Crypto-curious corporations struggle to find right recipe

Crypto-curious corporations struggle to find right recipe

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PARIS: Four years ago, fried chicken chain KFC tweeted on its Canadian account that it would accept bitcoin as payment for its “buckets.”

The company told AFP that its joking campaign — a “digital tender for chicken tenders” — sold out within an hour, and that the chain has not accepted cryptocurrency payments since then, but online articles often repeat that KFC “accepts” bitcoin statement.

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.

The total market capitalization of cryptocurrencies now exceeds $2 trillion, with roughly half of that in bitcoin, analysts say.

Companies are working hard to join the act, and developers like Cronje are building the infrastructure to enable virtual coins to be used to pay for everyday items.

But public support is crucial, and businesses appear to be struggling to find the perfect formula.

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