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11 sats \ 1 reply \ @nerd2ninja 14 Nov 2022 \ on: Business Idea- Bitcoin Rewards bitcoin
I personally think sats back needs to be a business per business thing. If you do sats back like fold does sats back, you're just charging the merchant to get you sats. This does not foster better relations for the business and only someone who already likes Bitcoin would use it.
Rather, my method would be to buy a lumpsum of Bitcoin, transfer to a business wallet, then create an amount of 12 word seed phrases in propotional amount of expected sales (and if you aren't tracking your sales and checking your performance on a year to date/year to year basis, you should be).
Then perform a 1 to many tx wherein 1 transaction fills every wallet you're making for your customers to backup.
Next, attach each card with the 12 word seed phrase to your product with instructions on how to back it up and information about how the program works.
This means no database of rewards points that needs to be maintained, nocoiners get experience with Bitcoin, and your business being the only one that will accept Bitcoin means they can't spend it anywhere else, which is what you want in a rewards program or rather "in store credit" program.
Interesting. Likely a bit too complex for average merchant.
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