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What about consumers that don't take advantage of reward programs? Does it make sense to have an infrastructure doing round trips on value for everyone when not
by rabbyte 12y ago
What about consumers that don't take advantage of reward programs? Does it make sense to have an infrastructure doing round trips on value for everyone when not everyone wants it? Are there not considerable inefficiencies in maintaining reward programs over just having straight forward transactions? Could we not build more efficient and automated reward programs into cryptocurrencies for those that want it?
- taeric 12y agoWhat about consumers that pay cash and aren't contributing to the fees? Probably noise into the system. Also likely, unless you can take advantage of these fees across millions of people (which, by definition an individual cannot), it probably isn't something you can account for. Consider, the number of stores that can refuse credit cards in an effort to save these fees for themselves is effectively nil. That is, it is worth it to most stores to pay the fees on the transactions that have them and not discount those that do not, versus force all transactions to not have them.
- abalone 12y agoA lower-cost, lower-benefit option? Great idea. Except it already exists. It's called debit cards. 0.05% + 21 cents. Still has some consumer protections (it can do chargebacks), just not the overhead of rewards. Accepted everywhere. Just take the word "cryptocurrency" out of whatever you're proposing and you'll see that it's just adding techno-sheen onto what will inevitably be just another centrally-mediated payment network.