I wanted to know if this was a good way to off-ramp ETN in to a local fiat.
There’s a service called cash back that you can use when you purchase something by charging extra on top of the amount for the product. That extra amount is given to you as local fiat(cash).
Instead of using a credit card, you would use the ETN wallet. You would go in to a store and purchase some milk and then charge a little extra on the ETN wallet, and the cashier would give you that extra in their local fiat.
This service would add greater confidence in using Electroneum’s ecosystem because they can off ramp their money at any time at a local shop. That shop would have their local currency at hand. It would be in Electroneum’s interest in giving people more reasons to not off ramp their money such as paying their electric bill using Etn. However in the meantime not everyone accepts ETN, so the ability to off ramp ETN to Fiat would make people more comfortable and confident in the ecosystem.
*Shops will become small banks and currency converters
Gives incentive to buy something with Etn in order to use cash back feature.
It may be a solution to get around legal issues in converting ETN to Fiat
To use this effectively it should be setup at convenience store chains. This model can be seen and replicated at ma and pa shops.
Can anyone give me feedback and explain to people why this is a good or bad idea. Comments are welcomed.