American fast-food chain Steak ‘n Shake has abandoned plans to accept Ethereum payments following criticism from Bitcoin supporters.
The 90-year-old chain, which began accepting Bitcoin (BTC) in May, ran a poll on X over the weekend asking its 468,800 followers whether it should expand its crypto options to include Ethereum.
Nearly 49,000 votes were cast, with 53% in favor.
However, just four hours later, the company suspended the poll, declaring its allegiance to Bitcoiners. “Poll suspended. Our allegiance is with Bitcoiners. You have spoken,” Steak ‘n Shake posted.
Vitalik Buterin, Ethereum co-founder, defended Steak ‘n Shake’s decision. He suggested that crypto-adopting businesses should commit to one community rather than attempting to appeal to all, calling for “We need the stubborn ones who believe in their cause and their tribe and see their work as a labor of love to it.”
The company’s relationship with Bitcoiners has been financially beneficial. Since introducing BTC payments across U.S., French, Monaco, and Spanish locations, Steak ‘n Shake reported a 15% year-over-year increase in same-store sales during Q3, a growth partially credited to Bitcoiners’ patronage.
Steak ‘n Shake will also be launching the “Bitcoin Steakburger” on Oct. 16 to celebrate the company’s adoption of Bitcoin.
Several vocal Bitcoin advocates expressed disappointment at the poll.
Adam Simecka, creator of the Bitcoin self-custody wallet Manna, warned, “I promise, if you accept ETH, I will never eat at your restaurant again.” After the reversal, Manna then went on to offer a free Steak ‘n Shake meal to one of their followers.
Steak ‘n Shake saved money with Bitcoin payments
Back in May, Steak ‘n Shake executive Dan Edwards said that transactions were already exceeding expectations and accounting for 1 in every 500 Bitcoin payments worldwide on launch day.
The move reportedly saved the company 50% on processing fees and is viewed as a serious upgrade to payment options rather than a marketing stunt.
The company uses the Lightning Network across all U.S. locations, allowing customers to pay for meals with fast, low-fee BTC transactions.
Payments can be completed by scanning a Lightning QR code at checkout, with a backend processor converting Bitcoin to USD in real time, ensuring simplicity and stability. The rollout was a full-scale implementation, not a test.
You can pay with bitcoin at Steak ‘n Shake today.
Source: https://bitcoinmagazine.com/business/our-allegiance-is-with-bitcoiners-steak-n-shake-scraps-ethereum-payment-idea
