A Brief History
BitRewards is actually a branch and brainchild from GIFTD.tech- a 5 year old business that offers a similar service in the sphere of gift cards, rewards and loyalty points. GIFTD that has already been running successfully for a good while now and has built up an impressive following. GIFTD is focused mainly on small and medium scale businesses.
BitRewards began conceptualising in late 2016 and by the time Christmas Day in 2017 rolled around, they were ready to begin the start of their token sales, with a sound and trustworthy plan in place to execute their revolutionary ideas.
BitRewards hopes to be the new and improved version of GIFTD and take the excellent idea to new heights- and with all the experience under the developers’ belts, and with many of the original team members in place- we have every faith in them.
A Whole New World of Consumer Opportunities
BitRewards is an ICO that has really captured the interest and imagination of many vendors and consumers on a global scale, even though the ICO is relatively new on the block. What BitRewards really aims to do is repair the faulty and fake consumer loyalty system and replace it with something authentic and sustainable. It is clear that BitRewards has a healthy focus on consumer satisfaction and loyalty.
So how does the whole thing work exactly? Well, what BIT hopes to achieve is link online vendors and consumers in a crypto rewards system, with either end plus BIT, benefiting from the process. That may sound complicated but the system is actually a simple one. BitRewards will provide the software to vendors free of charge- all they will have to do is buy a certain amount of Bit to reward their customers with. Vendors will only need to buy BIT in order to give to the dutiful consumers, that in turn will spend their BIT within the community, thus growing the BIT economy and strengthening the overall value of BIT which has the potential to grow to a mighty cryptocurrency. Consumers will be able to automatically earn BIT in return for making purchases, liking and sharing products on social media among other things online. Each loyalty reward system will be tailor made to fit vendors specific needs and can even be intergrated alongside existing rewards systems, making it easy to use.
The system has already undergone testing and has proved that the BIT system can easily increase sales by an average of 17 percent by the simple method of rewarding repeat clientele, as well as attracting new customers. The focus on social media is also plays an important role, considering it’s important in online shopping today. It’s recommended that vendors have all the necessary and popular social media profiles in place to make the most out of BitRewards.
Why Cryptocurrency As a Form of Reward?
Traditionally, rewards and loyalty points are given out in the form of discounts, vouchers, and points (which can be tallied and exchanged for products or monetary cashbacks). While these are all fine and dandy, they certainly do have their imitations. For example, vouchers can only usually be spent in one place and often even have expiry dates on them, and discounts usually also only apply to specific vendors.
On the other hand, being rewarded in cryptocurrency has almost infinite possibilities. Here are some of the uses and perks you can expect from being rewarded in cryptocurrency over the traditional rewards system:
• BIT can be kept as an investment and then drawn out or accessed once it has reached a higher value.
• BIT does not have an expiry date so can be kept for years before being used.
• BIT can be spent at other establishments within the BitRewards system, not necessarily the establishment you received it from.
• BIT can easily be exchanged for another cryptocurrency or even Fiat currency.
• As the BIT ecosystem continues to grow, we can imagine that it will soon be an accepted payment currency at many different vendors, giving you even more options when choosing what to do with it.
A BIT More About The Token
The token that will join the entire network together is called BIT. It is a fairly standard token of the ERC20 kind and it will be used as the currency of all transactions that take place within the BitRewards system. BIT will be transferred from wallet to wallet and there will, of course, be options where consumers can exchange it for other forms of currency or make purchases with it.
So how do you access BIT? People interested in buying their very own BIT can do so on the BitRewards official site or they can wait until the program is fully fledged and become a BIT consumer on the system and get rewarded in BIT.
The Technology Behind it
As with most ICOs, BitRewards make use of the incredible Blockchain technology to power their platform. Ethereum’s smart contracts have been employed to provide a seamless solution.
There is also the BitRecommendations platform that makes use of state-of-the-art AI technology that ensures that real and authentic recommendations and accurate data are used for products online. AI technology is also used to link this platform to BitRewards.
The technology used in BitRewards has calculated and analyzed all the issues of scaling and complexity and solved them accordingly. With this top range tech behind BitRewards, it appears as if they’re ready for anything!
The Benefits for the User/ Consumer
If you’re a fan of online shopping, or even just do the casual online shop every now and then- BitRewards is going to have some truly amazing advantages for you to enjoy. There are no sign-up fees or hidden costs involved. BitRewards only wants to reward its valued consumers. No matter what successes or losses the vendor has, the consumer will be rewarded with cryptocurrency (BIT) for shopping at BitRewards merchants, liking their Facebook pages and inviting friends to like their pages too. It really couldn’t be simpler.
