Introduction
Bitrefill, in a recent announcement, unveiled a Bitcoin-Backed Rewards program, once again solidifying its resolve as a company with huge plans to step up consumer loyalty as a market leader.
As a company founded in 2015, Bitrefill is a global vendor which allows purchasing Gift Cards or Mobile Refills from more than 2500 businesses in 170 countries. It has also stepped in for Nigerians as an easy solution to spend their crypto or gift cards. With Bitrefill, Nigerians and several other African countries to get eGifts & pay mobile bills quickly, safely, and privately with Bitcoin and other cryptocurrencies.
How Bitcoin-Back Rewards Work
Bitrefill users worldwide are able to accumulate a minimum of 1% back from every purchase, in Bitcoin. Users may even get up to 6% reward on some select products numbering 217 products as at the time of the announcement. The United States leads with 158 products while the users in the UK have 59 products to select from where they get to enjoy as much as 6% bitcoin-back rewards for purchases made in categories like eCommerce, retail, apparel, home, electronics, health & beauty, food, and restaurants. Plans are also in motion to expand this bumper loyalty rewards scheme to other regions such as the Middle East, Asia and Africa.
Its style of reward system comes even when the smallest Satoshi (the smallest unit of a bitcoin, equivalent to 100 millionth of a bitcoin. Bitcoins can be split into smaller units to ease and facilitate smaller transactions) can be used to top-up airtimes or even pay for snacks in an online store.
The decision to denominate the rewards program in Satoshis instead of USD or EUR or even NGN was made in order to preserve the value better if as a user you want to save the rewards for later. All you need to do to get sats back is to purchase gift cards, top-up your mobile phones with airtime, or purchase any digital voucher for your favourite brands, retailers, and online stores to have those sats stacking up.
Why does it Matter?
With bitcoin becoming the internet’s de-facto currency, uncensorable across borders, as a user of Bitrefill, your rewards being paid in Sats gives you interoperability to spending across several merchants that accept bitcoin should you decide to opt-out of the Gift Card option.
While this next point may be easily dismissed as speculation on steroids, I’ll still go ahead to state it. Popular Bitcoin Bulls like Tim Draper, Anthony Pompliano who is more known as “Pomp” have continued to take bold bets on the future rise in the price of Bitcoin. They have even predicted it crossing over $100,000 per Bitcoin in the coming years. This resonates with me due to past experiences.
During the peak of Bitcoin’s price spike in December of 2017, I was fortunate to remember I still had an abandoned wallet with a few satoshi crumbs left in it. Having opened the wallet on the then Blockchain.Info and transacting with it while bitcoin price dangled around $157 per BTC, I left it with a few satoshis as balance. I deemed it as insignificant as it didn’t worth anything much then.
You know those 0.03 BTC balance which didn’t amount to anything substantial by then. But getting access to the same balance by December of 2017 gave me sweet $600.At the current rate of bitcoin, 0.03 bitcoin is worth $283 according to coinmarketcap.com. I have checked that kind of appreciation, only asset classes such as crypto, specifically Bitcoin could have yielded that kind of increment.
What Difference can this Bring to African User Communities
Some of the problems Africans have had to grapple with is financial exclusion, not exposed to varied choices as consumers and currency inflation. Bitcoin is designed to be deflationary, it’s become a safe haven for those who have experienced horrendous inflationary losses to their economy and subsequent crash on their currency value like Zimbabwe. Even Nigeria presently experiencing depreciation of its naira to the dollar already have her citizens recourse to bitcoin trading, this is noticed in the recent spike in Bitcoin P2P trading volume with Nigeria pushing Africa to surpass Latino American region for the first time.
Every consumer, asides having their needs met with good products and services also crave the feeling of being valued. With Bitcoin-Back Rewards by Bitrefill, this will most likely pique the interest of consumers in Africa even further.
And as typical of entrepreneurs who always follow the money, merchants’ interest in accepting Gift Cards in their respective stores should also see considerable growth. This growth should bring even more variety to consumers who always seek to exercise their sovereignty in the most diverse products available.
Bitrefill with this initiative may have initiated a chain reaction which benefits it especially as a brand and the loyalty industry in Africa as 73% of consumers are more likely to recommend brands with good loyalty programs. Why wouldn’t a user spread the good news to others who may have been yearning for the opportunity to “mine” this digital gold called bitcoin?
To start getting sats back, all you simply need to do is sign up for an account, supplying your email and preferred password and in just a few seconds, you’re ready to start earning Bitrefill’s much anticipated Bitcoin-Back Rewards.
You may also download the easy-to-use Bitrefill app from Playstore and App Store
