EARN BITCOINS WHEN YOU SHOP
There are customer loyalty programs almost everywhere you look these days. These programs offer basic points when users spend cash at participating stores. Lolli is one such program. However, this program allows you to earn loyalty points in Bitcoin.
Matt Senter and Alex Adelman created the Lolli platform. Instead of paying cashback, the platform pays consumers using crypto. It currently only supports Bitcoin. However, there is no word on whether other options might be added later.
How it Works
You do not need to have owned a crypto wallet or Bitcoin to understand how Lolli works. The platform combines a loyalty program with an in-house Bitcoin wallet. When you make a purchase at a participating store, Lolli earns a small commission. The platform will then share part of that commission with you as BTC, which is sent to your Lolli wallet.
While the site encourages its users to hold onto their crypto, cashing out is quite easy. The minimum amount you can cash out is a BTC amount of $15 depending on the rate at a given time. This amount is so tiny that it is measured in Satoshis.
Using Lolli is quite easy. You only need to go through a simple sign up process that entails you filling out your name and email address. Lolli will then send you a welcome email and another one with a confirmation link.
You may download and install the browser extension that it offers for Android, iOS, and Windows, or you can shop directly from the website. If you use a desktop computer, Lolli encourages you to use the Chrome or Safari extension. With the extension, you will be able to receive any updates about stores that Lolli has added to its loyalty program. Every time you land on a partner site, the Lolli ad-on sends you an alert. When using a mobile device, you can simply click on a link to a store on the Lolli site to generate a tracking code that will ensure you earn BTC for shopping.
The BTC Wallet
Lolli has its own BTC wallet. The Bitcoin accumulates in this wallet, which you can access via the Lolli site. Since hot wallets are not very safe, Lolli encourages users to move their holdings out of the wallet as soon as they can. The minimum $15 withdrawal limits make it easy to transfer funds out of the wallet. You can cash out in USD for a $0.25 fee. When you transfer in BTC, you will only incur the miner’s fee.
Once you make a purchase from one of the participating stores, Lolli sends you an email with a rewards estimate a few days later. These few days are used to verify with the store that you made the purchase. The waiting period is a common feature in other loyalty programs.
The BTC reward will remain an estimate until after the return period has elapsed. After that, BTC is deposited in your wallet. The reason for this is that a BTC transaction is irreversible. Consequently, they would have to ensure that you do not try to return the product so that nefarious actors do not use the platform to earn BTC without actually spending their money. To view the estimate balance, you can visit you transaction history, which is located in the browser toolbar below the wallet option.
Numerous Options Offered
The Lolli royalty program has already roped in major retailers such as Walmart and Macy’s. It currently has about 500 retailers working with it. This number grows every month. At some stores, you can earn 3.5% back on each purchase while some stores offer rewards of up to 27% back for each purchase.
While Lolli has not been around for long, it appears to be working great thus far. There is little risk involved since you do not need to provide any of your private details. In conclusion, there is no harm is trying to earn a few extra coins through Lolli.