KFC Canada presents Bitcoin Bucket- accepts Bitcoin for chicken
.KFC Canada introduces Bitcoin Bucket that allows customers to pay for their special chicken bucket via Bitpay.
About the deal
KFC in Canada announced that it will be accepting Bitcoin for its finger-licking entry in the menu, Bitcoin Bucket. This bucket includes 10 chicken tenders, waffle fries, gravy, aside, and two dips. However, this doesn’t imply that customers can walk in, have food and pay Bitcoin at the cash register. The catch is that this deal is only applicable to online orders where bucket can be purchased via Bitpay.
“Despite the ups and downs of Bitcoin, the Colonel’s Original Recipe is as good as always. So, trade your Bitcoins for buckets and invest in something finger-lickin' good.” - KFC's Canada site for the Bitcoin Bucket says.
The deal was introduced as a part of the promotion on Thursday, to sell out the bucket by Friday. Although the price was set at $20 per bucket, the total cost was almost double since it included transaction fee and other charges.
“KFC Canada presents The #Bitcoin Bucket. Sure, we don’t know exactly what Bitcoins are, or how they work, but that shouldn’t come between you and some finger-lickin' good chicken” – tweet by KFC Canada
Despite the doubts and controversies, this limited time deal turned out to be a success for the KFC. The official site showed “sold out” in no time.
Volatility of the Bitcoin
This minute the bucket may cost $20 and the next minute it may be $25 or even $10! This volatility of the Bitcoin has always raised a question on its applicability. As far as KFC’s deal is concerned, the food chain provided a link that took customers to digital ordering hub for making payment.
However, a Facebook-based live- tracker was set up to constantly update the Bitcoin bucket’s price in relation to the Bitcoin’s exchange rate. The company believes that using cryptocurrency to purchase KFC is an unusual, yet legitimate way and therefore, they would look forward to introducing more such deals in future.
“While it is unusual and quirky, it is a legitimate way to purchase KFC,”- KFC’s spokesman
“The latest, and likely first, venture into the crypto-chicken space. #BitcoinBucket” – tweets KFC Canada
The company seems to be keenly interested in making cryptocurrency, a part of their business process as it tweets
“If Satoshi reveals his true identity, his bucket is on us,”- KFC Canada
Expedia.com, Overstock.com, Microsoft, and many other small and big businesses including global fast-food franchises have already accepted cryptocurrency.KFC isn’t the very first company, but the question is how long will they be willing to go with the cryptocurrency?
Black geeks CEO, Ameer Rosic believes that Bitcoin cannot be used as a direct payment option. He says high transaction fees could raise the food’s price considerably. However, he believes that KFC’s Bitcoin bucket is a great idea. It offers an opportunity to have a reliable feedback from the customers regarding the crypto-based payment idea.
"It's a great feedback mechanism for KFC and these other companies," he said.
"They're looking for market feedback, too. They're looking for how many people are responding to this, how they're responding to this." He further added.