According to trade publication Restaurant Business, customers will be able to pay for their burrito with cryptocurrencies, in a move that could help them become more mainstream. There is one important caveat to this, and that is that the Flexa payments system is far from the kind of technology that has been promised for over a decade. A person in Florida posted a video yesterday showing how the process works after Flexa announced the arrangement with Chipotle. There is no official announcement from the company about accepting the digital currency. The email from Gizmodo was not immediately responded to by the PR team.
Customers who want to pay for their burrito bowls withcryptocurrencies will need to download Flexa's SPEDN app or the Gemini app. They can connect their digital wallet to their Metamask or Coinbase app which houses their digital currencies. If you don't know what that means, you'll see why it hasn't gone mainstream. It is still significant that such a large national chain is using the coin.
The issue is that customers aren't really paying in the way it was envisioned, as a peer-to-peer system. Flexa is a very centralized way to pay for goods and services withcryptocurrencies. We think it is likely that Chipotle has taken cold hard American cash from Flexa. It was likely just a way to make it look profitable for a quarter, but that was the case for a while.
One of the biggest arguments against widespread adoption is the fact that prices are too volatile. The price of the digital currency has fallen from 24 hours ago. If you think the price of bitcoin will go up in the coming days, why would you spend it on a burrito? You can buy two burritos for the same amount of money. If the optimists are correct, you will be able to buy an entire store from now on. The guy who bought two pizzas for 10,000 bitcoins should not waste it on food. It is worth over $300 million.
One person in New York said no one at the restaurant knew how to let them pay in that way. The user suggested that cashiers should select the gift card in the payment options menu before customers can pay using the Flexa system.
Flexa is taking all the risk by guaranteeing real money to Chipotle in the process, so it shouldn't be too difficult. Flexa users can get 10% off when they order from the fast-casual chain.
Go ahead and get it. You can tell them it's extra. You made a lot of money with Magic Internet Money. You can pay with that coin through Flexa.
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