a-digital-currency-is-coming-but-wont-be-bitcoin.html

So since they like blockchain, dont like BTC for micropayments (obviously for now) why dont we try adding STEEM there?

Fill The Form


https://ideas.starbucks.com/

You never know what can come out of this. Spreading awareness of STEEM cannot hurt and to do so - you do not need much time,

Follow, Resteem and VOTE UP @kingscrown creator of http://fuk.io blog for 0day cryptocurrency news and tips!

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Hopefully they will have a Steemit account and accept Steem! That would be massive for Steemit and start bucks! Imagine how much money they'd earn from people liking random pics of coffee ;)

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Probably more than a cup of coffee's worth!

Maybe a bit off topic, but whats up with smart media tokens? When shall we expect them to be available?

This is a great. I'm from Ghana and we creating a vibrant steemit community here. Our number one problem is unreliable internet connection so earlier this month, I got the idea of starting a "crypto-cafe". A place just like a Starbucks with free and powerful internet connection and everything bought there will be paid with steem. It's an idea at the moment and I think I'd be great if I can fuse it with Howard Shultz's idea.

I LOVE THIS IDEA!!!! I always spread STEEM and this will be added to my tasks to do....This is my facebook I just posted about Steemit. Next stop is an email to starbucks.

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That is great, spread the news!
Screen Shot 2018-01-29 at 7.57.35 PM.png

Great idea and thanks for spotting and sharing this opportunity that we have to do something together for the value of STEEM. I did it right away.

Just reading it gave me a rush of ideas for how Starbucks could benefit from using STEEM. Giving people incentives to share their visits to Starbucks on STEEM-based social media would be like free promotion and also a new business for Starbucks entirely.

I shared my ideas further in this post and encouraged my followers to also fill in their idea. Hope we can make this work! :)
Steeming from Starbucks - Why STEEM is the perfect currency for the Coffee giant
(sorry for the shameless promotion, but I believe this could be a great thing to do)

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It even sounds good together! Coffee, Steem(Steam), social media... It's meant to be.

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I’ve been told that Starbucks will give you free wifi
I’ve also been told your cpu will be used to mine coins for them
Mmmmmm

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On a related note, I'm trying to get steem listed on Crypto-bridge:

https://steemit.com/steemit/@dhouse/let-s-get-steem-on-crypto-bridge-right-now

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The Problem is witch Crypto are wont Starbucks to acept

Here in IA we are seeing more and more retail stores accepting crypto currencies. I know my girlfriend will be happy she can spend MY crypto to buy her "double late frappuccino coffee thingy". Its inevitable every time we step foot in Target, I use the restroom and she buys a $10 coffee.

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That would be amazing! :D

So weird they dont like bitcoin. STEEM MOON!

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No weird at all. The cost of the transaction is going to be more than a cup of coffee. It just doesn't make sense.

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I think the transaction fees would just be outlandish for a cup of coffee. I would bet XRP is probably on their radar.

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I was thinking the same thing. But would prefer to see them help us. Steem would be a good fit, lets see how it plays out.

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I no longer own any of these coins--but I guess XRP, XLM, Doge and XVG will be the top 4 candidates for them, IMO.

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Dont forget ltc.

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Perhaps--I'm just wondering though how much is the TX fee for LTC?

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But they're assuming bitcoin never has lower fees. with LN and possible new additions in the future it seems likely the bitcoin fees will eventually become much lower. Seems odd nonetheless.

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NAAAAHHHHHHHH

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It only makes sense from a business point of view, bitcoin transaction fees would cost more than the coffee, plus payment takes hours. STEEM on the other hand has free transactions and take seconds!

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The hot Cappuccino would be cold by the time the BTC payment is confirmed! Lol

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How? And this is assuming it stays the same forever.

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Have you ever tried sending a bitcoin transaction for $4? Fees are based on data size, not amount sent. A transaction for $4 would be completeley eaten by transaction fees if you wanted it to get any confirmations.

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No it isn't. Bitcoin is obsolete.

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Realistically bitcoin fees are too high and the transaction confirmation times are impractical to buy a cup of coffee with. Something with fast confirmations and low or 0 fees would be needed. XRP or XLM would likely be contenders... or XRB which has 0 transaction fees.

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Bitcoin uses too much electricity- it’s not sustainable.

Starbucks accepting crypto would be huge, but the logistics puzzle me just a bit. Are they capable of stomaching the wild swings in what ever crypto they accept? Will the coin be acceptable for micro transactions? Are users prepared to record the transactions for tax purposes?

