American fast-food chain Steak ‘n Shake has abandoned plans to accept Ethereum payments following criticism from Bitcoin supporters.
It is a 90-year-old company, but it still has a lot to offer. began accepting Bitcoin (BTC), in May ran a poll On X asked its 468.800 followers over the weekend if it should include Ethereum in its cryptocurrency options.
There were nearly 49,000 ballots cast. 53% of those votes went in favour.
Just four hours after the poll was suspended, the company declared their allegiance with Bitcoiners. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ‘n Shake posted.
Vitalik Buterin, Ethereum co-founder, defended Steak ‘n Shake’s decision. He suggested that crypto-adopting businesses should commit to one community rather than attempting to appeal to all, calling for “We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it.”
The company’s relationship with Bitcoiners has been financially beneficial. Since introducing BTC payments across U.S., French, Monaco, and Spanish locations, Steak ‘n Shake reported a 15% year-over-year increase in same-store sales during Q3, a growth partially credited to Bitcoiners’ patronage.
Steak ‘n Shake will also be launching the “Bitcoin Steakburger” on Oct. 16 to celebrate the company’s adoption of Bitcoin.
Several vocal Bitcoin advocates expressed disappointment at You can also find out more about the following: poll.
Adam Simecka created the Bitcoin Self-Custody Wallet Manna. warned, “I promise, if you accept ETH, I will never eat at your restaurant again.” After the reversal, Manna then went on to offer a free Steak ‘n Shake meal to one of their followers.
Steak ‘n Shake saved money with Bitcoin payments
Back in May, Steak ‘n Shake executive Dan Edwards said On launch day, transactions exceeded expectations. One in 500 Bitcoins was paid worldwide.
According to reports, the move has saved 50% of processing fees for the company. The upgrade is also seen more as an improvement in payment methods than a mere marketing stunt.
The company uses the Lightning Network Customers can pay for their meals at all U.S. restaurants with low-cost, fast BTC transactions.
The Lightning QR code can be scanned at the check-out, and a processor on the backend converts Bitcoin in USD real-time. This ensures stability, simplicity, and reliability. It was not just a small-scale test, but rather a complete implementation.
You can pay with bitcoin at Steak ‘n Shake today.
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Source: bitcoinmagazine.com
