Bitcoin rewards app GoSats is changing the rewards landscape in India
Bitcoin has gone from a geeky underground technology to a major asset class surpassing $1 Trillion in market cap, especially after the likes of Tesla led by Elon Musk jumped on the Bitcoin train it has captured the mindshare and attention of millions of Indians.
The biggest exchanges in India have surpassed Billions in trading volume each month, according to an estimate there are around 15 million Crypto users in India.
However, most Crypto products in India are fiat to Crypto exchanges/apps as Bitcoin is seen mostly in the lens of being an investment asset rather than magic internet money. Most people buy and hold it rather than use it for any purpose or imbibing it in their everyday lives.
Since only around 50 million people in India invest in the stock market, how will Bitcoin achieve mass adoption if it is looked at only from the lens of an investment?
Enter GoSats, India’s first Bitcoin rewards app
How great would it be if everyone could get free Bitcoin for their day-to-day activities such as shopping or paying bills! That is exactly the premise behind GoSats which has built a unique rewards app where users can do their regular shopping on 70+ brands such as Flipkart, Amazon, Swiggy, Big Basket, Myntra, etc and earn Bitcoin rewards.
The value proposition of the app is simple – Satsback >> Cashback (Satsback stands for satoshis back), as cashbacks are incredibly popular in India why receive it in INR when you get it in the greatest performing asset of the last decade – Bitcoin.
How does it work?
Users can shop on GoSats in two ways
1. Shopping on brands – Users can go to the GoSats app where there are over 70 brands including Flipkart – the largest e-commerce website in India. After clicking on the brand logo the user is taken to the brand website which is tracked by the app, then the user shops on the brand as usual without any change in his shopping experience.
After the return period of the purchased item is passed, GoSats automatically credits the satoshis into the user’s GoSats wallet.
2. Brand vouchers – The other way in which users can stack sats is by purchasing brand vouchers on the GoSats app which they can redeem on the brand website whenever they want. The advantage of buying vouchers is that the satoshis are credited immediately to the wallet as vouchers cannot be returned.
Users can purchase vouchers using UPI payment, credit or debit cards and net banking options.
The company is also looking to launch its own card where users can earn Bitcoin when they swipe their card at millions of merchants who accepts Visa/Mastercard/Rupay, this is especially a game-changer because users will be able to earn Bitcoin even from merchants who do not have a direct partnership with GoSats.
Earn Bitcoin on purchasing Groceries, Electronics, Clothes and much more
GoSats has onboarded many household Indian brands including
- E-commerce giants like Amazon, Flipkart, Myntra, etc
- Online grocery brands like Big Basket, Grofers, Flipkart Supermart, etc
- Electronic brands such as GoNoise, Croma, One Plus
- Fashion brands like Fossil, lifestyle, Nykka, Ajio, etc
- Furniture companies like Urban Ladder and Pepperfry
- Travel companies like Oyo, Cleartrip, and Goibibo
- and much more
So essentially you can earn Bitcoin on almost all of your online shopping since most of the categories and large brands are covered.
A new disruption in Rewards?
The $200+ Billion rewards industry has seen little disruption in the past decades, with the same credit card points and airline miles or brand loyalty points there isn’t much room for growth from the perspective of the user.
And this is where the idea of rewards in the form of Bitcoin, which is a native digital asset that has historically increased in value seems very attractive as opposed to other alternatives, because not only are the users getting a free cashback on their regular shopping but also they are accumulating an asset which could get much more valuable instead of losing value which most reward systems are known to end up.
The Bitcoin community and brand value is also an important factor here especially for the brands who could benefit heavily from it. There is a vast amount of people who have heard about Bitcoin but do not have enough conviction or knowledge to invest heavily into it and for them GoSats seems like a really attractive option to accumulate satoshis for their regular shopping.
Disclaimer: Blockmanity is a news portal and does not provide any financial advice. Blockmanity's role is to inform the cryptocurrency and blockchain community about what's going on in this space. Please do your own due diligence before making any investment. Blockmanity won't be responsible for any loss of funds.
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