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Also a good idea. Also already exists. In various forms for decades. What would be cool is an easier way to sign up for and manage merchant loyalty programs...
by abalone 12y ago
Also a good idea. Also already exists. In various forms for decades.
What would be cool is an easier way to sign up for and manage merchant loyalty programs..... but that doesn't require a new payment method.
(Not sure about the secondary market though.. that seems to be an intentional choice on the part of merchants, not a technical limitation.)
- DenisM 12y agoI'm not saying it requires a new payment method, I'm saying it removes a roadblock to adoption of the new payment method, the roadblock you have earlier described as nearly insurmountable: "why it will have an extremely tough time replacing credit cards". Whether there is an actual incentive to such adoption, is a different question, though also very interesting.
- abalone 12y agoUnfortunately it doesn't really do that. Card rewards work everywhere and are often additive to merchant loyalty programs. So a purely merchant loyalty reward based system is still a reduction in benefit from the consumer perspective.
- DenisM 12y agoIf merchant is paying 1.5% in CC processing fee (of which 1% goes to consumer in cash back) and has his own 2% loyalty program, switching to bitcoint-rewards(tm) they can set the kick-back at 3% making consumer whole, and pocket the 0.5%.