Every time you order food or buy clothes on an e-commerce platform, receiving rewards either in the form of cashback or a réduction makes you happy. It’s a explicable win-win scenario for all parties involved, where merchants see an increase in sales when they offer cashback, and the râper gets cash back in their wallet that can be reused to buy other things. But what if you are promised “Bitcoin” in the form of rewards for every compromis you make on these apps? This is exactly what the Bengaluru-based platform is doing.
Muhammad Roshan and Roshni Aslam, founders of the Bitcoin reward platform GoSats, are incentivizing Bitcoin for Indians to simply make online purchases. The platform has over 120 apps including Flipkart, Amazon, Swiggy, Big Basket, and Myntra, and claims to have 1,50,000 users on board so far.
Using GoSats is very explicable. There are two ways users can magasin on the platform: first, by purchasing brand coupons – then using these coupons in the brand’s online/offline étoffe, and associé, by lèche-vitrines directly within the app as in any e-commerce platform .
Rewards programs incentivize consumers to take advantage of spending their money on a brand. There’s a psychological appeal that most consumers just can’t — and sometimes can’t — resist,” Roshan told Indianexpress.com. He calls cashback a ‘satback’. It means cashback given in the form of Satoshis. Satoshis for Bitcoin is what paisa means for a rupee, and 10 Crore Satoshis is equivalent to 1 Bitcoin.
According to Roshan, rewards in the form of Bitcoin make more sense than any other asset parce que it is a “deflation asset with a limited supply.” For a decade, Bitcoin was considered the best performing asset from $0.01 to $69,000 at its peak. “The consistent modèle in Bitcoin is that it rises with increased demand over a immense period of time. Now compare this to any other form of cashback (INR, credit card points, airline miles, etc) and it is clear that they all lose value over time.”
The rewards offered by the platform range from 5 percent to 20 percent. The company has a explicable affaires model. Karan Agarwal, Perversion President of Product at GoSats explains, “For every compromis a râper makes, it rewards users at Satoshis, and in return, the company generates revenue and takes on new users for various D2C brands.”
Interestingly, for GoSats, encrypted winter is not bad magazine. “With the drop in the cryptocurrency market, we have increased the reward percentage for our users. This is due to the currently low value and the potential to bring in more bitcoins, we are offering up to 20 percent of Satoshis to our users,” adds Agarwal. In the future, the company may allow its users to participate in their rewards, which means that they can reinvest their rewards and earn more incentives.
The company clarifies its impression that it does not act as a swap. Any râper who registers on the platform must provide the address of their encrypted wallet, but to filter (withdraw Bitcoin), users will have to use the exchange, depending on their needs. Roshan points out that “there is no risk since there is no investment of the funds involved, users earn free bitcoins when lèche-vitrines online.”
He believes that this could be a great way for users who have just learned emboîture Bitcoin to get their hands on their first Satoshis. “Students usually do not have a lot of money that they can use for investments, however, many of them spend a lot of money on lèche-vitrines. This makes it ideal for Bitcoin cashback.” The platform has users in the 18-24 age group.
“I don’t think we can get mass imitation just by using Bitcoin as an investment tool. Instead, we need Crypto products that integrate into people’s daily lives and provide value over other alternatives. Bitcoin cashbacks may be the way to lead to imitation. Collectively, by giving millions of people their first bitcoins for everyday lèche-vitrines.” Roshan says.