Kentucky Fried Chicken (KFC), Canada, has started accepting bitcoin payments from its customers for a bucket of fried chicken.
The fast food retailer is selling a bucket of fried chicken for $20 presented in a bitcoin-themed container. Those requesting delivery will have a have a special bitcoin-themed bucket with the bitcoin value embedded onto the container.
KFC Canada has said that it doesn’t intend to integrate bitcoin as a permanent and long-term payment method for now. Bitcoin payments are being accepted under its campaign to address the rapidly increasing demand for bitcoin and the cryptocurrency market in general.
Customers will be able to pay for the fried chicken buckets using BitPay’s payment processing service. In total, the bitcoin-themed bucket of fried chicken costs just over $27, including the $20 price of the bucket itself, taxes, and shipping fee. Inclusive of bitcoin transaction fees, which are averaging at around $5 on major blockchain wallet platforms like Blockchain and Trezor, the KFC bitcoin-themed fried chicken bucket costs over $30.
KFC Canada’s experiment has paid off in the form of not only orders, but also massive mainstream media exposure as well as lots of exposure on social media platforms like Facebook and Twitter.
While the move is appreciated, such a step will most likely not percolate across the globe at KFC outlets and neither will it be replicated by other major such fast food retailers. The problem is Bitcoin network and its underlying scalability issues. Transactions take a lot of time for confirmation and the fees are pretty high as well.
But, in the future, the integration of second-layer solutions could allow restaurants to enable bitcoin payments, if transaction fees can drop below $1.
Second-layer and off-chain scaling solutions including Lightning and Ethereum’s Plasma are capable of processing near-instant payments with significantly low fees. As such, in the long-term, fast food conglomerates like KFC accepting cryptocurrencies as major payment methods is a possibility.