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Although Bitcoin has revolutionized the financial sector, there are limited amounts of commodities, goods and services you can buy with the cryptocurrency. At first, the technology sounded promising with transactions traveling around the world without restrictions, cheaply and pretty fast. But as time passed and there was a hype, transaction costs skyrocketed and it was not so easy to buy a cup of coffee when the transaction cost is $20. Bitcoin has failed to show that it is easy to purchase coffee using Bitcoin, but Starbucks Corp is on hand to make this a reality according to Economic Times.
The beverage retailer (one of the largest in the world) has partnered with Intercontinental Exchange Inc., one of the world’s biggest exchange operators, which just created a revolutionary project called Bakkt. It was designed to tightly integrate digital currencies into global commerce with added ease. Bakkt is a promising technology, which according to their website https://www.bakkt.com, will allow us to trade digital assets seamlessly. I would imagine that it will be something like a trusted digital exchange, where you can exchange your bitcoin for dollars or actual goods from the supplier. You send in your bitcoin and they will pay Starbucks with fiat.
Despite Bitcoin’s astronomical rise in price last year (it peaked at $20,000), it’s still not widely used for transactions for physical goods in most countries, some countries out rightly placed a ban on the crypto. Of course, bitcoin's volatility is not always a benefit when it comes to trading goods because today you received $1000 in bitcoin for your mobile phone, but tomorrow it might be worth only $500.
Along the line, some startups and established companies have sought to take cryptocurrencies mainstream by creating payment solutions or exchanges for merchants, however there has been little success in linking all of the major players. Intercontinental Exchange Inc. wants to help change that. I personally, would be more than happy to see that happen as long as they don't become a decentralized monopoly, which will have too much control over crypto currency.
Kelly Loeffler, the chief executive officer of Bakkt said
“Bakkt is designed to serve as a scalable on-ramp for institutional, merchant and consumer participation in digital assets by promoting greater efficiency, security and utility,”
She was until recently head of communications at ICE.
She further stated that
“We are collaborating to build an open platform that helps unlock the transformative potential of digital assets across global markets and commerce.”
Hopefully what Kelly Loeffler is saying is true and we can all buy our coffee with bitcoin, ethereum or Steem. Will be glad to see such a future coming.
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That's amazing! Another step forward :)
@scottcbussiness, even though crypto is falling now, apps, games and real life uses of crypto is what will bring it back up.
100% this is the boom that will bring it back up!
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Definitely looking forward to Bakkt, not getting too excited with regards to price however. I am just more excited about the ease of purchasing digital assets.
Yeah, me too. Volatility is scary right now. Nevertheless, I see a great benefit in crypto and in Steem as well.
isnt that few years back bitcoin really can make for payment? or this is an article few years back?
It really can in many places, but still not widely adopted. I mean I can make you a coffee for 1 bitcoin, many places would :)) is just that Starbucks and other major chains have not adopted this yet. Starbucks might be a good start, don’t you think?
oh i see, yes if this mattered, it would be a great news for crypto, this is an important millage.
If this happens it could spark mass adoption. Having a huge company that is situated all over the globe accepting crypto will be huge!
Agree with you, sounds fun!
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its already reality now, today news "Asia’s First Cryptocurrency Visa Debit Card Set to Debut in Singapore " LOL
Yeah, I saw many Debit Cards already, which you can "Charge" with bitcoin, even had one myself. But it is quite different when paying from your mobile phone's bitcoin or ethereum wallet, for example.
That would be much nicer, than having to first charge your card and then spend from it. Similar to exchanging my bitcoin for cash from another person and then just spending this cash to buy a coffee. Two unnecessary steps.
I mean this technology with Debit Cards is kind of cool as well, but I would like to see something bigger than that. Something like apple pay with your ethereum wallet.
i think vy soon will be, caused blockchain technology is strong :)