American casual restaurant chain Steak ‘n Shake has swiftly withdrawn its consideration of Ethereum (ETH) as a payment method after facing significant opposition from the Bitcoin community. The reversal came within hours of the company launching a social media poll asking followers whether it should begin accepting the cryptocurrency.
The initial proposal triggered immediate criticism from Bitcoin proponents who questioned the restaurant chain’s cryptocurrency strategy. Many expressed concerns about payment finality times, transaction fees, and market volatility associated with Ethereum compared to Bitcoin’s established payment infrastructure.
Industry observers noted the incident highlights the ongoing tension between different cryptocurrency communities regarding merchant adoption. While some digital asset enthusiasts advocate for broader acceptance of multiple cryptocurrencies, Bitcoin maximalists maintain that Bitcoin alone possesses the necessary characteristics for reliable commercial transactions.
The restaurant chain’s prompt retraction demonstrates the influence of cryptocurrency communities in shaping corporate digital asset strategies. This episode serves as a reminder that businesses must carefully consider technical specifications, community sentiment, and market dynamics when evaluating cryptocurrency payment options.
Steak ‘n Shake has not indicated whether it will reconsider Bitcoin or other digital currency payment options in the future. The company’s experience underscores the complex considerations restaurants face when exploring cryptocurrency integration amid evolving regulatory frameworks and market conditions.
