There are some interesting developments in the world of cryptocurrency wallets. Up to now, no wallet provider has even attempted to reward users for their loyalty. Bread, the popular mobile Bitcoin wallet solution, plans to change all that in the coming weeks. The wallet’s team has also announced support for a few altcoins and ERC20 tokens, which will make this product even more appealing to the masses.
Bread Makes Some Intriguing Decisions
It is pretty intriguing to see how the Bread team aims to reward users for using the app on a frequent basis. In most cases, wallet providers assume people will stick with their solution over time, but that is not always the case. Now is an excellent time to explore loyalty reward offerings among Bitcoin wallets. It is certainly possible this venture may backfire, but Bread will give it a try regardless.
More specifically, the native Bread token is the first of its kind. The loyalty program will be known as Bread Rewards and the tokens will be under users’ full control at all times. These tokens will present holders with a new perk in the form of reduced service fees. It is possible other use cases will be added in the future, but for the time being, that is this token’s main value proposition. It is a good first step, although it remains to be seen if users will attribute any real value to these tokens right away.
It is expected that Bread users will be rewarded regularly, according to the information sent to us by the team. There will be a few airdrops delivered to users who meet certain “requirements”, although no further specifics were provided. We do know the number of Bread tokens will be limited in supply, and there is no requirement to participate in this loyalty program either. It will certainly set an intriguing precedent in the world of cryptocurrency wallets, regardless of how everything plays out.
In other news, the Bread wallet will support more currencies and digital tokens moving forward. Support for Bitcoin Cash is coming soon, which is good news for all BCH holders. The wallet will also expand its support for ERC20 tokens issued on the Ethereum blockchain. There doesn’t appear to be any limit as to which tokens will be supported, although a few more details have to be worked out before this change will roll out to users. Additionally, the wallet will finally integrate support for Ethereum on both Android and iOS.
All of this goes to show that cryptocurrency wallet developers have to come up with new and unique ways to keep users happy. While a loyalty program is not something everyone will look for or see the benefit in, it is just one of many features worth exploring. Cryptocurrency and loyalty programs are an interesting mix, albeit one that may not work out in the end.
The most important thing to take away from all this is that Bitcoin-oriented wallets are slowly adding support for alternative currencies. Such a change was inevitable in the long run, even though some altcoins will be far more complex to integrate than others. More competition in the cryptocurrency wallet space can only be considered a good thing, as it creates a better ecosystem for all users. Perhaps we will see more wallets explore ways to reward users for their loyalty in the coming years.