Bitcoin Forum

Is BTC technology a failing/failed technology because it has no referrals, but rely on an exchanges' program which aims for users to earn some dollars by referral codes?

Would referral codes even be a necessary initiative for the BTC investors and customers who intend to not only earn substantially by trading or HoDling, but by sharing their referral codes/links?

Is it even worth it to focus on earning by sharing referral codes?

Your thoughts are welcomed!

Referral code and referral means of market are only for coins and projects that seek more exposure, and those coins are coins that most times have unlimited supply, which they can continue minting and adding more coins to the market, and the value of what's being distributed as referrals can become worthless.
 
And if I may ask, where will the referral bonus for those who refer people into the system come from? I don't see any reserve bitcoin for such, and beside, it's a decentralised system we are talking about here, and the referral system is mostly active on a centralised platform where the owners have control over things that's happening around them.

Bitcoin is decentralized and don't need a referral code because it is only centralized platforms that do have referral code so that they can use it as a bait to get more customers because people will love to earn from it.

Bitcoin is solid and no one is in charge of controlling the whole system which makes it impossible and if I may ask who will be giving out the bonus and how. Mate buy your bitcoin through p2p and that's all. Exchanges and online financial institutions are the ones that does this because it is own by someone and they can collapse one day. Bitcoin has spoken for itself since the past 14 years because everyday the adoption increases and it is gaining more popularity.

Bitcoin is completely decentralized, it did not need any referral links or code to get more popularity among people around the world.

Most of these projects that are into referral links and codes are centralized projects that are still looking for popularity and more investors around the world, while Bitcoin on its own have its distinct and unique way that many project are copying, and Bitcoin have limited supply, no one can earn them through airdrop like other projects, you have to buy Bitcoin if you want Bitcoin.

Other projects around the world are already doing the advert for Bitcoin, because they are always making reference to Bitcoin because it is the pioneer crypto that every coin or projects are looking up to, and it control the entire cryptocurrency market.

No it is not.
Bitcoin also does not rely on exchange's referral programs. It is more of the exchange seeking exposure and trying to enter the bitcoin market with the number of investors it has.

That is for you to decide. There is no link between referral codes and the bitcoin network, if you want to join one run by a third party platform to get paid in whatever currency they are offering, that is a personal decision,

- Jay -

no individual earn much from referrals, referral earning are huge of social media influencers who promote a shitcoin/project or exchange.
other normal users like us who just share referral link to friends or family which is not going to make a good amount of money for us.
it's very profitable for people with huge social media following even they reply on referal earnings.
but i don't know from where to question came of bitcoin is failed technology.

Referrals are pretty much a waste of time for most normal people, but a great business for those who want advertising.
But since Bitcoin itself has no revenue, it has no means to offer any kind of direct benefits for advertising it.
Until here you are right. But there are things you have missed:

* There are plenty of businesses of all kinds around bitcoin and many of them advertise themselves or sometimes, even bitcoin itself. Some as referral revenue, some by ads or posts on social media.

* Every bitcoin holder (and they aren't few) knows that the more people they attract to get interested into bitcoin and become holders, the more the price will grow (not immediately, but still...) hence their investment becomes more profitable. They will advertise bitcoin "for free". And as example, just look at M. Saylor's posts and apparitions.

* Bitcoin price has a cycle of ups and downs. When the price goes up, Bitcoin fills the newspaper pages, bringing a new wave of investors. Some will FOMO and maybe even sell cheap some years later, some will use their brains and do better, some will remain holders and will enrich the ecosystem and may advertise bitcoin themselves.


Imho we are past the days we need every bit of advertising. Bitcoin is already known my media, investors, financial institutions.
So no, imho it doesn't worth going on that path, not for bitcoin itself. For a new bitcoin related business, .. that's a different story.

And who is going to make the payments in a decentralized and permissionless network, i think you are missing the whole point of BTC, it was not designed for you to 'earn' from it, it was designed to be a p2p electronic cash for payment. BTC also doesn't rely on anything that centralized exchanges do, and referrals has no place in the BTC network in itself.

