AMC now accepts Bitcoin, Dogecoin, and other cryptocurrencies for online payments

Polycount

Posts: 3,011   +589
Staff member
In context: AMC's business model was hit hard by the pandemic. The company was forced to temporarily close many of its theaters for an extended period, losing a significant portion of its revenue. However, AMC has managed to bounce back now and has been making several small but notable changes to its business model -- including a push to begin accepting cryptocurrencies as a form of payment.

The rollout has been slow and measured: initially, AMC only allowed users to buy gift cards using Dogecoin (through the Bitpay app), but now, it accepts other coins and for more than just gift cards. Using the AMC mobile app, you can purchase actual movie tickets and snacks using a variety of popular cryptocurrencies: Dogecoin, Shiba Inu, Bitcoin, Bitcoin Cash, Litecoin, Ethereum, and others.

This is big news for those that want to use their cryptocurrencies as actual currencies rather than long-term investments. If crypto is to become truly mainstream -- to the point that it can be used to purchase virtually anything with relative ease -- then steps like the ones AMC has been taking will become all the more critical.

AMC CEO Adam Aron announced his company's progress in this area on Twitter today while also reminding customers that they'll need to update their AMC app to take advantage of the new payment options. Presumably, you'll either have to link a crypto wallet or use a service like PayPal to facilitate the transaction -- if you test this out for yourself, feel free to let us know how it works in the comments.

Aron has previously said that these new payment methods account for 14 percent of AMC's total online transactions, though his wording at the time was a bit vague and may have included Apple Pay, Google Pay, and PayPal.

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Dimitriid

Posts: 2,210   +4,247
Isn't this like the 3rd of 4th time they try? Well I guess they'll do anything to try and dump their coins and cash out but well, objections remain the same: Ticket sales depend on REALLY RAPID transactions to logistically ensure you solve double charge or double sale issues and leave paying customers without a seat.

So in other words, the exact opposite of an adversarial transaction system where it's slow and inefficient by design so it's more 'secure' and 'decentralized' so either the theaters will potentially lose a ton of revenue with even minor fluctuations by not *really* accepting crypto but a secondary, fast and barely used coin by the time they cash it as an actually useful coin, or they just put customers who try to buy a ticket and potentially pay at least double what the actual ticket cost on gas fees or whatever ON A GOOD DAY out of a seat because the transaction took too long or just hold up sits and potentially severely undersell a show, etc.

So add another reason not to ever go back to the theaters and give Hollywood elitists a reason to cry more about their movies opening on streaming and theaters simultaneously.