The American fast-food chain Steak ‘n Shake has decided against accepting Ethereum payments after receiving pushback from Bitcoin advocates.
The 90-year-old establishment, which started accepting Bitcoin (BTC) in May, conducted a poll on X over the weekend to ask its 468,800 followers if it should broaden its cryptocurrency acceptance to include Ethereum.
Approximately 49,000 votes were cast, with 53% supporting the idea.
However, merely four hours later, the company halted the poll, reaffirming its commitment to Bitcoin supporters. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ‘n Shake announced.
Vitalik Buterin, co-founder of Ethereum, endorsed Steak ‘n Shake’s choice, suggesting that businesses embracing cryptocurrency should affiliate with one community instead of trying to please everyone. He advocated for “the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it.”
Steak ‘n Shake’s ties with Bitcoin supporters have proven to be profitable. Following the implementation of BTC payments across locations in the U.S., France, Monaco, and Spain, the chain reported a 15% increase in same-store sales year-over-year during Q3, a growth attributed in part to Bitcoin patrons.
To celebrate its adoption of Bitcoin, Steak ‘n Shake will be introducing the “Bitcoin Steakburger” on October 16.
Numerous vocal Bitcoin supporters expressed their dissatisfaction with the poll’s outcome.
Adam Simecka, the creator of the Bitcoin self-custody wallet Manna, warned, “If you accept ETH, I swear I will never dine at your restaurant again.” Following the announcement, Manna offered a free Steak ‘n Shake meal to one of their followers.
Steak ‘n Shake benefited from Bitcoin payments
Back in May, Steak ‘n Shake executive Dan Edwards mentioned that transactions were surpassing expectations, accounting for 1 in every 500 Bitcoin payments worldwide on launch day.
This initiative reportedly saved the company 50% on processing fees and is recognized as a significant enhancement to payment options instead of a mere marketing gimmick.
The company utilizes the Lightning Network at all U.S. locations, enabling customers to pay for meals using rapid, low-fee BTC transactions.
Payments can be completed by scanning a Lightning QR code at checkout, with a backend processor converting Bitcoin to USD in real-time, ensuring ease and stability. The implementation was comprehensive rather than a trial.
You can make payments with Bitcoin at Steak ‘n Shake today.