The BitRecommendations, the sister company, is linked to BitRewards to ensure that you are getting customized reward programs that suit you perfectly. The rewards you receive won’t ever expire, unlike other forms of rewards and vouchers, and are most likely expected to increase in value. Another great aspect of being rewarded in a cryptocurrency is that it can easily be exchanged for another crypto or even fiat currency, or you could just buy whatever takes your fancy online.
The Benefits for Vendors/ Merchants
Well, first of all, merchants who want to become part of the BitRewards community can receive their premium software completely FREE of charge. How is that for the first benefit off the bat? This premium software is almost guaranteed to increase sales and the traffic of new customers to your site and social media pages. It does, after all, reward these customers with cryptocurrency!
There are more options for merchants available which include the creation of their very own, custom tokens and highly specific loyalty programs- ensuring the best results over time. There is even the option to fluidly connect already existing loyalty programs onto the BitRewards system, with the use of BitRewards’ fantastic technology.
What we have to look forward to from BitRewards
Besides all the previously mentioned accolades and benefits, BitRewards has some even more exciting plans up its sleeve for the future. The developers have really planned ahead and it’s clear to see that they have determination and vision.
As far as 2018 goes, we’ll see the token sale end in early May. After that, we are excited about seeing BitRewards launch their mobile app as well as their crypto wallet- both two useful elements that will work heavily in conjunction with their rewards program. June this year also hopes to bring about the joining of the BitRewards with Lightning and Raiden technologies.
BitRewards plans venture all the way into 2019, where they have already begun working on some of the apps and services they hope to release next year.
Minimum token purchase: 1000 BIT
Exchange rate: 1 ETH: 28,800 BIT
Number of Tokens Issued: 2 Billion
Number of Tokens for Sale: 1.28 Billion
Sale starting date: 25 December 2017
Sale closing date: 9 May 2018
Accepted payment forms: BTC, ETH
Soft cap: $ 3,000,000
Hard Cap: $ 15,000,000
• Technology that makes use and is secured by Blockchain and Ethereum smart contracts
• Provision of a platform where consumers are rewarded for shopping online, leaving reviews and recommendations and connecting on social media
• A Platform that allows merchants to reward their valued customers in cryptocurrency and track analytics faster and easier
• The use of AI Technology within the BitRecommendations sphere
• Over 5 years of business experience in a highly similar field
• Easy to use platform and interface
BitRecommendations has been mentioned in this review a few times already. It is both a spate entity to as well as an essential part of the BitRewards system.
To put things in a clearer perspective, BitRecommendations is a system where merchants and vendors send all their data to. This data is stored on a highly protected and decentralized system and is used to make recommendations in order to link the right customers to the right vendors.
The BitRecommendation system also tracks all the activity of merchants, providing highly useful statistics and data about where a vendor’s main customer base is coming from.
The young Alexander Egorov is the BitRewards team’s trusted and respected CEO. The man is considered somewhat of a genius and has had over 15 years of experience in the worlds of finance, banking, and debt. He is the ideal person to lead his inspiring team of professionals to crypto entrepreneurial greatness.
In the ‘Head of Sales’ position, BitRewards has employed none other than Greg Mann, who is well-known for being the international Head of Sales for a successful start-up called Grind.
The important position of ‘Head of Design’ is filled by Sergey Alisov, who was also working in the design department at GIFTD. He is a truly talented human and is known for the fluid creation of mobile apps and being able to find useful solutions to problems.
The other team members all also completely worthy of their positions and the fact that they are all listed on the White Paper shows transparency and trustworthiness within the company. Many of them came directly from GIFTD, which shows they are invested long-term in the rewards industry and have a true passion for what they do.
Steps necessary for customers to earn BIT via purchasing
1. The customer makes a purchase of their choice at a BIT affiliated store. Before purchasing they should be able to view the detailed reward that they would receive for the purchase. Transparency in the system is key!
2. The customer will then have to register themselves onto the network using either their phone number, social media profile or email address as verification.
3. The customer will then receive the confirmation that they have received their allocated BIT reward
4. The online store, where they purchased their desired item, should give them ease of access to their new BIT wallet where they will be able to view their funds.
5. The customer can go into their BIT wallet that also supports ETH and spend some time getting to understand how it works.
6. The tokens can now be used as the consumer pleases.
BitRewards is a simple and useful idea, that if executed with precision and timing by the talented team, could result in a massive success. It seems as if there really is a gap in the market for not only a crypto rewards program, but a rewards program that weeds out fake reviews and fly-by-night companies.
The fact that BitRewards has a truly holistic view on the relationship between consumer and vendor should result in the interest and participation from both parties. BitRewards is, in our opinion, full of promise and possibility.
Bitcointalk Username: MarkSinn