Updated: Apr 10, 2020
A lot of people are hesitant to jump into Bitcoin because of issues related to risk, cost, and volatility. But, with Lolli, even the average Joe can accumulate bitcoins without having to invest in them. This simple platform allows users to earn bitcoins as “bitcoin back” for various online purchases made at a broad range of major retail outlets.
This review will discuss what Lolli is all about, how to get started on it, the way it works, Lolli Bitcoin Wallet and stores listed on it.
What is Lolli?
Lolli is the latest rewards platform created by Alex Adelman and Matt Senter, which rather than paying users cashback, goes a step further to pay users cashback in bitcoins.
How to Get Started With Lolli?
Getting started on Lolli is dead simple. All you need to do is download the Lolli browser extension, and then sign up using your Facebook account or use your email. The minimalistic design makes navigating through the web app a breeze.
Browse through hundreds of partner stores to select the products you want to buy. Lolli shall alert you of the savings percentage in bitcoins, once you begin your shopping spree at particular stores.
Your Bitcoin deal is activated as soon as you choose to visit one of the stores through Lolli. Now, all you need to do to get the bitcoins in your wallet is to shop. It takes 30 to 90 days for the bitcoin back to reflect in your Lolli account.
Once you reach the $15 minimum balance threshold, you can choose between transferring the crypto to your address and cashing it out to any linked bank account. However, rewards become available only when they have been confirmed, which is usually after the partner’s reward locking period (return period) has passed.
How Does Lolli Work?
Lolli’s business model is simple and quite similar to the eBates platform. Lolli partners with various online brands that pass on an agreed percentage of commission to them, when a customer shops through the browser extension or app.
Lolli, in turn, shares a part of the commission received to give users cashback in bitcoins. The model works because a lot of people want to own cryptocurrency, but are skeptical of trading or are overwhelmed by the complexities involved.
However, everyone loves to shop online and the incentive system allows users to own bitcoins while paying for products they anyway would have purchased. The model may seem simple, but it is powerful and effective.
What is the Lolli Bitcoin Wallet?
Lolli has its wallet, which allows a user to accrue earned bitcoins in it. Lolli encourages frequent transfers since hot wallets are not considered safe for long-term holding. For every $15 transfer in USD, there is a fee of $0.25. Bitcoin transfers only incur the ongoing miner’s fee.
You will receive an email from Lolli within a few days of making your purchase at one of its partner stores. This email shall contain a rewards estimate since the company has to wait for partner approvals and verifications. This waiting period is common across all loyalty programs. You would find it familiar if you are a member of MyPoints.
The Bitcoin rewards continue to remain uncertain until the partner store’s return period is over. The full rewards get deposited to your Lolli wallet once the waiting period is over. BTC can be transferred to another wallet or withdrawn once the payout minimum is reached.
Bitcoin is a highly volatile coin and it is possible that during the estimated period, the value of rewards may fluctuate. However, this will cease when the coins are deposited into your wallet.
Most Popular Brands on Lolli
As of now, Lolli supports over 500 online stores, where you can find everything you need from clothing, shoes, and accessories, to home décor, hotel bookings, toys, electronics, flights, and so much more.
Macy’s and Walmart are the most popular retail outlets where users can get up to 4% bitcoin back. It also partners with coupon sites, like Groupon where users can enjoy up to 9% back on purchases.
Other famous stores include the Banana Republic, Barnes & Noble, Bloomingdale’s, Gap, Harry’s, Ulta, Bonobos, Sephora, and Old Navy.
Lolli is For Shoppers and Merchants Alike
Lolli helps in acquiring Bitcoin easy for shoppers. It is a highly beneficial leverage for users. Plus, Lolli allows online merchants to compete with the big guns, such as Amazon. Lolli helps in acquiring consumer attention towards individual stores, by making use of the existing mental space captured by Bitcoin.
Many people would consider individual stores, shopping simply for the benefit of acquiring a few Satoshis (smallest unit of Bitcoin). This allows merchants who partner with Lolli to gain access to a whole new segment of consumers, aware of Bitcoin and want to shop.
The USP of Lolli is that everyone wins. It effectively creates a synergy between merchants and shoppers that rewards all participants.