Steak ‘n Shake accepting Bitcoin? It might seem like something out of a William Gibson cyberpunk novel, but here we are. On May 16th, you’ll be able to theoretically pay for that Frisco Melt in crypto. But let's be real: is this the future of finance, or just a clever marketing ploy?

Bitcoin At Steak ‘N Shake: How?

To start, let’s demystify what Bitcoin is. Forget the jargon. Consider it like digital gold – a currency that’s decentralized, peer-to-peer, and not subject to the control of any federal government or central bank. It exists on a “blockchain,” which is simply a public database that keeps track of every ecosystem transaction.

So, how will it go down at Steak ‘n Shake. You'll likely use a crypto wallet app on your phone to scan a QR code and send Bitcoin to the restaurant's wallet. Transaction confirmed and you're good to go!

Crypto Burgers: Is It Practical?

Now presume you place an order for a $5 milkshake utilizing Bitcoin. By the time you are prepared to check out, the price changes to $6 or even $4! Frustrating, right? That’s a fear underlying the concern of many when thinking about using Bitcoin to buy lunch. In addition, transaction fees are often even greater than credit card fees at times of high network congestion.

Experts also point to scalability issues. The Bitcoin network can currently only handle about 7 transactions per second. If everyone suddenly began spending Bitcoin on their Big Macs, the system would quickly become congested, resulting in longer wait times and increased transaction costs. Imagine it as a freeway at peak rush hour. Everybody is trying to go big, but the highway just doesn’t have the capacity for all that demand.

Folks, this is where the “unexpected connection” comes in. Remember the early days of the internet? Dial-up modems were slow, clunky, and unreliable. Now, we have broadband and fiber optics. Bitcoin is still in its dial-up phase. It’s no surprise that developers are giving us tools such as the Lightning Network, a “layer two” scaling solution. Together, these innovations help increase transaction speed and minimize transaction fees. It’s still fear, but this is how technology matures.

Beyond Burgers: Bitcoin's Real Potential

Forget the short-term price swings. The awe lies in Bitcoin's long-term potential. Now imagine the billions of people across the world who can’t. Bitcoin gives people the chance to participate in the global economy. It enables them to move funds across borders without exorbitant transaction costs, providing them more agency in their financial decision-making.

Steak ‘n Shake accepting Bitcoin, is a small move, sure, like baby steps are small moves. It helps to normalize the idea of cryptocurrency, bringing it to a broader audience, and creating an opportunity for discussion. This should be a healthy reminder that the future of finance may not look anything like it does today.

Is it going to be smooth sailing? Absolutely not. There will be challenges, failures, and lots of naysayers. That’s all part of the fun of innovation—a process that should focus on overcoming those challenges.

Retail Crypto: A Domino Effect?

It discusses the failed metaverse experiments for Chipotle, Starbucks, Subway and Pizza Hut. Most were short-lived. Why? Because the technology wasn't quite ready, and consumer adoption wasn't there yet. It’s as out-of-touch as if we were to provide electric car charging stations back in 1995. The infrastructure wasn't there to support it.

Times are changing. Corporations are now viewing Bitcoin as an inflation hedge and long-term store of value. Jack Dorsey, Square founder and one of the biggest Bitcoin advocates, even endorsed Steak ‘n Shake.

Might this set in motion the “domino effect,” alluded to in the Times article, of… Maybe. But it will depend on several factors:

  • Ease of Use: Can the payment process be seamless and intuitive?
  • Price Stability: Will Bitcoin's volatility scare away customers?
  • Education: Are people educated about Bitcoin and its benefits?
  • Regulatory Clarity: Will governments create clear and supportive regulations?

$BEST, $BTCBULL, $MOODENG: Buyer Beware

The article mentions a few altcoins: $BEST, $BTCBULL, and $MOODENG. Let me be blunt: investing in cryptocurrencies is risky, especially meme coins like $MOODENG. You could lose everything.

$BEST, with its emphasis on a non-custodial wallet, has the potential to go much further. The Bitcoin airdrops of $BTCBULL do draw the imagination and are an intriguing idea. Remember, these are speculative investments. Do your own research. Only invest money you can afford to lose.

The fury of having lost your hard-earned cash because you were convinced by a bunch of hype is tangible. Don't let it happen to you.

The Bottom Line

Steak ‘n Shake accepting Bitcoin It’s cool, but it does not cause a revolution. It's a conversation starter. 2142 It’s a long way off, but it’s a small step towards a future where Bitcoin not only exists as a long-term, hedging option asset.

The move is undoubtedly a huge step in the right direction as it will bring needless visibility to Bitcoin to the average consumer. What matters most, though, is learning, knowing the risks, and understanding the potential. Perhaps someday soon, paying for your burger with Bitcoin will be as routine as using a credit card.