It's just a gimmick. The price of a coffee in USD will not fluctuate - but the Bitcoin price will fluctuate depending on the USD/BTC exchange rate. So it's really business as usual - pay in USD.
It's not a gimmick. The whole country accepts bitcoin as legal tender. Watch the video of the Starbucks payment, it's faster than a credit card transaction and contactless payment The question now is which country is next?
the whole point was to avoid all the commissions and transaction fees for the billions of dollars the people in the U.S. send back home... by switching to Bitcoin it adds millions of dollars to the transfers and that can be spent in the local economy.
Example: Today Starbucks coffee = $2.00 USD Today Starbucks coffee = 0.000043 BTC Next week Starbucks coffee = $2.00 USD Next week Starbucks coffee = ??????? BTC IMO ..... They are only accepting USD, not Bitcoin
Another ET post said which country is next? I say, which other cryptocurrency is next? For all the negative commentators here, how much is it worth to be in control of your own money, with the banking parasites gone?
You hit the nail on the head. Some don't know how to do basic math but insist that something is worthless because they don't believe in it. And this is one of the many reasons they are unsuccessful. If you pay 2 dollars for a cup of coffee and the next day you pay 2.10 TAX FREE, is that really going to stop you? It might stop someone with a piss poor attitude who can't do basic math.
They are accepting bitcoin, it is legal tender in El Salvador Please watch the video on my previous post Read this very carefully: People in El Salvador can choose not to have any bitcoin, they can convert to US $ within 30 minutes if they use the government-issued app to receive the payment. The government will take the counterparty risk during that time The people in El Salvador can choose to have all of their savings 1. in US $ 2. part of it in $ and part of it in bitcoin 3. All of it in bitcoin which is legal tender so can be spent with no lockups or restrictions If choosing option 1, savings is guaranteed to be debased every year. More so during this "transitory inflationary" period El OchoCinco mentioned that remittance is a big part of the El Salvador's economy and using bitcoin could save them 10's of millions or even hundreds of millions of $ in Western Union fees over time The president said on his speech that citizens can still choose to continue using Western Union, line up to get their money, and pay the high fees Or, they can use the the lightning network in partnership with Strike for $0 fees or if they use a different lightning network wallet app, pay pennies in transaction fees If you still do not get it, then I guess you'll never get it
Wow, so at the 2019 price, a gallon of coffee is ~$25 USD. I'll never complain about gas prices again.