The major American grocery store chain, Safeway has partnered with Bitcoin rewards shopping app Lolli. As a result, the shoppers at 894 Safeway stores across 17 states of America will be able to avail a cash-back of 3.5% on every one of their shopping sessions. Safeway which is a subsidiary of Albertson Company, along with Lolli made this announcement via the official blog of Lolli. This partnership is a first of its kind and is revolutionary in many ways.
Bringing Bitcoin to the Mainstream
The reward will be in the form of Satoshis or sats. It is a hundred millionth of one Bitcoin. It is the smallest unit possible in terms of Bitcoins. Although it is in a very small quantity, the customers will still have real-life experience of holding and dealing in cryptocurrencies through this initiative.
The CEO of Lolli Alex Adelman stated that, unlike the initial contentions about Bitcoin being a payment rail, the way cryptocurrencies will come to wider circulation according to him is through people earning them in different forms.
He also added that cryptocurrencies are a better store of value compared to the traditional fiat-denominated loyalty cards. This is because the cryptocurrencies will allow the holders to actually realize their rewards earning them tangible value over time like holding a savings account.
What Does this Mean for Bitcoin
Bitcoin has been under fire from many people in positions of authority, especially in America. These events have given rise to a war of words on the issue. The fate of cryptocurrencies has been put to doubt under these uncertainties. In this respect, this announcement can mean a lot to the crypto community. These kinds of measures to popularize cryptocurrencies and increase the user base can lead to long term growth and stability.