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BitRewards (BIT) ICO Review – ICO Token News

What is BitRewards?

BitRewards is a blockchain ( similar to KickCity, Amon, SandbIock, Fiancia, BunnyToken, EQUI, StarLight) loyalty platform that retailers can exploit to reward their customers’ purchases, invite friends and other configurable actions with cryptocurrency.

The ecosystem exploits a crypto incentive system to help users in redeeming their loyalty points for assets that they can exploit to buy or transfer the same to a crypto-wallet.

The blockchain-powered BitRewards is meant for all types of retailers, and is also a sweet spot for ecommerce because it is easy to scale and readily adopts services.

BitRewards Intro

Some of the major facets of this service include:

BitRewards  Incentives

The company has a unique business model where its reward system facilitates incentives, which continues to increase as the time goes on. Besides, you receive rewards as cryptocurrencies instead of points, thus accounting for enhanced customer satisfaction.

Affordablility

When likened to traditional retail systems that charge more than USD500 per month, BitRewards is significantly cheaper at USD200 per month.

Intuitive

With a view to making its rewards’ scheme more accessible, BitRewards uses an AI-enabled predictive analytics system. This program enables the automatic configuration of the core system in order to transform its functionality founded upon the demands and requirements of each specific business and its target audience, thus providing the best of the breed ROI.

Compatibility

Moreover, the easy-to-integrate system has a simple API and is compatible with most existing ecommerce systems, such as Magento, Shopify, WordPress, Ecwid, etc. The simple API is quite easy to integrate into a variety of other ecommerce programs.

BitRewards advantages

For customers:

  1. User-friendliness: You can register with the platform within just 3 minutes. All you need to do is just link your FB account with the BitRewards system and start earning loyalty rewards directly into your desired e-wallet.
  2. Usability: It allows you to accumulate all bonuses procured from different merchants into one account. Moreover, you can also redeem the collected tokens with any merchant within the BitRewards Network.
  3. Fiat compatibility: The system can also seamlessly integrate with regular debit cards, thus making the use of digital currencies possible, via regular Visa/MasterCard based channels (enabling more usability).

For retailers:

  1. Unique: Though most loyalty programs cater to regular shoppers, BitRewards skips a step ahead as it helps in alluring crypto enthusiasts.
  2. Usability: Any retailer, brand or service interested in expanding their customer base can take advantage of this system in a sustainable and steady manner.
  3. Seamless exchange: BitRewards also accounts for a seamless exchange by facilitating easy and hassle conversion of BIT its native tokens into Bitcoin, Ether and any other crypto-currency.

Existing problems for loyalty and rewards solutions

  • Increased costs for customer service.
  • Low motivation for offered rewards.
  • BitRewards solutions.
  • Low redemption rates.
  • Low client retention.
  • Account inactivity.

BitRewards solutions to loyalty systems

  • Increased costs for customer service.
  • Low motivation by offered rewards.
  • Low redemption rates.
  • Account inactivity.

How does BitRewards work?

  1. As a retailer, you will need to hook up to the BitRewards loyalty system after the installation of the readymade GIFTD extension or by integrating it into your own loyalty system.
  2. As a customer, you are rewarded with the BIT token for your, and your friends’, purchases and other actions. The module carries out all necessary token processing through the BitRewards platform.
  3. The value of BIT may appreciate due to the restrained initial release of 2 billion tokens and the continuous demand for tokens from the rising number of retailers joining the platform.
  4. The possible appreciation of BIT boosts customers to save their tokens rather than redeeming them for purchases, thus also reducing the number of free-floating tokens.

bitrewards token sale

BitRewards BIT ICO token details

The BitRewards eco-system uses a native currency called BIT to empower its network. It is an internal currency that can be used to perform all operations within the BitRewards ecosystems. And, the value of the BIT token is determined on the open market, but when the listing formalities get completed and the tokens are allowed to be listed on the trading platforms.

  • The company has created a total supply of 2,000,000,000 tokens.
  • 1,280,000,000 tokens will be made available during the sale periods.
  • The public pre-sale is ongoing and is scheduled to close on March 31, 2018.
  • The crowd sale will start from April 1, 2018, and end on April 30, 2018.

BIT token distribution scheme

  • 64% will be for public during the sale periods.
  • 12% will be reserved for liquidity purposes.
  • 14% will be allocated to the company’s management team.
  • 5% will be allocated to the company’s advisors.
  • 5% will be allocated to creating a bounty.
  • 2% will be allocated to contingency plans.

BIT funds allocation

  • 12% will be for the salaries of individuals involved with marketing, sale, and admin.
  • 6% will be to cover legal expenses incurred by the company.
  • 27% will be for further product development.
  • 16% will be for the payment of salaries of C-level executives.
  • 39% will be for the promotion of the platform.

The team behind BitRewards

The BitRewards team is one of the strongest teams especially when it comes to dealing with blockchain for the retail industry. Similar to other ICOs such as Aktie Social, Qilin.Market, RepuX, Phoneum, Cibus, MoonLite, SprintX, and a lot more, this team is also offers the best brains. Some of the core team members of BitRewards are as follows:

  • Alex Egorov,
  • Alexander Nevidimov, CTO, Blockchain architecture, Big Data expert.
  • Ivan Anichkov, Advisor, Enterprise solutions, Data Expert.

bitrewards team

Final remarks

Like several other previously launched loyalty programs, BitRewards too has something different to provide its target users. The project looks promising enough with its crypto incentive system, but it will have to vie with its competitors

If you think that this project has the potential to be a lucrative one, then get ready to join its pre-sale, which will begin on March 31, 2018.

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