In an announcement DailySteals says that it has partnered with Coinbase to offer Bitcoin-only deals as part of its ongoing Experiment Series. The company says that it is one of many websites that specialize in delivering discounted products directly to buyers and the latest decision will further help reach to a section that uses Bitcoin for payment.
Moreover, as companies like DailySteals leverage the technology of the internet to lower costs typically associated with running a business, Bitcoin is a perfect solution. In its blog, DailySteals says, “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.”
Nonetheless, the sources from DailySteals admit that accepting Bitcoin is a natural next-step for the company which showed its happiness as offering of Bitcoin-only deals at this volume is a never-before-seen phenomenon in the industry. Though there was a Bitcoin-only deals website called Bitwoot, it shut down its operations some time ago.
Discounted Deals Every 24 Hours
As DailySteals specializes in delivering discounted products, offering new deals every 24 hours, it attracts a lot of customers who wish to cash in the offer. Also, the company is open to all sorts of experiments and as a part of it; it recently started an Experiment Series which aims to disrupt the daily deal industry through unique buying experiences.
The new experiment wherein it has partnered with Coinbase to offer limited time deals at a discount that can only be purchased with Bitcoin; according to the company can help it further explore the option even when the experiment is over. Also, the popular daily deals website plans to keep 50% of the Bitcoin it receives in Bitcoin.
Thus, holding 50% Bitcoin, the company in fact has trumped Overstock’s 10% Bitcoin hold rate which is quite significant. Nonetheless, some observers suggest that 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, and this is precisely the reason it is trying these Bitcoin-only deals as an experiment. Any further decision depends upon the outcome of the experiment.
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