…efforts on discounted rates within loyalty programs and shoving rewards tokens down people’s faces, I do think this is the right sector to focus attention on purely due to the market segment they’re trying to target: normal people. This technology’s success is going to be dependent on the number and quality of consumers who are using it (whether they know they are or not) and, therefore, listening to their concerns and validating your business ideas and assumptions with them is key.
Bakkt’s partnership with Starbucks will be a very interesting development to watch. If they can really make purchasing coffee with Bitcoin (and maybe later other cryptos) seamless and no different/better for their customers than fiat, then watch out. That’ll be great for adoption.
The icing on the cake is if using BTC with Bakkt turns out to be a cheaper way to process payments for Starbucks than Visa. I imagine that each time a customer comes and buys something with their Starbucks app, what they will really be doing is adding a ledger entry into Bakkt’s backend, saying that they owe X amount of accumulated Bitcoin or fiat. If each of these entries is free, then at the end of the day or week or month Bakkt and Starbucks can “settle” accounts in a few batched transactions, instead of having to pay tx fees on each Visa card swipe, as it is right now