This maybe a Million Dollar Idea or may not be worth more than a used gift card. Would it be possible to sell gift cards that would have ETN on them. So people could buy 100, 500, 1000 ETN and so on. It would have a scratchable area that would reveal QR code that people would use to scan it, to get the mobile wallet/miner, then some type of confirmation code/pin would be required that they would get from the retailer to confirm purchase or the retailer would use the instant payment system in reverse to send coins to the wallet address associated with that gift card. Instantly giving people access to ETN. If this idea takes off please remember me! If it is fails then you didn’t hear it from me! lol
I’d buy them for familly and friends for Christmas and birthday presents, it’s something different and it introduces them to ETN and the world of crypto. I used to by them a card and £50 worth of lotto tickets or scratch cards as a bit of fun if they didn’t need anything in particular. Think people would get a buzz out of watching what their coins are worth!
Yes you could bypass the voucher and just set them up an account and send some ETN over but that’s not as interesting.
This would also allow venders/retailers who accept ETN a easy a profitable way of taking the ETN they accept and trading it for fiat via the Gift Cards. They would then be able to also collect a small fee for providing the gift cards just as Visa, Mastercard, American Express do when you purchase gift card / debit cards from your local retailer. It would also keep massive amount of coins out of the exchanges thus causing huge demand for coins and increased value. It would also cause big retailers to purchase huge quantities of ETN because they would be reselling on them on gift cards and making a profit on every one who purchases ETN gift cards.
The other benefit is maybe with a QR code on the back of the card a person would never ever have to even own a phone to be able to spend it. If there was a way for the retailer to scan the card and it would then deduct the ETN out of the wallet associated with the gift card then it would be possible for person to never have to even own a phone to be apart of the Eco System. How many more millions of people does this open ETN up to?
I do agree with you as always, but now we desperately need anything that would push the project forward, and yes there are hundreds of beautiful ideas out there that should be put in live by the team for investors are waiting to see real working product. I hope this is going to happen rather sooner than later.
The gift card could also always be reloadable so people could purchase the card 1 time and thus get it topped off at any retailer who sells or accepts ETN.
It’s a great idea!
But where would these coins come from? Premined budget probably can not cover that.
The coins would come from the vendor or retailer selling them.
This would really be started first by the mobile carrier who will accept ETN, they could offer ETN gift cards that people could purchase and the mobile carrier would be in turn reselling the ETN they collected from all the people who used etn to buy minutes. They would be making a profit both ways, when they get the coins and when they sell the coins. It takes any risk out of them accepting ETN.
Now that would be workable.
When i read your original post, i did see some flaws. Such as a card with a preset amount of ETN - would be problematic. If you see a gift card on a shelf with 1000 ETN, that card must also have a Fiat value set. However with the fluctuating value of ETN this would be impossible. But your later idea of purchasing the ETN from a vendor that they have accumulated… I like a LOT!
It could be set to a fiat value instead of a certain amount of coins, so if some wanted $5 worth of etn the retailer could determine the exchange rate that would want to set for the amount of ETN. The retail would make a profit off the coins and thus not want to sell them instantly on exchange but back to their own customers for Fiat.
I really like it. It can be a great help for all merchants who receive ETN payments if they can also sell ETN in this way.
When a retailer would run out of coins they would purchase ETN on the exchanges and then resell them Via Gift cards to it customers. Our price would increase in value thus causing less of chance of decreased value.
In theory right now a retailer could resell paper wallets to its customers and it would have the same effect.
This may be plausible in a non western world in a shop with a shopkeeper who has time on their side. In a western world where time is limited, or in any well known supermarket, the till operator wont be able to do this, all they do is “beep”
I guess i’m thinking more mass adoption, such as picking up a ETN card that was sat beside the Vodafone, O2, XBOX Live cards kinda thing.
I think it could done right now without any issues in a digital gift card, when you go to a retailer buy etn by giving fiat to the checker, the checker tell you just purchased 25 etn they scan your phone and instantly you have 25 etn in your online wallet.
But will the merchant not want a profit?
The vendor could charge a fee for providing the service. Just like they do now if want to top off a Visa/Mastercard prepaid card.
yea, that is true… that is actually the way.
The goal would to be able to get ETN into the hands of people in the easiest possible and I can’t think of anything more simple than a gift card.