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I'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 describ
by DenisM 12y ago
I'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%.