Bitcoin is the top performer in cryptocurrency circles and has been for quite some time. It is mainly supported for its investment value. Its volatility has been known to bring tremendous returns in short periods of time. Unfortunately, its instability has made it notorious for ruining people’s investments, too. The year 2018 saw the price of the coin drop by over 80%, from an all-time high just under $20,000.
While 2013 and 2014 saw the payment functionality of Bitcoin as the key area of intrigue, it soon became clear that the volatile nature of the currency proved problematic for retailers and other industries seeking to accept crypto payments.
The frustration lies in the fact that the blockchain is the perfect platform for fair, fast, and cost-effective trades. But, the nature of its spikes and drops are just too unstable to base a business on. It’s a catch 22 situation, because in order to stabilize the coin, it needs to be more widely accepted, and therefore usable, but general businesses avoid it like the plague, making its adoption seem less and less likely.
INROADS HAVE BEEN MADE
Some business start-ups have been designed with the express purpose of making Bitcoin more usable. The Lightning Network, that was launched earlier this year, has done wonders to improve micro transactions on the blockchain. One retailer has revealed that the platform has already become more popular than all of their other alt coin payment systems.
So, it seems that the Lightning Network has made payments far more practical, but the coin still needs to be held by a greater percentage of the population before it will really start making inroads into becoming a viable purchase platform.
Lolli realises this above-mentioned need and believe that they may have the solution to the issue at hand, but it will have to follow due processes first.
WHO IS LOLLI?
Lolli is a simple browser extension product that allows consumers to earn rewards when shopping online. Unlike other rewards programs, Lolli users are rewarded with Bitcoin when they shop at big businesses like Walmart and over 500 other brands, including retail chains, hotels, and others.
The brand is innovative in its approach and has made it clear that the rewards part of the business is only the beginning. The long-term vision of the company is to help make Bitcoin and the blockchain a more business-friendly payment method.
THE ORIGINAL INTENTION
When Satoshi Nakamoto developed Bitcoin in 2009, the white papers clearly expressed his vision of seeing Bitcoin becoming a progressive form of currency that is decentralised at its core, to ensure that it cannot be manipulated or defiled by any controlling powers.
So far, Bitcoin has mainly been a source of investment, where investors primarily hold onto their coinage rather than make it work for them. If Lolli is successful in its mission, they will provide a great stepping stone towards Bitcoin realising its true purpose.
PLAN OF ACTION
Lolli’s incentive of rewarding customers who buy with fiat currency, in Bitcoin, is actually quite genius. These consumers don’t feel like they have had to pay anything for the coinage, yet get to live in the wake of the value increases on their freely received investment. This year alone has seem Bitcoin triple in value. Any consumer having received rewards for their spends at Walmart, will realise that their rewards points have suddenly grown. This is a clever way to make the public experience the worth of the platform, first hand.
Walmart and other traders do not have to even be Bitcoin punters in order for the program to work. At the moment they are not promoting Bitcoin usage or even handling the decentralised currency. They are merely allowing Lolli to incentivise sales on their sites.
Approaching merchants with the facts about the advantages of blockchain over fiat currency methods has been tried in the past, but has not been very successful. Merchants need to see the first hand benefits of what Bitcoin can do to their top end. What better way to urge them to accept Bitcoin, then to provide them with a crowd of Bitcoin holders that are ready to buy on their site. After all, these Bitcoin holders are proven consumers of these same sites, as that is where they earned their Bitcoin in the first place.
Lolli aims to arm the consumers with Bitcoin and then turn the head of the merchant to show them that their clients have all of this currency and don’t have anything to do with it. If that motivator does not manage to prompt a few merchants to accept cryptocurrency – nothing will. It’s basically like saying “Your customers have the means to pay for your stock, the rest is up to you.”
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