Starbucks wants to make it easier for consumers to buy coffee with bitcoin. But regulation in the US still blocks the road to the realization of the promise.
At present, cryptocurrency is still considered a property, so all bitcoin transactions will be taxed as capital assets, such as stocks, debt securities and commodities. So, accepting bitcoin will be a nightmare for bookkeeping
Starbucks said the move was part of an effort to remain innovative and offer more ways for customers to pay.this is not the first time Starbucks has used digital payments. In 2011, Starbucks became one of the first major retailers to receive cellular payments at the store.
Starbucks’ decision to summarize cryptocurrency can help legitimize alternative uses such as bitcoin.
But Starbucks is not the first US company to do. Too much hoarding, Expedia and Microsoft are developing companies that make customers who buy products with
Bitcoin online.
Starbuck will use a platform called Bakkt, which allows users to store digital currency and exchange it for products. Starbucks will not be able to save or accept cryptocurrency directly, but Bakkt will convert digital currency to US dollars which can be used at Starbucks coffee outlets.
Bakkt will be launched in November, and it is not clear when Starbucks will be able to implement technology for customer use. This platform will also be available for use by other traders.
Do you think bitcoin should be classified as an asset and not legal tender?
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If we really think of the underlying purpose of bitcoin it would be foolish to treat it as an asset. Unless the very reason to treat ad such is to delay its user from treating it ad an alternative to printed tender.
Government control.
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