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Crypto-curious corporations struggle to find right recipe
Ever since fried-chicken chain KFC's sold-out campaign four years ago, many companies have tried to harness crypto payments before abandoning their efforts, Tesla and Dell among them.
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A staff member wearing a protective mask and gloves prepares food to deliver for a customer at a KFC fast food outlet in Colombo, Sri Lanka, July 9, 2020. (REUTERS/Dinuka Liyanawatte)
F
our years ago, fried-chicken chain KFC tweeted from its Canadian account that it would accept bitcoin as payment for its "buckets".
The company told AFP its tongue-in-cheek campaign -- "digital tender for chicken tenders" -- sold out in an hour and the chain has not taken crypto payments since, but online articles regularly recycle the claim that KFC "accepts" bitcoin.
Many other companies have tried to harness crypto payments before abandoning their efforts, Tesla and Dell among them.
Bitcoin will almost certainly never be practical for everyday purchases because its value fluctuates wildly, and each transaction is expensive, energy-hungry and takes at least half an hour.
"No one's going to walk into a KFC to buy a chicken burger and then have to wait 30 minutes for a payment," South African developer and crypto expert Andre Cronje told AFP.
But there are now thousands of smaller cryptocurrencies with faster processing times and more stable prices.
Analysts say the total market value of cryptocurrencies has now topped $2 trillion, roughly half of which is bitcoin.
