Whether this is a small step towards widespread acceptance as a payment method or a fun publicity stunt remains to be seen, but for the first time, you can trade your cryptocurrency for some fried chicken. KFC Canada announced "The Bitcoin Bucket' earlier today, priced at $20".
A marketing ploy, named "Bitcoin Bucket", goes together with a Facebook-based live-tracker of the standing price for the product. Currently, transferring Bitcoin is prohibitively expensive, and using your Bitcoin at KFC may turn a $20 purchase into $50 with current fees.
The company wrote on Twitter that no matter what Bitcoin is and how it works, customers should get good chicken at any time.More news: Is Bristol-Myers Squibb Company (NYSE:BMY) A Safe Bet For Investors?
Oh, you Canadians, always up to something a little off the wall, and this week has certainly been no exception on your KFC Canada Twitter page.
Currently, the Bitcoin Bucket is sold out (unfortunately). "So, trade your Bitcoins for buckets and invest in something finger lickin' good". Those requesting delivery will have a have a special bitcoin-themed bucket with the bitcoin value embedded onto the container.
As of now KFC Canada only allows you to buy the Bitcoin Bucket using Bitcoin payments.More news: India can't just chop-and-change in every game, suggests Sourav Ganguly
While KFC Canada does not intend to integrate bitcoin as a permanent and long-term payment method as of current, the company has introduced its bitcoin campaign to address the rapidly increasing demand for bitcoin and the cryptocurrency market in general.
Also the company points out that the trading time of the Bitcoin Bucket is limited. KFC Canada, upon being asked why they are accepting Bitcoins and not something which is less volatile showed their amusing side and commented, "more exciting".
Others noted the cost of the bucket would come out to about $40 due to a $20 transaction fee.More news: NBC Says Super Bowl Ads Nearly Sold Out
But this Canadian social media LTO promotion was aimed squarely at marketing the chain, rather than making money directly from bitcoin transactions. "Hold for the dip", as well as "If Satoshi reveals his true identity, his bucket is on us" (referring to the anonymous identity of the Bitcoin creator Satoshi Nakamoto). The gate for rival cryptocurrencies that include bitcoin cash, litecoin, ethereum and ripple was opened. It has decreased by 1.22%, as compared to the previous day.