ECON Paying at Steak 'n Shake with Bitcoin

alchemike

alchemike

Veteran Member
My first Bitcoin transaction at Steak 'n Shake in Columbia, Missouri, USA.
It may have been their first, as well...LOL
But watch how cool it turned out.
Just a short curve and their entire day shift got to learn the process and witness the transaction.
My end of the deal was completed over the lightning network. I use Aqua wallet but any lightning wallet will do.
No middle man. No bank involvement. No credit card fees. No reversals. Just sound money exchanging hands.
Huge props to the folks at Steak n' Shake for bringing Bitcoin payment options to their customers and orange-pilling their employees at the same time.

https://twitter.com/i/web/status/1932536226071958000
 
BadMedicine

BadMedicine

Would *I* Lie???
"I'd never buy a burger that could cost me a gold bar." - jot that down as my personal reason BC will be sloooooooooow to become a transactional currency... most folks are "speculative investors" where even 100% return won't satisfy their greed for return. .
 
Kathy in FL

Kathy in FL

Administrator
_______________
BadMedicine said:
"I'd never buy a burger that could cost me a gold bar." - jot that down as my personal reason BC will be sloooooooooow to become a transactional currency... most folks are "speculative investors" where even 100% return won't satisfy their greed for return. .
Click to expand...

Another reason is that BC and similar digital currencies are tracked as soon as they are spent like in the OP. That cracks the door open. The commercial business has to report income to state (for sales tax) and IRS. Their deposits will show they took is X amount of cash, X about of bank transfers (debit cards), X amount in credit cards, and X amount in digital currency. The bank will also report that income to the IRS.

The State and IRS, once they get ahold of that info may require proof that taxes, capital gains, etc. was paid on the digital currency.

Gonna be a mess, that’s for sure.
 
sssarawolf

sssarawolf

Has No Life - Lives on TB
Bitcoin will just lead to loss of freedom to buy when we want. Also no more sending the grands a gift of money for their Birthday to spend how they wish. Giving someone some extra cash to help them out or buy a car part and so on.
 
hiwall

hiwall

Has No Life - Lives on TB
I have no crypto but having more options for payments would always be a good thing I would think. No different than a few states accepting gold/silver for payment.
 
K

K99

Fridge Ranger
alchemike said:
My first Bitcoin transaction at Steak 'n Shake in Columbia, Missouri, USA.
It may have been their first, as well...LOL
But watch how cool it turned out.
Just a short curve and their entire day shift got to learn the process and witness the transaction.
My end of the deal was completed over the lightning network. I use Aqua wallet but any lightning wallet will do.
No middle man. No bank involvement. No credit card fees. No reversals. Just sound money exchanging hands.
Huge props to the folks at Steak n' Shake for bringing Bitcoin payment options to their customers and orange-pilling their employees at the same time.

https://twitter.com/i/web/status/1932536226071958000
Click to expand...
this wallet is mobile only? thank you

do you use any PC based wallets that you like?

I am lost trying to implement a wallet
 
B

bracketquant

Veteran Member
alchemike said:
Actually, the most sound money ever created. Absolute scarcity. Backed by the laws of mathematics and thermodynamics. Built upon the largest, most secure computer network on the planet.

https://twitter.com/i/web/status/1932417622261506216
Click to expand...
And those laws of mathematics, relating to its scarcity, means it can NEVER be used for enough of worldwide monetary transactions. There simply are not enough Sh*tcoins to go around.

The most blunderous error by its creator, was the computer mining concept, which drains the world of, also scarce, energy. It should have been just been released to the world in perhaps a free lottery system. Instead we have more and more energy wasted on mining the last of the Sh*tcoins. What a perverted sh*tshow of human greed.
 
1eagle

1eagle

Veteran Member
Speaking of BTC mining. Who owns and operates the servers that supply the bitcoin? must be a hella datacenter with the 100,000's of miners pounding away at it 24/7/365
 
hiwall

hiwall

Has No Life - Lives on TB
bracketquant said:
And those laws of mathematics, relating to its scarcity, means it can NEVER be used for enough of worldwide monetary transactions. There simply are not enough Sh*tcoins to go around.
Click to expand...
No.
It is like gold that people say there is not enough for world use.
There is plenty of both but the price must be higher. Example: gold at $100,000/oz
 
S

Sub-Zero

Veteran Member
alchemike said:
My first Bitcoin transaction at Steak 'n Shake in Columbia, Missouri, USA.
It may have been their first, as well...LOL
But watch how cool it turned out.
Just a short curve and their entire day shift got to learn the process and witness the transaction.
My end of the deal was completed over the lightning network. I use Aqua wallet but any lightning wallet will do.
No middle man. No bank involvement. No credit card fees. No reversals. Just sound money exchanging hands.
Huge props to the folks at Steak n' Shake for bringing Bitcoin payment options to their customers and orange-pilling their employees at the same time.

https://twitter.com/i/web/status/1932536226071958000
Click to expand...
What was the transaction cost (gas fee)?
 