On the surface this sounds great, but there's a lot of details that need to be fleshed out.

that's good to know but for me it's no longer a question of whether they will accept kryptos or not. It's just a matter of when. I remember blogging about this: Gatcoin The idea is to be able to earn cryptos from rewards and use them anywhere. I hope they will do that too.

Great to see crypto gain mainstream acceptance. They better figure out a way to appease the federal govt taxing machine.

It will be great to have starbucks accepting steem dollars. Its fast, fee less and you can earn it by blogging... I need a coffee... wait let me blog to earn it :smile:

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The blogging aspect is pretty interesting... It definitely ties in with the typical Starbucks goer.

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I like `` I need a coffee... wait let me blog to earn it :smile''

I personally think they will create their own coin but in any case if they adopt crypto then it is going to be good for the community as a whole.

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Don't forget about Uncle Sammy. He's going to want to take a sip of that coffee as well. (more like a gulp!)

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Hahah I didn't even think of it like that till now

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No pun intended. Ok, maybe just a little bit. :)

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BitBucks haha. I think they are too busy making coffee to create a coin! If they create their own coins even better because it will increase the crypto awareness and competition from other coins. Since everyone will try harder to be the best coin! I hope they add support for Dogecoin to buy coffee with! 😋 ☕️

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I'd be down for Doge coffee.

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Sounds awesome! 😄

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Buckup coin would be great! Lmao

On a side note--Dogecoin truly deserves to go mainstream.

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OMG I never thought about it but it would be perfect for them to create their own Starbucks crypto!

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Don't expect it to happen to much for a company like them to manage. If anything it may cause a boomerang effect and lose sales. If you need starbucks coin, amazon coins, etc, to buy at these places. Why not just go to Dunkin Doughnuts and pay in cash.

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Well, of course it would be optional. Starbucks isn't going to require crypto and turn down cash. Lol.

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I think you're probably right. Publicly exchanged company with a publicly exchanged currency. Match made in heaven

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They should use Steem’s Smart Media Token (SMT) to create their own “Starbucks” coin!

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Where can I read more about this idea? Sounds interesting. I don't know much about SMT. You can point me to some developer documentation, I don't mind reading.

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Sure! Here's the official page: https://smt.steem.io/
And @ned's announcement: https://steemit.com/steem/@ned/announcing-smart-media-tokens-smts
Check them out and let us know what you think. Steem on!

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Cool thanks. Will try dig into it! Sorry only saw your comment now :)

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That is an interesting point! Really excited to see how this unfolds.

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While I think many companies will have their won cryptocurrency in the future, I don't see why they would go for their own coin at this point. As far as I understood, the entire point of adding a crypto was to make it an easy option to pay for your coffee with, but no one is going to have any Starbuckscoins laying around, so then you would need to buy these first, making it a pretty complicated process just to get a coffee. I think they will rather add a low-cost fee crypto.

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Yeah, it doesn't make sense for one store to make their own. They would just be adding several conversion layers on what should be a simple transaction. For some outfits like Steam, it makes more sense, because they also run a peer-to-peer marketplace.

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Yeah, exactly! I could totally see Steam making their own crypto and use it for the internal market at one point, which would actually be pretty cool.

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Yes that is one of the most likely scenarios. They could also take over an existing coin, or maybe a few big corporations like Facebook, Starbucks and Amazon could be working on a new crypto together. Regardless, I am excited to see how this all evolves .

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Steemit is crypto that will double the value this year

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hope so :)

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They have said they aren’t interested in that route and they will adopt an already existing coin.

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That's what I'm thinking too. Its more than likely they'll setup some form of their own cryptocurrency, one they can some sort of oversight with. I doubt that Starbucks is ignorant to all the fraud taking place in the crypt markets right now, and likely something they're going to try and avoid at all costs.

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Well that is pretty smart I wouldn't be surprised if they did that 😆

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this great idea is able to give the unlimited chance to enjoy ease of transactions to every startbuck coffee lover.

steembucks !

That would be absolutely AMAZING for Steem!

Photo_1517187876565.png

come on guys, we need to push this blog, this will help steem move forward

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Nice, haha!

How cool would that be if you could sit down at Starbucks, write a post, get paid in SBD, and buy your next coffee at Starbucks using the money you earned while sitting at Starbucks writing about how you were earning money for Starbucks while writing at Starbucks?

