Get Ready To Pay With Bitcoin For Your Starbucks Coffee
When it comes to bitcoin, the community runs into a chicken and egg problem. Companies do not roll out crypto payment options (eg 8% in the USA, according to some researches) own cryptocurrency. And vice versa, people are not willing to purchase cryptocurrency since only a few brands accept it for payment.
The companies that accept cryptocurrencies are mostly startups or small-scale businesses. It’s always trying to make it out.
Starbucks And Bakkt Ignite Crypto in Retail
We've recently named scope of As from the learned of The Block , an international coffee shop brand of Starbucks with a market cap of $ 86 B is currently developing an app and a payment card that will allow customers to cover their coffee bills with Bitcoin.
Comes as with the project the this a part of an equity deal with Bakkt , a cryptocurrency Exchange and payment platform being of the launched by the Intercontinental the Exchange, the of operator of the the New York Stock the Exchange. Bakkt is aiming to build merchants, customers, and investors. It will be a simple, safe, and efficient way.
Although it was not approved, however, it would make it possible to accept a cryptocurrency payment. It is expected that it will be possible to use it. Basically, Starbucks won't accept direct Bitcoin payments. The Bakkt platform will simultaneously exchange the customer's BTC to USD. However, the official partnership announcement has not been made yet. The CFTC approval.
You've Paid With BTC For A Coffee? Count Your Capital Gains!
But there's a little problem with that. This payment processing mechanism calls for tax reporting. So technically, they have been bought. The question is: how will the partners overcome this obstacle? If you’re trying to find out how to pay for BTC for his Grande Latte?
If this issue will be resolved in a legally compliant and cost-effective way, lots of brands will follow suit. Bakkt and Starbucks are now a foundation for mass adoption of cryptocurrenrencies. Who knows what?
The concept of autonomous and distributed financial services is somewhat experimental and volatile at the moment.
There is currently a conscious attempt by the new crops of DeFi solutions to create improved infrastructures that would make DeFi more inclusive. This trend has spurred the creation of bridges between…