Chipotle Lovers Can Now Buy Burritos With Bitcoin and Ether
According to Restaurant Business, customers at Chipotle can now pay for their burritos using cryptocurrencies such as bitcoin, ether and dogecoin. This could make crypto more mainstream. There is one caveat. Chipotle will now accept crypto via Flexa, a payment system that is far from the decentralized technology crypto advocates have promised for more than a decade.
Flexa posted the news about the agreement with Chipotle on a blog post. One Florida Twitter user even uploaded a video explaining the process. However, Chipotle has not yet made an announcement about accepting cryptocurrency. Gizmodo received an email from Chipotle’s PR department on Thursday morning.
Customers who wish to pay with crypto for their burrito bowls will need to first download Flexa’s SPEDN or Gemini apps. After that, they will be able to connect to their digital wallet via apps such as Metamask and Coinbase. This will allow them access their digital currencies and stablecoins. You probably don’t understand what all of this means. Crypto payments are still not mainstream. It’s important that such a large national bank is trying crypto.
Customers aren’t actually paying with crypto the way they were intended-as a peer to peer system that is completely decentralized. Flexa, a centralized solution for crypto payments, facilitates Chipotle’s payment in fiat currency and cryptocurrency. We don’t know for certain, but we believe that Chipotle chose to receive cold hard American cash through Flexa. Tesla had bitcoin in its books for a time, but it was probably just to make it more profitable for one quarter.
The biggest reason for not adopting crypto payments is their volatile prices. Bitcoin’s current price is down 5.17% compared to 24 hours ago. Why would you spend bitcoin on a burrito if you think the bitcoin price will rise and recover? It’s possible to buy two burritos with the same amount bitcoin next week. If the crypto optimists are right, you might be able buy an entire Chipotle restaurant in a decade. It’s better to spend that money on food than the guy who bought two pizzas for 10,000 bitcoins in 2010 . This amount of bitcoin is worth more than $300 million.
Twitter users also reported that Flexa’s apps did not work at Chipotle on Wednesday. New Yorkers claimed that no one knew how to allow them to pay using the Flexa system. Another user suggested that cashiers should select “” in the payment options menu to allow customers to pay with Flexa.
While they are still working out the details, theoretically it should not be difficult. Flexa has accepted crypto and is pledging real money to Chipotle. Flexa even offers 10% off their next order from the fast-casual chain.
You can go ahead and grab the guac. They can also tell you that it’s extra. Magic Internet Money was a great way to make a profit. You can also pay with Flexa.