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Author Topic: Reward for Spending Bitcoin = Mass Adoption?  (Read 182 times)
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September 01, 2017, 05:49:31 PM

Was wondering how over a billion people can be encouraged to use Bitcoin & I remembered a model that worked really well for a local company.
First of all, the main reason Bitcoiners don't usually spend their Bitcoin is due to the possibility of it increasing in value in the future.
   If this's the case, why not put in place a kind of system that reward people for exchanging their Bitcoin for goods and services. If for example I use my Bitcoin to pay for an Uber service, I should be rewarded by the Bitcoin Network to encourage me to keep spending, spreading the money around as a result & bringing in new Bitcoin users.
Lest I forget, there is a new Company currently doing ICO that inspired me to post this. It aims to protect users from price Volatility by automatically converting Crypto they recieve to Fiat. That is, when someone pays you in crypto, the Crypt is automatically converted to US Dollar. Guess this will also encourage big companies to accept payments in crypto.


What the REWARD will be is what I don't know but it certainly will encourage more people to pay for goods and services with their Bitcoin rather than saving them like Gold.

Lack of Mass Adoption is a serious problem for Bitcoin. Giving people consistent reward that is proportional to the amount of Bitcoin they spend would solve the problem. The reward isn't wasteful or unsustainable — it solves really important problem.
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September 01, 2017, 05:51:31 PM

I think you mean a loyalty program for bitcoin adopters, but I don't think this is really needed. The thing is that bitcoin is an asset and it's not a good idea to reward them for their asset spendings. I see bitcoin as a financial asset, and having this kinda program is not sustainable, if you ask me.
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September 01, 2017, 08:26:55 PM

That would be:

-Ridiculously centralised
-Impossible for people to agree on

Basically you're suggesting conjuring money out of thin air and giving it to people.  You can't do that with BTC.
Lest I forget, there is a new Company currently doing ICO that inspired me to post this.
Bitpay already does this for a fee of 1% (far less than PayPal and credit cards), but why consider that when you can take everyone's money with a bullshit ICO?

The closest thing to what you're talking about is Byteball's planned cashback program, but Byteball's supply already exists and there is no miners so it's very different.  With BTC it's impossible.
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