Cryptocurrency adoption will be impossible if normal people don’t have access to Bitcoin wallets and other crypto storage devices. Unlike FIAT, cryptocurrency can’t just be stored loose in a pocket or in your shoe. A new project however, by the name of Lolli is inspiring the general public to open a Bitcoin wallet, in order to start saving money, via their crypto cashback system, one that awards users for making online purchases, be repaying them in Bitcoin.
It’s similar to the many online cashback services that we see today, but, it’s been designed to attract the lay user and to simply get more people interested in crypto.
According to Tech Crunch:
“Lolli is a rewards platform that offers users BTC when they shop at participating online retailers. Consumers install a browser extension or start from Lolli’s website to discover retailers offering crypto rewards. Each retailer sets their own cashback rate, and that BTC reward is then moved into a Lolli wallet.”
Developed by Alex Adelman, the idea developed through realising a demand for getting people into cryptocurrencies. A great way to do this, is to reward people, this way, cryptocurrency isn’t purchased or invested in, it’s a free gift, one with an awful lot of potential given that the Lolli reward currency is real Bitcoin and not some ropy altcoin.
According to Tech Crunch, it’s Lolli is something that both the customers and the retailers are getting very excited about:
“As with all rewards and loyalty programs, there is a two-sided marketplace component that can make these challenging to scale. One interesting dynamic though is that retailers are increasingly looking for ways to engage with cryptocurrencies. Adelman explained to me that the retailers he has been talking to have been surprised at the wide excitement among consumers around crypto and what it means, and they want to use that excitement to engage with potential new customers.”
“While many retailers have flitted back and forth about whether to accept Bitcoin and other cryptocurrencies as a valid payment method, there is less concern on the rewards side about the volatility of cryptocurrencies. Plus, connecting with consumers around the technology can give retailers an early look into how consumers think about their wallets, and how they might change their online shopping behaviors in the future.”
By giving large scale retailers the chance to monitor the behaviour of their customers within cryptocurrency is very important. In theory, people will spend cryptocurrency on internet products very differently to FIAT currency, a store of value that is harder to come by than ‘free or gifted’ cryptocurrency. Of course, the findings won’t be totally accurate, but it could help retailers realise that a demand for Bitcoin acceptance in brick and mortar stores could be the next step.