Coinbase is partnering with popular daily deals site DailySteals to offer Bitcoin-only deals as part of DailySteals' ongoing Experiment Series. DailySteals is one of many websites that specialize in delivering discounted products directly to buyers. Sites like DailySteals leverage the technology of the internet to…
Accepting Bitcoin is a natural next-step; however, the offering of Bitcoin-only deals at this volume is a never-before-seen phenomenon. Interesting note: There used to be Bitcoin-only deals website called bitwoot that has, unfortunately, since been shut down.
Coinbase’s blog publicized DailySteals’ commendable decision to offer Bitcoin-only deals:
Add “exclusivity” to the list of reasons why it’s great to use bitcoin.DailySteals is now offering discounted products that can only be purchased with bitcoin.
The popular daily deals website plans to keep 50% of the bitcoins it receives in Bitcoin, which trumps Overstock’s 10% bitcoin “hodl rate,” but falls short of the true Bitcoin businesses that hold 100%. It will be interesting to see how DailySteals handles refunds, a common occurrence judging by reviews of DailySteals, for orders completed in Bitcoin. The use of bitcoin could theoretically expedite the process of refunds and refund settlement if DailySteals kept all of its proceeds in Bitcoin; however, the use of Coinbase and the 50% bitcoin hold could end up costing DailySteals in certain foreseeable refund situations.
This is why Daily Steals is trying these Bitcoin-only deals as an experiment. After a few weeks, DailySteals will publish a full analysis of their initiative on their blog. DailySteals is taking baby steps into the Bitcoin realm. Hopefully, their experiment will prove successful and Bitcoin-only deals will become a more prevalent occurrence in all industries.
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Last modified: January 25, 2020 10:06 PM UTC