AMC theaters will accept cryptocurrencies other than Bitcoin

Shawn Knight

Posts: 13,514   +132
Staff member
The big picture: AMC Entertainment CEO Adam Aron announced last month that his company would have the technology in place to start accepting Bitcoin for online ticket and concession payments at its US theaters by the end of 2021. But what about other popular cryptocurrencies?

In a recent post on Twitter, Aron confirmed that he also expects AMC will accept Ethereum, Litecoin and Bitcoin Cash alongside Bitcoin later this year. These cryptocurrencies, along with Bitcoin, are arguably the four leading virtual currencies in circulation today. They’re the same four that have been adopted by PayPal and its mobile payments subsidiary Venmo in recent months.

While no doubt good news for the crypto community as a whole, it’s unlikely to have the same sort of impact that we saw earlier this week when a bogus Walmart press release pushed Litecoin prices up nearly 35 percent in just 15 minutes.

Indeed, a quick check of Litecoin as of this writing reveals that it’s trading up 2.78 percent. Ethereum is also up 3.43 on the news, but Bitcoin Cash is down 1.61 percent. Bitcoin is also down by 0.29 percent, but is still at a healthy $47,610 value per.

Still, questions remain about crypto’s viability as a payment method rather than simply a store of wealth or an investment vehicle. Volatility aside, there’s also concern around processing times and transaction fees, the latter of which can be prohibitively high at times.

Do you have any interest in buying movie tickets or concessions with crypto, or would you prefer to use a more common payment method like cash or debit card?

Image credit Art Rachen

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Dimitriid

Posts: 1,126   +2,142
I still won't go

Ditto: my first thought is "boy theaters must be really desperate after 1.5 years of being closed and being starved off the super blockbuster comic movies they'll try anything"

Also legit consideration: it is my understanding that unless you overpay a lot, crypto transactions take a while, at least a couple minutes to be processed. This is exactly what you *don't* want when you're either waiting in line like you notoriously do on theaters and/or while you need pretty quick turnaround to reserve seats in case that you know, the movie you want and specially the seats you're trying to pay for don't get bought by someone else.

If you think about even 2 to 3 minutes per customer then multiply by like 500 to 1000 people which is typical for a packed theater, exactly how long in advance would I need to get this tickets if everyone decides to pay with crypto?
 

umbala

Posts: 413   +587
All these big companies need to stop encouraging this crypto-craze nonsense. I know they're all hoping for a quick cash grab, but really they should be ashamed of themselves for what they're doing.
 
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Hexic

Posts: 1,052   +1,560
TechSpot Elite
The fact that they were charging $20 for a bucket of popcorn (may be higher now, wouldn’t know) gives me enough reason to not waste my money there.

That’s fleecing, and I’m better off either hoisting the sails, waiting until it comes on a steaming platform that I have, or simply not watch [thing X] at all.
 

emmzo

Posts: 349   +333
"Damn, why the f. did I buy AMC tickets 10 years ago, now I could have gotten a house"...
 
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wiyosaya

Posts: 6,537   +4,930
I won't go to movie theaters at all. IMO, the experience at a movie theater is not worth what they are charging. I will simply wait until my local library gets it, then borrow it for free.
 

umbala

Posts: 413   +587
Also legit consideration: it is my understanding that unless you overpay a lot, crypto transactions take a while, at least a couple minutes to be processed. This is exactly what you *don't* want when you're either waiting in line like you notoriously do on theaters and/or while you need pretty quick turnaround to reserve seats in case that you know, the movie you want and specially the seats you're trying to pay for don't get bought by someone else.
My guess is there won't be delay when buying tickets because they'll use some kind of collateral system where they put a hold on your credit card or charge your bank account upfront as "collateral" and then refund it automatically as soon as the crypto-BS goes through.
 

Guybrush3epwood

Posts: 6   +2
Working in the movie/cinema industry for the last 5 years now on the IT side, Cinema chains are actually starting to do well again. Recent releases are doing as well as before Covid again even though most cinemas are only at 50-75% capacity, and the movie execs are seeing this, so you are going to start to see blockbusters back in cinemas only and a drop in streaming (at least at first) soon.

BUT, even though I work for the cinema industry, I agree, its too dam expensive
 

NightAntilli

Posts: 775   +974
All these big companies need to stop encouraging this crypto-craze nonsense. I know they're all hoping for a quick cash grab, but really they should be ashamed of themselves for what they're doing.
It's more about survival than about a quick cash grab. At this point, people are starting to see that crypto is more reliable than the US Dollar.

Yeah. Laugh it off. It's still the truth.
 

wiyosaya

Posts: 6,537   +4,930
It's more about survival than about a quick cash grab. At this point, people are starting to see that crypto is more reliable than the US Dollar.

Yeah. Laugh it off. It's still the truth.
Yes. More reliable than the US Dollar when Elon Musk can pass gas and the crapto market goes haywire, and fake news releases about Walmart also cause the crapto market to go haywire. :rolleyes:

Crapto supporters must live in a vacuum of alternate realities to think that crapto is more stable than the US dollar. I think if you were to objectively, not that you can since you seem to have an subjective interest in crapto, evaluate the history of the US dollar over all time and the history of crapto over all time, I am willing to bet that the US dollar would play out as far more stable than crapto.

Keep having your pipe dreams. Personally, I see crapto as a fad. Like all fads, it will pass.

Articles about xyz company like AMC accepting crapto seem more like they are betting that holding crapto will reap great rewards for them. Unfortunately, recent news about AMC make it clear that they are desperate, and I see this move as an act of desperation in an effort to maintain market relevance in a post-COVID/streaming world. IMO, they need to do far more to make the theater experience better than the Home Theater experience. Personally, I doubt that they are able to accomplish that. However, accepting crapto will not get me back to a move theater.
 
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NightAntilli

Posts: 775   +974
I think if you were to objectively, not that you can since you seem to have an subjective interest in crapto, evaluate the history of the US dollar over all time and the history of crapto over all time, I am willing to bet that the US dollar would play out as far more stable than crapto.
Maybe. The US Dollar is going to zero in a stable manner, while crypto is going the other way in a volatile manner.

Keep having your pipe dreams. Personally, I see crapto as a fad. Like all fads, it will pass.
That's because you don't understand it. It is here to stay, and in less than 10 years, it will be mainstream. Not only that, it will have taken over gaming completely.