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Business Idea- Bitcoin Rewards
256 sats \ 8 comments \ @grayruby 14 Nov 2022 bitcoin
Hey All,
I think the loyalty rewards industry is ripe for disruption. Besides flight miles, I think sats over lightning could be the standard loyalty program for businesses to run by 2035. Many businesses offer a points program that translates to $ off of future purchase, which is great for customer retention but is very expensive to administer and maintain. I would argue sats back right after purchase is just as good for customer retention and would be a very low cost program for businesses to maintain. People will accept fewer sats than they would cashback because of future expected value. I always mentally assign a minimum 10x value (more likely 100x at current prices) to any bitcoin reward I get and I don't expect that to change for many years.
I would like to help start a business like this. I could run the business side of things but not the technical side. Or if there are a couple enterprising folks who want to take the idea and run with it (would need to be an operational/sales person and a technical person to start) I could help you in an advisory role and with getting funding.
Hit me up if anyone would be interested in working on something like this.
Cheers, GR
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1000 sats \ 0 replies \ @AR0w 1 Jun 2023
You will like this: #186674
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21 sats \ 0 replies \ @0330830bf9 14 Nov 2022
There's already like 100 of these, Lolli, TBC, SatsBack to name a few... and that's before you factor in all the Bitcoin cashback credit card offers.
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21 sats \ 1 reply \ @tomek 14 Nov 2022
hey, some great obeservations! I founded Satsback.com. Sats indeed are the only loyalty point that matter. Check out our recent AMA. #79705 Would love to tell you more about our journey and vision for the future.
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0 sats \ 0 replies \ @grayruby OP 15 Nov 2022
Interesting. Not sure this is exactly what I was thinking about but I will check you guys out. Definitely adjacent. Thanks.
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11 sats \ 1 reply \ @nerd2ninja 14 Nov 2022
I personally think sats back needs to be a business per business thing. If you do sats back like fold does sats back, you're just charging the merchant to get you sats. This does not foster better relations for the business and only someone who already likes Bitcoin would use it.
Rather, my method would be to buy a lumpsum of Bitcoin, transfer to a business wallet, then create an amount of 12 word seed phrases in propotional amount of expected sales (and if you aren't tracking your sales and checking your performance on a year to date/year to year basis, you should be).
Then perform a 1 to many tx wherein 1 transaction fills every wallet you're making for your customers to backup.
Next, attach each card with the 12 word seed phrase to your product with instructions on how to back it up and information about how the program works.
This means no database of rewards points that needs to be maintained, nocoiners get experience with Bitcoin, and your business being the only one that will accept Bitcoin means they can't spend it anywhere else, which is what you want in a rewards program or rather "in store credit" program.
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0 sats \ 0 replies \ @grayruby OP 15 Nov 2022
Interesting. Likely a bit too complex for average merchant.
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10 sats \ 1 reply \ @Taranis 15 Nov 2022
bitcoin rewards credit card opportunity is wide-open following blockfi closing its doors.
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1 sat \ 0 replies \ @grayruby OP 15 Nov 2022
There are many Visa Debit options but yes a true credit card option that gives you sats back instead of cashback is needed.
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