Can I buy bitcoins from Walmart
Walmart plans its own cryptocurrency: competition with Facebook's Libra?
While Facebook is working on the crypto currency Libra together with its partners, another large US corporation is also in the starting blocks: On August 1, the Walmart retail chain submitted a patent for a "system and method for a digital currency via blockchain" .
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According to the patent application, the method includes “the generation of a digital currency that is linked to a regular currency”: It is therefore likely to be a stablecoin. According to the patent application, the digital currency should be stored on the blockchain, and payment and shopping with the coin should be made possible. In addition, the patent application provides for the customer's purchase history to be documented. And it should be possible that a credit of the customer is recorded, which can be used for purchases. The last point in particular should make established banks and other financial institutions sit up and take notice.
What Walmart could use the coin for
An article by Coinbase indicated that Walmart could use its coin to offer an offer to customers who do not have a bank account. The specialist medium also quotes Walmart itself: "With the digital currency, households with low incomes who find banks too expensive could find an alternative with an institution that can cover most of their daily needs." Walmart could thus become a one-stop shop that covers not only the complete purchase but also the financial life of the customers.
Facebook is also planning to offer an alternative for people without a bank account with Libra: The two companies will therefore fish in similar waters.
+++ Analysis: Don't worry, Libra is coming +++
These plans could put incumbent banks under pressure if actually implemented. For the time being, however, it is very likely that Walmart will use the system for classic marketing and customer loyalty programs, as reported by Forbes and Bloomberg, for example. According to the Bloomberg report, the use of the coin for the end consumer could not differ much from conventional gift cards: Customers would then simply buy cards with a fiat currency, with which they have access to the Walmart coins, which they can then redeem for products.
Less headwind than Facebook's Libra
In the Bloomberg report, the analyst Jaret Seiberg is also quoted, according to which Walmart is likely to experience less political headwind with its coin than Facebook with Libra. The reason: According to the current status, Walmart does not have the same "global intentions" as Facebook, the use of the coin is initially only planned for the USA. It is also pointed out that Walmart does not yet have any concrete plans for using the patent.
It is true that there will also be congressional hearings in the case of Walmart - especially if the business of smaller banks is threatened. However, the analyst believes that politicians will ultimately give Walmart free rein.
brutkasten video talks on the subject of Libra
# rooftop.talks # 2: Blockchain Special
The Live Rooftop Talk # 2 about the current legal situation around Libra, the threat to the world order, upward redistribution, crypto visas and much more with Oliver Völkel, Co-Founder of Stadler Völkel Rechtsanwälte, @Christian Piska, (disruptive) Prof for Public Law at the Juridicum - Faculty of Law at the University of Vienna and Andreas Petersson, the founder of Capacity.
Posted by DerBrutkasten on Tuesday 16th Jul 2019
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