Steak 'n Shake Drops Ethereum Payment Plan After Bitcoin Community Pushback

Amid strong backlash from Bitcoin supporters, Steak 'n Shake reaffirms commitment to Bitcoin and cancels Ethereum payment plans, citing positive sales growth linked to Bitcoin adoption.

BTC

ETH

199d ago

Fact Check

Multiple independent news sources directly corroborate the statement. The evidence consistently reports that Steak 'n Shake either canceled its plans or halted a poll regarding the acceptance of Ethereum (ETH) payments as a direct result of backlash from the Bitcoin community, and subsequently reaffirmed its commitment to a Bitcoin-only crypto strategy.

Summary

Steak 'n Shake reversed its decision to accept Ethereum after significant criticism from Bitcoin advocates. The company suspended its Ethereum adoption poll and reaffirmed its focus on Bitcoin, which has helped boost sales by 15%. Steak 'n Shake will continue accepting Bitcoin payments via the Lightning Network and is launching a Bitcoin-themed product in celebration.

Terms & Concepts

Ethereum Payments: A method of transacting using the Ethereum blockchain, allowing customers to pay with the cryptocurrency ETH.
Bitcoin Community: A global network of individuals and organizations advocating for and supporting the use and adoption of Bitcoin.
Lightning Network: A second-layer protocol for Bitcoin that facilitates fast, low-fee transactions by processing payments off-chain and settling them on the blockchain.