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Bitcoin Movies The Almighty Buck

AMC Theaters Will Accept Cryptocurrencies Other Than Bitcoin (twitter.com) 31

Posted by BeauHD from the more-the-merrier dept.
In August, AMC Entertainment CEO Adam Aron said the company will start accepting bitcoin as payment for movie tickets and concessions at all of its U.S. theaters. Now, Aron says he expects the company to also accept Ethereum, Litecoin, and Bitcoin Cash. In a tweet, Aron said: "Cryptocurrency enthusiasts: you likely know @AMCTheatres has announced we will accept Bitcoin for online ticket and concession payments by year-end 2021. I can confirm today that when we do so, we also expect that we similarly will accept Ethereum, Litecoin and Bitcoin Cash."
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AMC Theaters Will Accept Cryptocurrencies Other Than Bitcoin More

AMC Theaters Will Accept Cryptocurrencies Other Than Bitcoin

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  • popcorn 1 bitcoin! (Score:3)

    by Joe_Dragon ( 2206452 ) on Thursday September 16, 2021 @05:41PM (#61802853)

    popcorn 1 bitcoin!

  • Giving back to the people that saved him. (Score:3)

    by gurps_npc ( 621217 ) on Thursday September 16, 2021 @05:53PM (#61802871) Homepage

    There is clearly a lot of overlap between people that use bitcoin and the crazy idiots that drove up his failing company's stock price to the point where the convertible bond owners converted all their bonds and sold at a high price.

    Now that's honor and integrity.

    • It's a damn shame that happened, too. I was looking forward to the cinemas going out of business. It's so archaic to actually have to leave the house to see a movie, when you've got a broadband connection and a perfectly good 4K (or 8K) TV at home.

      • If you have bought an 8k TV, I have some bad news for you: Your eyes are barely good enough to see the difference between HD and 4k. No way you can actually tell the difference between 4k and 8k. Not unless you are using a microscope to watch your TV.

  • ...that a large popcorn and soda were expensive before

  • as long as the tax laws treat crypto as real estate this means that you have to pay tax for using crypto to pay for purchases, even a pizza or a movie ticket

    also, fees are terribly higher compared to a credit card fee (which companies usually take on anyway)

    ETH fees can be several hundred of dollars for a single transaction

    in other words, there's zero reason to pay something with crypto, unless you are a minor (using defi probably for this case) or don't have access to a bank account / card / cash

    • Doge transaction fees are generally lower than $0.25 USD, which puts it lower than most credit card processing fees today.
      • Those fees are passed to the movie theater, not me. AND I get cash back. There are a handful of places like the DMV that'll pass the transaction fee onto you. For the rest, credit card is the best way to pay.
        • The 1.5-3% processing fees get paid by the company, and this gives them a clear financial incentive to offer payments in systems with lower transaction fees. One reason AMC is exploring cryptos because they're facing potential 0.1% transaction fees for a $40 movie ticket+concessions compared to ~2% today.

      • i sold about 500 usd a few weeks ago in doge and had to pay $3.17 in fees on coinbase pro

        • Much like Square, Coinbase is known for its simple and straightforward interface, and not for competitive transaction fees. Still, 0.6% is three times better than what the best VISA credit card processors will offer.

    • in other words, there's zero reason to pay something with crypto, unless you are a minor (using defi probably for this case)

      If you're a minor, you're not buying any crypto since you need access to traditional banking to do that. Yeah, there's supposedly Bitcoin ATMs; I've yet to actually see one (and I'd imagine the transaction fees would eat up a good chunk of your cash). I supposed you could ask to be paid in crypto, but who is going to go through the hassle of buying crypto to pay a kid who cuts a lawn or sells cookies or whatever it is kids do for money these days (probably lie about their age and start an OnlyFans? who kn

      • you would generally be correct, but you forgot about airdrops, mining, liquidity providers and more. i know a couple of minors that haven't bought a single token with their money. they all received airdrops, staked , traded, hodl, etc and they keep ridiculous balances. there are some exchanges that don't do KYC

        i know at least one american, almost 40 years old, that refused to have a bank account and literally kept their coin inside a shoe box until a few years ago.

        i am probably not aware of several other me

  • What is a theater?
    I'm just saying, why go to a theater anymore.

  • They need to accept bitcoin over the lightning network to reduce fees and confirmation time. It's not reasonable to do small transactions like this on the main chain, even right now, and it's certainly not sustainable in the future as more than a toy. But doing them on the lightning network is reasonable and sustainable.

  • Please note that this is for *online* payments. No standing at the concession counter waiting for the blockchain to settle your transaction.

  • I might go back to their theaters if they GIVE me bitcoins. Enough bitcoins, that is.

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