One cryptocurrency for all rewards and points from Merchants?

2 points by TimurBidzhiev 6y ago ↗ HN

Hey guys, we all have reward points from Starbucks, AMC, etc. Imagine if we will be able to receive one type of reward point from all retailers: (1) These points will be crypto coins created by Users A, B, and Z for an exchange for their time. (2) Merchant 1 will buy these coins from User A for an exchange for a gift card. (3) Then Merchant 1 will reward User B with these coins. (4) After that, User B will buy gift cards with these coins from Merchant 2. (5) Etc. The idea is to replace all reward coins/points by 1 crypto coin created by users in exchange for their time. What do you think?

2 comments

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KarlKemp 6y ago ↗

Merchants have no interest in allowing you spend you loyalty bucks with other retailers. Or they'd just give them to you in cash.

As always, cryptocurrencies add nothing useful to this scenario.

TimurBidzhiev 6y ago ↗

Yes, it makes sense, but it's not so simple. First, it depends on how big is a merchant. Second, you will be able to pay only part of the product price with coins. Third, it depends on how big will be the demand for these coins.