That's the life.

tl;dr Starbucks is everything

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Great observation--I followed that right to the end:)
It would be very cool to be doing that.

Wouldn't that be a Perfect opportunity for an SMT ?

One of the things these guys will be looking at when choosing a crypto is how easy it is to implement.

SMT's come, come, soooooon! :-)

In my opinion Stellar Lumens has the best chances of being accepte at Starbucks in the futur.

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I have the same opinion, xlm is the guy!!

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Yeah, any of the top ten coins that have transaction fees that are in the low cent-range would be likely. They may even waive the fee since it would be so much cheaper than what they pay in credit card fees.

Seems not really well informed, coming out with an announcement like that just before LN comes consumer ready. I guess they will create their own crypto then.

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My bitcoins are far too valuabel to spend on Starbucks, no way will I waste it on that not enough Bitcoins around for this. Better options avaialble...

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Thats funny I thought I was the only one that played with this one.

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If they do create their own, it'll be a marketing stunt. They don't need a coin! They already successfully accept payments all around the world with the Starbucks app / giftcard system which integrates well with their contests, rewards and "star challenges". The ironic thing is that many people I know have been purchasing Starbucks with Bitcoin for over a year (through crypto-debit cards like TenX or buying Starbucks giftcards with Bitcoin on sites like coincards.ca).

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Yeah, gift-cards basically are store-specific cryptos. It doesn't really make sense for an individual store to make a crypto.

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They know if they announce the crypto/crypto's they will be accepted will basically be market manipulation. It would cause a massive pump in the ones involved. Too me that sounds great but they are just getting everything lined up before they announce.

Hi @kingscrown, please allow me to translate your post into Mandarin in order to spread to the Chinese community!
Link here:https://steemit.com/cn/@incrediblesnow/2hy6zy
Upvote this post if you like it

Just filled it out,hopefully more Steemians can add to our compelling case😊

They should also accept Ignition Coin - $IC ;)

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one day.

very good, I'd like to do so.

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lol, this is a start, i tried

I filled out the form with the following:

Please begin accepting Steem cryptocurrency for payment. I don't even drink coffee but I would start coming to your stores to buy other drinks if you accepted Steem. I know thousands of other people will as well. Check out Steemit.com, dtube and other apps on the Steem blockchain for more information.

Now, everyone else do something similar!

https://ideas.starbucks.com/

STEEM at Starbucks would be awesome!

steem would be perfect

I know where all my rewards would be going!! ☕️🍪🍩🍵

They said they will accept digital currencies.

would be awesome to pay starbucks with steem!

great initiative from starbucks, good early adoption of the latest payment methods

That would be epic but I have a feeling they will be rolling out there own maybe. They kind of been beating around the bush about it saying they have a winner and its not bitcoin.

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I think they will accept either stellar or ripple, ripple is backed by banks after all, and stellar is just a better faster cheaper ripple, but hey, it's just my opinion after all

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Yeah, they can't realistically accept anything that has more than a $.10 transaction fee. It just wouldn't make any sense.

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cant hurt to try and bring awareness

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Done, I've sent my suggestion for them to accept Steem...Let's all fill up the form and submit it if we really love Steem!
https://ideas.starbucks.com/

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I don't think they will make their own, they will just accept a few . and bet they know what they are doing. They will accept the ones with big growth potential and HODL . in a couple of years that $5 worth of crypto to get your Frappe will be worth $20. Great business and expect the likes of McDonalds and others to follow suit. Mass adoption is on the horizon and thats great!

I was there October 2012 in Houstan Texas for their manager and district manager training and event shows, over 10,000 district and retail store managers.

The executive team at Starbucks were encouraging managers to sell stocks that some might not have realized they had, telling stories of how some managers sold their stock that didn't realize they had for $10,000....at the time mangers got 43-46 shares per year, districts managers got more, and the crew got some too but not as much.
The managers were also encouraged to tell their crew to sell if they need to as well.

This low key orchestrated dump took the price from $25 down to $20.

Ironically that same event week was when they announced their partnership with Square so they can have people with iPhones going into their long lines and serve people getting a quick coffee ect.

If they announce their own coin I would be hesitate to buy. But if they were to start accepting Steem that can be huge for both Starbucks and us as a community.

steem has got lot of potential our responsibility to make it more successful

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NewBie Here and I am 100% Agree

Stetem would be perfect - but I sure they will create their own one in order to benefit from the hype.

Well cryptocurrency is the future and bitcoin is still the granddaddy I think but it has scalability issues with high transaction fees. Hopefully lightning network will take care of it but its a good idea to promote steem which will help stem community in the future.

