ECON Paying at Steak 'n Shake with Bitcoin

[alchemike]

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

 

[alchemike]

Blurred camera for opsec...

 

[bracketquant]

"sound money"?

 

[BadMedicine]

"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]

"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. .

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.

 

[hiwall]

I think it is great that another payment option is available that is not fiat currency.

 

[Ractivist]

I think it is great that another payment option is available that is not fiat currency.

Only time will tell if that's a true statement.......for now it works. It's still got zero backing other than faith.

 

[sssarawolf]

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]

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.

 

[Grumphau]

I think it is great that another payment option is available that is not fiat currency.

Yeah but what IS it?

 

[hiwall]

Yeah but what IS it?

It is digits on a computer.....just like almost all Dollars.

 

[alchemike]

"sound money"?

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

 

[1eagle]

Other than as an experiment why would you spend an appreciating asset vs. a depreciating dollar?

 

[K99]

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

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

 

[bracketquant]

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

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]

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]

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.

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