Crypto-currencies have gone parabolic in 2017. Every business wants to jump on the crypto-bandwagon, and Burger King just did…
Bitcoin is on a tear, having reached a new record high, again:
The question one has to ask, however, is when is a bubble a bubble? Take a recent example:
This is not to say that physical Beanie Babies weren’t used as currency, but that fads come an go, and no, I’m not saying that Bitcoin is a fad, it’s much more like a cult.
The latest block-chain based crypto on the market, in use right now, comes from an American fast-food favorite, only that they didn’t start the cyrpto in Miami where the company is headquartered, they started their crypto in Russia of all places.
Here’s more on Burger King’s cyrpto called “WhopperCoin” as reported by the BBC:
Fast-food chain Burger King has launched its own crypto-currency, called WhopperCoin, in Russia.
Customers will be able to claim one coin for every rouble (1.3p) they spend on the Whopper sandwich.
Russians will be able to buy a Whopper with the virtual cash, once they have amassed 1,700 whoppercoins.
The company said it would release Apple and Android apps next month so people could save, share and trade their wallet full of whoppercoins.
Use and abuse
Burger King has partnered with crypto-cash start-up Waves to create and run the scheme.
The tech company will run the blockchain ledger for the coin to keep track of who has coins and what has been done with them.
Customers will be able to claim their coins by scanning a receipt with a smartphone.
The crypto-currency is a stand-alone system that has some technical similarities to Bitcoin but is distinct from it.
This means the company would be able to shut the system down if it found it was being abused.
In a statement, Waves said that it had already generated 1bn whoppercoins to use in the loyalty scheme.
The current cost of a Whopper in Russia suggests customers will be able to get a free sandwich for every five or six they buy with real money.
Commenting on Twitter, Prof Emin Gun Sirer, from Cornell University and a director at the Initiative for Cryptocurrencies and Contracts, said there were likely to be launches of other schemes.
So, ultimately, while you can’t buy a Whopper with Bitcoin, but you will be able to buy a Bitcoin with WhopperCoin. Makes sense…
At least we can use our gold & silver to buy either right here and right now, even though I don’t know why anybody would ever want to do such a thing as that…