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Yeah, I'm not sure how big of an impact LN will make, but it really has to be a fraction of the current transaction fees. No one wants to pay a 50% markup on their cup of coffee. Right now it'd be more like a 500% markup.

It's sound very interesting!

This is huge! It's also good that Howard Shultz sees the current downfalls of Bitcoin. Still not sure if the lightning network will make that big of a difference in transaction fees and speed. Regardless, it's good that there is more crypto adoption. It's going to benefit us all!

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bitcoin is too slow for day to day transactions. but any coin that uses lightning network may have a chance.

On it.

This would be so epic for STEEM. Much love and respect for spreading the awareness.

Mass.... Adoption... It's coming soooon! :)

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Right around the corner imo...

Great idea!Just submitted my "suggestion".

Thanks for the heads-up!

Here's mine:

And after I submitted,

I sure hope it gets attention.

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They can use Bitshares option to create their own crypto asset STARBUCKS. 😉

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They could...

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I referred to the social media value as a potential for them.

At least my opinion is that it makes sense in business terms. Social media is important for Starbucks.

Thank you for sharing, this will be a BIG win for the crypto community.
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We have a pretty big and active comunity if everyone do their part they will probably consider the idea!

Hm... what if they choose omisego?

my boyfriend works at this company. They are building a mobile app that a business like Starbucks can use for customers to interact and use their own token. They are launching a mobile app soon. www.cellbones.com check them out.

wow... this is such an awesome news. thanks for getting the word out.

Its great to see Starbucks is forward-looking enough to consider cryptocurrency as payment, and more importantly they have no plans to make their own 'coffee-coin' etc.

i like

This is great news to hear that Starbucks is going to accept Cryptocurrency and I’m sure more but companies will start to use them in the near future. Thanks for sharing.

Maybe they haven't heard about Lightning? You know it takes these corporate types 10x longer to hear the news then us plebeians. But if we get SBD in there that will be huge.

They should use bitUSD of course!!!!
Fast, no volatility, low fees, ... There is no better choice out there.
Let's go fill this form!

I don't think it works, due to trading rate is high, and coffee only $5 per cup range.

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only work if have no fee to use.

You never know.. :)

steem is the fastest blockchain out there...seems logical to use it

"SBC"
StarBucksCoin
lol.

Come on, such abysmal abuse of the rewards pool! This post is insulting, but money is money, and ethics are obviously irrelevant.

The thing that shocked the most was - he said - Bitcoin is not one of them as its not currency of the future.

I agree. I really agree. Also bringing steem to Starbucks is an awsome idea since steem is more of a long term.

Howard will try to create his own crypto internally. Even if he uses another one to start with, don't kid yourself. Just like their reloaded card program illustrates how starbucks makes a clear effort to capitalize on the LIBOR float % = $$$$$

Really hoping more business open up to crypto-currencies after Starbucks has shown interest.

wow steem will be more famous. let's vote and make steem stand out and purchase those coffees.

other companies may follow as well so let's support this idea. it will benefit us and the company as well. win win. :)

That will be a big move from Starbucks. Upvoted, Followed and Resteemed

Wow, what a very interesting idea! It might even work! This will definitely revolutionize Starbucks (and maybe even other establishments, should they follow suit).

This is really important us.. thank for share it

I personally would never use my bitcoins at Starbucks, it's just too valuable. There are many decent cryto currencies much better suited for this..

Great idea and very good post as always, thank you so much.

thanks for the information good post my friend

My choice for Starbucks! XVG - I would love to pay for my coffee in Verge.

Thank you for sharing your knowledge @kingscrown, great contribution... from Venezuela a big hug. Here you have a follower more @brianleif

Perhaps put the bug in their ear that rather than just accept Steem they should take a look at the upcoming Smart Media Token protocol. A branded token of their own, good for loyalty rewards and payment systems, with no need to maintain their own blockchain. Simultaneously it gives them their social media presence across all the emerging Steem based platforms.

