Saturday, January 20, 2018

Last week KFC Canada briefly accepted Bitcoin as payment for $20 bucket meals – demand was exceptional!

Add KFC Canada to the list of companies that is looking to capitalize on the frenzied interest in cryptocurrencies
KFC Canada, the fast-food retailer, offered to accept Bitcoins as payment for a $20 meal in a bucket last Thursday, only for a limited time. For a paltry 0.001156 bitcoin you got fried chicken - and sides.  Sound good? Well, the thought of using your bitcoin right now to buy chicken is moot - since the Bitcoin Bucket sold out on KFC's website in less than 30 minutes last Friday.

The Bitcoin Bucket, which included 10 tenders, waffle fries, a side, some gravy and a pair of dips, costed the going rate of the cryptocurrency at the time of the purchase (depending also on the exchange rate of $20 Canadian). That was the equivalent of about 0.001167 bitcoin at the time, but by the time your read this - $20 Canadian in bitcoin is likely to have swung wildly (up or down). Given bitcoin's meteoric rise and fall, however, buying chicken with that fraction of currency now could mean forfeiting value if the cryptocurrency's value skyrockets higher.
KFC says it plans to offer more bitcoin promotions, although it should be pointed out that fees associated with bitcoin transactions could double the price of the meal for some people.   
Given bitcoin's meteoric rise, however, buying chicken with that fraction of currency now could mean forfeiting value if the cryptocurrency's value skyrockets higher.

Motherboard pointed out it might not be the wisest idea to blow your Bitcoin stash on fast food:
  • In 2010, Laszlo Hanyecz spent 10,000 Bitcoin to buy two Papa John’s pizzas. That poor chap’s stash would be worth around $143 million today.  “It wasn’t like Bitcoins had any value back then, so the idea of trading them for a pizza was incredibly cool,”  he told the New York Times in 2013. “No one knew it was going to get so big.”

The cryptocurrency is already accepted by a range of major companies including Microsoft, Expedia.com, Overstock.com, as well as at a number of fast-food franchises globally. 
Like it or not --- cryptocurrencies are here!




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