Despite the market’s downward trend disenchanting a number of investors who gambled _ or intended to _ in cryptocurrencies, several projects still consider adding Blockchain technology and digital currencies to some global economy sectors.
The secret to fully accept a cryptocurrency so it can stay in the market is usability. Bitcoin wouldn’t have any sense if it couldn’t be exchanged. Although its current exchange is mainly for fiat currencies and other digital coins, it would be better to be able to use it in different scenarios, from buying a house to a cup of coffee.
That’s why so many businesses are accepting this payment form for their products and services.
Starbucks, the world’s biggest coffee shop chain with more than 24.000 stores in 70 countries _ which also sells snacks, coffee mugs, cups and even books, CDs and movies _ is working toward accepting Bitcoin as a payment form.
According to Kelly Loeffler, CEO of Bakkt (a cryptocurrency company created by Microsoft, Starbucks and NYSE, which works in a joint platform that allows users to buy, sell, store and spend assets such as Bitcoin thanks to cloud solutions provided by Microsoft to create an open and regulated digital asset market), the company is progressing in its partnership with Starbucks to provide the users with more payment options, particularly with Bitcoins.
That’s why the company is developing practical, reliable and regulated applications for users and enabling the conversion of their digital assets to US Dollars.
They also aim at making cryptocurrencies familiar and accessible, trying to entice the younger generations of a new era that is growing along smartphone technology and cryptocurrencies. Is hard to imagine a better fit for this platform than Starbucks, a favorite place among Millennials _ a generational group that prefers faster digital payments using their smartphones.
Increasing Bitcoin’s usability in business like Starbucks, accepting it as a payment form, would make a huge impact in the crypto market because the coffee shop chain has the potential to reach millions of people around the world.
This would be a win-win scenario, since Starbucks could attract crypto users who aren’t customers yet, while several Starbucks customers who aren’t too familiar with cryptocurrencies could begin to understand them.
By Ana María Morales
SOURCES: Criptotendencia, El Financiero and La República