Crypto-curious corporations struggle to find right recipe

Business

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

In its tongue-in-cheek campaign – “digital tender for chicken tenders” – it said it 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 payment before abandoning their effort, including Dell and Tesla. 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,” said South African developer and crypto expert Andre Cronje.

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