Referrals are for brands that need more customers and by running ads or referral programs you driving people into that brand. Bitcoin is not a brand or any entity to be advertised, it is just as though you want the fiat to run its ads so that people would use it which is not possible. Another thing is most exchanges as you have mentioned actually run this ads or referrals and they do reward the winners in bitcoin or other cryptocurrencies. This on its own is more or less an adverts for bitcoin itself.

Bitcoin does not rely on exchanges. Exchanges are private owned companies aimed at making profits. Their referral programs is just a way of promoting their company, it has nothing to do with Bitcoin.


I think you are suggesting a reward system for referrals just like there is for miners. I’m going to rephrase your question, “Will Bitcoin adoption come faster if we had a referral system in place?” I think we would have more people interested in bitcoin but the downside of such systems is that there will be a lot of misinformation in order to get people to invest in bitcoin. As it is, there is already lots of myths and fake theories about bitcoin, we would not want to encourage any more.

The growth on the number of people using bitcoin needs to be organic otherwise there is no point to it, because if we assumed that somehow your idea became a reality and referrals became an integral part of bitcoin, I do not know how as this will require for someone to pay for it and this is not really possible in a decentralized network, then everyone will be in bitcoin for the money to be gained by those referrals, also your idea sounds very similar to a Ponzi or a HYIP and this could give grounds for the SEC and other similar institutions to distrust bitcoin even more, in short your idea is completely unworkable and it is because of it that it has never been even seriously considered at all.

Referrals work well for brands trying to get more customers.  Running ads and referral programs drives folks to those companies.  But Bitcoin isn't a business - it's a decentralized currency.  There's no Bitcoin HQ to take out ads boosting adoption.

Bottom line - Bitcoin doesnt need such form of advertisements.  It's a protocol, not a product.

No, bitcoin does not require a referral code to increase its popularity. Bitcoin has high value with its concept so that without promotion Bitcoin continues to grow. What bitcoin needs is time, bitcoin's lifespan is still short, the longer it lasts, the more popular it will be and the price will be more expensive. We just need to wait until it happens


Referral codes are a business strategy so that people want to promote their business without needing to be paid up front, they will be paid if their work is successful in getting customers and the company will give a presentation on deposits made on its platform. If we are a great marketer, then sharing referral codes is a promising business because we can get sustainable income if we are able to get lots of new customers for the platform we promote through referral codes.

So, technologically and popularly, bitcoin does not require a reference code because bitcoin is not a business. Those that need a referral code to increase customers are companies that use bitcoin as money or assets, such as exchanges and gambling companies. This is necessary not to promote bitcoin but to promote their platform and get more new users

Bitcoin is not relying on exchanges or referrals in any way to function. Bitcoin community is not growing because of some sort of multi-level marketing where old investors lure new investors and new investors lure even more investors.

And Bitcoin was created to be a currency, not to generate profit for its owners or to gather millions of users just for the sake of it. As long as even a few people use it as a currency, it has not "failed".

referrals are a mean of promotion

exchanges do this so they get more customers and in return those who promote it will have an incentive most exchanges that offer referrals are centralized which is the exact opposite of bitcoin

bitcoin is already the most well-known cryptocurrency that there is basically no need to pay people to promote it because everyone just passes the information through word of mouth willingly

if i were to recommend to a friend or a family i’ll just stick with bitcoin
i don’t want to be blamed if they end up losing money


well you could definitely earn from referrals but i don’t think this will be enough or would give a valuable amount

Not sure where you get this idea of referral codes and then you say that it's a failed technology. Referral codes are only for business, obviously, Bitcoin is not business as it was designed to be a payment scheme. You can argue that right now it is a assets to make money, but still though, it's very far to have that kind of referral codes just to keep it going.