We only need an easier way to buy steem with fiat, I saw news of a wallet but I don't remember where I saw it. 😅

for me adding cryptocurrency payments in establishment in this very moment will be a little bit risky. We all know that cryptocurrency is not that stable in the market. it really do make a big pump but it also really do a big dump in just a short period of time establishments might be bankrupt. I think this is also the reason why they don't plan to add the bitcoin. its because bitcoin is now showing a really big dump
Yeah its a nice idea but I think they must wait a little longer until all cryptocurrencies became stable. As of now cryptocurrencies value might fluctuate at a 100% or more in just an hour

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as of now, very few people have actual crypto. when it becomes heavily adopted, then the fluctuations will have subsided to a minimum

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yeah, so I think they must wait for that moment to avoid future problems. I know that cryptocurrency will be adopted in the near future but they must ensure their finances first.Everything might happen so better avoid taking the risk now

Many people still starbucks lovers, They usually do stop by. My friend also loves it. Starbucks got a good reputation in korea.

They will probably accept stellar or ripple... ripple is backed by banks, and stellar is just a faster better ripple
What cryptos do you think they will accept @kingscrown?

Wow, good new for cryptocurrency. If more big companies, such as AMAZ accept cryptocurrency, the price of them should go to the sky.

Starbucks will be a huge milestone to take crypto into mainstream business. I wonder if they'd create their own coin though... Starbucks Coin - SBC - or something, perhaps?

It could be nice if they use a kind of tether coin because it will not be very convenient to buy a coffee at much different prices every day, especially with pumps and dumps in the market!

Steem in their coffee? Isn't that redundant?

If we got them to take STEEM that would be a game changer, this would go totally mainstream. But they will probably make a stupid CoffeeCoin or Starbuckbucks.

That's where it starts if you can make it in star bucks you can make it anywhere.

Great idea ! I'd definitely be on board if they brought it to starbucks in Australia !!

@kingscrown Great info! If Starbucks made thru; things would be exponentially beneficial for Steem :D Best wishes to you always.

im just waiting for everywhere to start accepting all crypto! i cant wait!

This is a great step into the future. It is clear that blockchain and cryptocurrency is taking up steam. It would be wonderful to get steemit added onto it. I am loving this great news.

Okay. Done. I hate their coffee, but whatever...

Added my own name to the suggestion pile, advocating for STEEM as well as cautioning them against adding yet another coin to the ones already out there.

I hope STEEM is it, or at least one of the several coins they choose to accept.

They should take SBD. People would probably think it stands for "StarBucks Dollars" so it would fit right in. As would the Steem logo.

They could charge 1 SBD for a mocha, and people would think they're getting a really good deal because they don't realize 1 SBD is worth 7 USD.

It seems impossible for the current blockchain technology to efficiently broadcast every purchase of coffee in the world. They have to imagine how big blockchain must be and how fast the transmission needs to be for it to efficiently process micro-payments. If big companies, such as Starbucks, that needs fast and simultaneous huge data trafficking capacity, then only Ripple, XLM or bitcoin with Lightning Network can accommodate to this specifications. However, bitcoin's Lightning Network is still in its trial phase and there are rumors that it is not running smoothly. Since the big boss has already eliminated bitcoin as an option, it seems like Ripple or XLM is going to bag a huge partnership.

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In times like this when new coins can show up everyday we probably haven't even seen 1% of the coins that will come the next 30 years. And when something is very new not all will jump on it at the same time. Will probably take years before it gets some mainstream attention. If people see that it's an easier system to use then I think most will jump on board the train of crypto.

Humans are also very creative in solving scalability problems. Especially when you put a team of people on a project and tell them to fix it. May take a while but a solution always comes up eventually. Just give them enough time. Or even better put an AI robot on it and it will come up with some solution. Big data it loves.

This is a great real-world reason why having a fixed SBD peg to have a worthwhile stable token should happen sooner.

Dan's idea from way back needs a chance to happen: https://steemit.com/steem/@dan/steemit-s-evil-plan-for-cryptocurrency-world-domination

Hmmm..maybe their own coin? I'm guessing Ether.

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Ether takes more than a minute to get confirmed. I'm thinking about faster coins.

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VERY good point! That network is so bogged down right now...clearly Steem is the better way to go!

Awesome initiative kingscrown. Crypto for coffee and Steeming Hot Coffee at that!!!

Excellent place to for a social currency!! Keep On Steemin On!!

It is just the beginning. Crypto is the future that has started at the present.

Perhaps they will launch their own coin. It will be called. CryptoBucks.

I think its better to mold the things your way, and hopefully Starbucks will get something of big value out of it..

I don’t know how I feel about this. Obviously this is good for crypto and it’s good for name recognition of Steem if we get Steem on there, but I hope nobody wastes their precious Steem on a Starbucks coffee! I also am not looking forward to the day when Starbucks has lots of Steem power to influence the platform.