Cryptocurrency is starting to gain traction as a means of payment.
In news released today, KFC Venezuela announced that they would soon be accepted the cryptocurrency Dash.
KFC will initially roll out the program at its store in the Venezuelan capital of Caracas before expanding to 24 other locations across the country.
When this launches, KFC will join Subway and Papa John's as fast food chains that are accepting cryptocurrency in the country.
The plan is to start accepting Dash as soon as this week.
More about it can be found here:
https://www.ccn.com/kfc-venezuela-accepts-dash-cryptocurrency-joining-subway-and-papa-johns/
Retailers are chomping at the bit to integrate crypto payment options.
Despite the slow adoption by most retailers, it is likely not due to a lack of desire.
It is mostly due to a lack of clarity on taxes, regulations, and there not being a suitable way to minimize the risk associated with holding crypto assets.
However, recently systems have been developed where merchants can accept crypto and have it immediately converted to cash before it ever hits their register.
That means that they have no risk associated with cryptocurrency volatility.
While also allowing their customers to purchase their product with whatever means they choose.
This would likely represent significant cost savings over using traditional credit card payment systems for most retailers.
I expect retailers accepting crypto to expand in the near future globally.
We still need more clarity on taxes and regulations though for retailers in the US for there to be much expansion here.
Stay informed my friends.
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Great news for the cryptosphere. I hope they will accept cryptos worldwide in the future.
It is a step in the right direction, that is for sure.
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Let’s go down there and order some chicken 🍗!
It might be cold by the time we bring it back ...
I don't agree with the excitement.
This is still a Fast Food chain and no food alimentation. Thus, it's not a payment option helping all the people in Venezuela.
How many decades is "near future" to you?
Just one ;)
This is very promising for value in cryptocurrency implementation as an economical system. Excellent post.
Thanks, and I agree.
Good to see that acceptance grow.
We need companies in the US to start doing things like this as well.
We need companies
In the US to start doing
Things like this as well.
- jrcornel
I'm a bot. I detect haiku.
I didn't even realize I did one there.
This is great progress and a great potential of what could be a great system for merchants globally. The hope in the US is that the Bakkt initiative will be the first large scale attempt to do so.
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Yep. Starbucks sounds like they are interested in trying something like this.
I hope these companies and more decide that they should allow crypto in more than just struggling economies.
It's a necessity in Venezuela...so this might not necessarily mean much, but that doesn't necessarily mean it won't mean much in the future. Venezuela might be helping us to prove how useful crypto is.
Correct. It doesn't much now, but it is big implications for the future, potentially anyways.
I like how they're basically saying "screw you" to Maduro and not go anywhere near his shitcoin the Petro.
It's like the people and the government of Venezuela are living in 2 different country.
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Great example to see when fiat are obsolete
Crypto will take over.
Keep on postin
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Yea dirty bird!
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Wow
Wow indeed :) Could be very big news if this catches on around the globe...
great news, maybe @dash-embassy can confirm them lol
It's most likely the advent of a CB crypto that retailers are waiting for, or at least a kind of government certified crypto. A digital currency retail system needs to be integrated with national banks. Exchanges are a hurdle and liability for retailers. But if integrated, they aren't.
There are systems being built where crypto can be converted to fiat at the point of sale. The retailer never touches the crypto but the customer gets to purchase in crypto. Fees are much less for retailers using this compared to credit cards. It already sounds like a competitive advantage and something many retailers would be interesting in using.
Very encouraging. I didn't know that Papajohns and Subway were already accepting crypto. great news.
In Venezuela I believe. Other parts of the world they may start rolling out that feature as well.
Oh, I get it. Thank you jrcornel!