In the last 10 years, it has continue to market, and if you are not yet here during the last bull run, it goes as high as $69k without those "referral codes" that you somewhat incentives others to look for more bitcoin investors.

Sharing referral codes is good business but difficult to do. Need more marketing abilities and skills. The easiest way I know is to have a high traffic website to share referral links. Like online casino review sites, usually they will embed a referral code on their site and in my opinion they get a lot income from these referrals.

What do you mean by referral code in a payment system? Do you hope that the FIAT you hold has a referral code so that there will be more people holding it? that doesn't make sense.
Bitcoin with all the features and innovations it offers will reach more people, even without using a referral code!
And why does Bitcoin have a referral code? Do you think Bitcoin is an MLM program? or a Ponzi scheme where people offer links to attract lots of people? that's just nonsense.

Bitcoin is powerful now and stands alone; it doesn't need something like a referral system, as some said referral systems are used by other businesses or technologies to attract more users; it is a way to promote their technology or business. But now, bitcoin doesn't need such a referral system to survive or to attract many customers and investors, as it is also a decentralised currency and was born by a unique and new technology such as blockchain, and we can't see how referrals will be applied in the system.

And if the referral system is possible in bitcoin, then Nakamoto, the creator of bitcoin, has already implemented it from the start. Also, the referral system is more appropriate for exchange platforms than bitcoin or crypto currency itself.

No. Decentralized entities cannot offer affiliate programs anyway. The exchange is centralized, so it can make profits and distribute them in the form of "referrals".


If you're in it for the product, you don't need to be bribed with side benefits such as referrals to use it.


No, at least not the cheap kind that give you $5, $10, and so on. There's a different kind of business where people share much more profitable links; it's called affiliate marketing.

Bitcoin isn't a pyramid scheme like other scam centralized sites, that's why no referral program in Bitcoin.

@OP remember, Bitcoin isn't something that built for making money quickly, it's just an unique currency that doesn't need to be approved by third party like banks.

You can become a miner if you want to earn Bitcoin than through holding or trading. ;)

Bitcoin(and blockchain technology) is not a company nor an affiliate offer.
OP, do you really want to turn Bitcoin/blockchain into some kind of ponzi scheme, where the more referrals you gather the more money you earn? Have you seen any major altcoins having a referral system and offering commissions for every new user, who was referred by someone?
Do not mistake the technology with the companies, that are using that technology to run their business.
Many crypto companies are offering referral programs because this is a way for them to attract new customers for free.
I've never seen a legit altcoin becoming popular, only because it has a referral system.

The Blockchain network was designed to be a peer to peer system, devoid of anything networking. I consider this a fair deal to ensure balance without bias to a particular person giving in so much effort towards the tech.

Referral on the other hand is for reward systems, if you want to be rewarded then become a miner, so I can comfortably say that  Satoshi in his technology was circumspect in his consideration. He may not have plied the regular routes known and expected by the tech space but he satisfied every condition for operation.

As others have pointed out repeatedly, referrals are things that businesses use. Bitcoin isn't a company, it isn't a business. Does the USD have referrals? Does it bother you that it doesn't? But even looking at the stock market: does S&P 500 have referral codes? Referrals are just one way of attracting people, and there's no necessity in them at all. The history of BTC price clearly shows that people don't need referrals to invest in it.
Also, to me, referral codes are often actually a red flag, a sign of scam because referral programs are often used in financial pyramids. So I'm happy there are no Bitcoin referrals.

Bitcoin technology is still a successful one, which is working nicely since its introduction to the public, in 2009. By the number of adopters, businesses and money flowing into this market you can conclude how successful it is. There aren't doubts about it.

It's not a necessary initiative, because it's much more reliable to profit only by holding your investments in BTC. But for some people to share referral codes can indeed work as a side income, depending how efficient they are promoting their links and making people sign up on different crypto services through them. It's not that easy, though, and only a minority percentage of referral links promoters will be successful doing so, as to earn a decent income from this you need hundreds or thousands of people signed up under your links.