Starbucks Corp. Chairman Howard Schultz says that utilizing crypto currencies as payments could be big among customers. And if we are going to be real, it would provide a surge in business which would be great for the company.
Why Implement Cryptos?
Shultz says,
“I’m bringing this up because as we think about the future of our company and the future of consumer behavior, I personally believe that there is going to be one or a few legitimate, trusted digital currencies off of the blockchain technology”
He realizes the opportunity for his company and what it would mean for his customer base. Starbucks was one of the earliest companies to start using smartphone payments which were revolutionary on their own. Now imagine them being an early adopter of crypto. Innovation is the way to put you ahead of your competitors. Starbucks has dominated the business they are in and are looking to solidify themselves in the top spot.
Just Say No To Bitcoin
Schultz is looking to take advantage of the popularity of crypto and the want among crypto fanatics for a place to use these cryptos. Crypto currencies have long had the goal of being able to be used by businesses for everyday goods, but Bitcoin being the most mainstream coin, would not allow for this because of high fees and slow transaction speed. In the quote above he believes all the s### coins will be purged and there will only be a few left in the end that are useful. That is why Schultz is excluding Bitcoin from his hunt for a crypto currency.
On this issue, he says
“... I don’t believe that Bitcoin is going to be a currency today or in the future, I’m talking about the new technology of blockchain and the possibility of what could happen not in the near term”.
So its clear Bitcoin is not the coin they are pursuing. They realize that bitcoin is not suitable for purchasing coffees or little pastries. The transactions and fees are simply too high. So which coins can process so many transactions per day with no fees and still have fast transactions? Well, i can think of one: STEEM
A Steemy Solution
Starbucks has many customers and has many transactions every single day. I personally account for 1 of those transactions each day. Bitcoin couldn’t handle these transactions. That’s a fact. Bitcoin would crumble under this kind of work and the wait time would increase exponentially. Well, Steem processes upwards of 1 million transactions per day, and the transaction times never slow down. In fact, Steem broke the record for most transactions processed by any blockchain on multiple occasions, breaking the record set by itself over and over again. At the end of December, 2017 Steem was processing 13.4 transactions per second.
Imagine BTC trying to do that! It simply wouldn’t happen. So its clear that Steem can handle the weight of Starbucks customers better than any other coin. So how do we get the attention of Starbucks?