Great Northwet

Great Northwet

Veteran Member
Thanks for the vid alchamike. I have yet to make a BTC transaction.

I just noticed something while looking for something else that the Finviz website now has BTC in the lower right corner as a currency. I check this site a few times a week to keep track on all kinds of commodities, but this is the first time I have seen it there. Here is the link: Futures
 
alchemike

alchemike

Veteran Member
Sub-Zero said:
What was the transaction cost (gas fee)?
Click to expand...
.0000003 Bitcoin
= 30 satoshis
= .031 USD
3.1 cents

The transaction occurs on the lightning network, which is built on the Bitcoin network but settles almost instantaneously.
The fees are insignificant and do not increase with transaction size.
Lightning makes Bitcoin easy to use on any size transaction with essentially no fee.
 

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B

bracketquant

Veteran Member
alchemike said:
That's your takeaway? 50% is a joke? LOL
I'm glad you're not my COO...or CEO or CFO...
Click to expand...
Yes it is a joke, just like with credit card fees. There need not ever be a transaction fee.

I guess that you cannot comprehend the difference between a 100% fee, a 50% fee and a 0% fee, just like you cannot comprehend that the mining of Sh*tcoins is a monumental waste of energy, and that it can never be "sound", as in stable, money. It's fluctuating value, hoping it goes up, is the ONLY reason that it is traded, where people think that they can get rich by investing in it. When it reaches the point of no longer increasing in value, people will dump it, unless the CBDCs come into play first.

CBDCs will eventually be created, and laws will be written to prohibit the use of all other types of cryptocurrencies. I don't know if you comprehend the meaning of government by force.

Is your takeaway that your one tiny fast food purchase is enough to keep the entire worldwide cryptocurrency bubble from bursting?
 
B

bracketquant

Veteran Member
Kris Gandillon said:
You obviously have never run a retail business. Cash costs time to handle, count, balance, deposit, etc. Handling cash at the retail level has some very real costs.
Click to expand...
Kris,

You are obviously unaware of all possible retail businesses. For over a decade, I was involved with a non-profit retail business. While it took time to handle, count, balance deposit, etc.. cash, I did it all on a volunteer basis, so my time was free to the organization, meaning zero costs.
 
Kris Gandillon

Kris Gandillon

The Other Curmudgeon
_______________
bracketquant said:
Kris,

You are obviously unaware of all possible retail businesses. For over a decade, I was involved with a non-profit retail business. While it took time to handle, count, balance deposit, etc.. cash, I did it all on a volunteer basis, so my time was free to the organization, meaning zero costs.
Click to expand...
Most retail business do not have the benefit of an unpaid volunteer to handle their cash handling needs.

There is a reason more and more retail businesses do not accept cash. Many, if not most, when they look at the cost/benefits of cash vs credit cards realize that credit cards provide benefits and are less costly and more easily handled than cash.

Each business has to put the pencil to it based on their transaction volume, dollar volume, customer demand/support for the various payment methods (cash/credit/debit) and the costs/benefits of supporting any or all payment methods.

Sometimes it comes down to simply “the cost of doing business” to satisfy the customer demand for the various payment methods vs. the cost of providing each payment method while balancing it all out and still making a profit.
 
Ravekid

Ravekid

Veteran Member
bracketquant said:
Not the costs of credit card fees.
Click to expand...
When the drug addict snatches the cash, 100% is gone. When the criminal employee steals the cash, it is 100% gone. It is impossible for such people to steal digital dollars,

Cash has a sliding scale costs to it. From ordering from the bank, or paying an employee to go to a branch to get cash. Then the counting of it. The counterfeit risk. The quick-change scam risks, The theft risks. Even with the merchant processing fees, it is cheaper to go digital. This is why most amusement parks and similar operations are going cashless.

Yes, people sometimes use fraud to steal digital dollars, but that sort of theft is much more likely to have evidence where the responsible party can be identified and held to account.
 
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