Bitcoin has proven itself as a leading cryptocurrency across the world, supported by big names in tech such as Bill Gates. But the fast-food chain, Burger King, is not relenting and seeks to bring forth a spirited competition through WhopperCoin.
This couldn’t be taken to any better place other than Russia, another leading country in matters Internet.
For each rouble (1.3p) spent on Whopper sandwich, customers will be awarded 1 WhopperCoin. The moment they amass 1,700 WhopperCoins, Russians will be able to use the virtual cash to purchase a Whopper.
The firm is preparing to launch Android and Apple apps in the next few months to help people in saving, sharing and trading their WhopperCoins wallet.
Bitcoin traders have had it rough to break through Russia due to unfavorable political policies. Some proposed legislations have even placed them at the danger of facing a jail term.
But the country’s First Deputy Prime Minister Igor Shuvalov recently appears to be shifting opinion, openly supporting the cryptocurrencies. Speaking to RBC, he said that he is an adamant supporter and that “cryptoround must exist.”
How will the WhopperCoin Work?
Ethereum rival Waves will be used to power WhopperCoin. This block chain platform powers issuance and transfer of blockchain tokens as well as peer-to-peer trading.
Simply put, a blockchain is a transaction ledger which can’t be changed or tampered with. This technology has proven itself as one that could help in the shift from financial trades to “smart” contracts.
Waves said in a press conference that customers will be rewarded with the tokens whenever they purchase a Whopper and would in return use accumulated coins to buy a burger.
They can also transfer these coins online through which customers will either save rewards or sell to other buyers.
“Whopper is now transforming into an investment entity… more than just a burger loved in over 90 countries,” said Waves.
Cryptocurrency has been billed to increase exponentially over years to come. “Eat Whopper as a strategy to remain financially stable.”
People already have claimed WhopperCoins
Several online users already reported to have claimed the WhopperCoins after buying Russian Burger King.
“Burger King may be the first corporate brand to offer crypto-cash but others will soon follow,” said Dr. Garrick Hileman from Cambridge Centre for Alternative Finance.
Burger King launches WhopperCoin in Russia.
Reward points are actually a good use case for blockchains.
— Emin Gün Sirer (@el33th4xor) August 29, 2017
Unlike the traditional loyalty programs like airline miles which are limited by a number of factors, the flexibility of cryptocurrencies makes them ideal choice. These can easily be traded with national currencies and other assets. They are thus more compelling than any loyalty scheme.
But Burger King must brace itself to face challenges such as who else will be ready to use its crypto-currency. Would McDonald’s for example allow people to purchase their goods using WhopperCoins? The firm’s competitors are more inclined to accept independent currencies like the Bitcoin.
The other challenge to confront is the possibility of these being used in ransomware payments and money laundering.