Topic: Walmart is suggested to issue their cryptocurrency to get more customers (Read 286 times)

Is anyone really surprised by this? I mean they know that more people are moving towards cryptocurrencies as their choice of currency and they would be fools not to want to take advantage of that as soon as they can. Thing is with a coin like walmart, since they already have an institution backing it up, people are more likely to invest in their coins

for christ sake, we don't need more altcoins! what is next?costcoin? ebaycoin or amazoncoin?

I really do not understand why Walmart has its own cryptocurrency. They are so good.
It's easier for them to start accepting payments in the same Bitcoin and Ethereum without any problems with creating their own cryptocurrency.

Basically I think it’s not to get more customers as you suggested
But embracing crypto currency would make it possible for them to operate across the world fixing and attends to orders with prompt delivery

But if amazon and other huge firms alike Apple and Samsung can follow suit
Then it will be termed a great success

Imagine if you are wanna creating a fast transaction and then that needs more than 10 minutes to get a single confirmation and most of the merchants are putting more than two confirmation to avoid the double spend. That makes sense to create its own crypto with a better scalability to make it even faster.

Walmart had succeeded in becoming a top-tier company in the world, but the company was not too concerned with technological advancements, so Google, Amazon and Facebook took over the big markets of this world despite different sectors.
by adopting cryptocurrency, I think Walmart will increase the number of its consumers by around 7% to 10%, because we know, that cryptocurrency is not so well known throughout the world

This is a very cool solution that allows you to tie customers to your store in a better and new way, the main thing is that this coin should not be too high volatile! 

If your customers are crypto users, the idea can work well, but if they are not familiar with cryptocurrencies all they will get will be some loyalty points that they will not know how to use and will easily forget about. Things works the other way round, first you have customers that are into cryptocurrencies and then you can think of creating your own cryptocurrency for your business.

Let's take another example. This is me and my small company named Organic Cosmetics.

In 2017, I thought of making an ICO. Imagine that I created a coin name COS.

For every customer who buy from me 1 USD value in products, I give them 1 COS in giftdrop paper wallet. 1 COS = 0.01 USD. This is only initial value or ICO value.

Ie. You buy Organic Cosmetics for 1000 USD, you have 1000 COS, which is equal to 10 USD. The giftdrop COS paper wallet is like coupons.

The customer can take the COS coins from the giftdrop paper wallet they recieve and accumulate it. Or they can come back to me, exchange for cash or use COS to buy my cosmetics.

Eventually, COS becomes my system's cryptocurrency. My company is the exchange of COS coin. My customers are the community. They can mine COS with me to make it decentralized. The COS I gave them in giftdrop campaign was only from my pre-mined coins.

One day, I list COS on other public exchanges to spread out the community, as well as my business. I also stop the giftdrop campaign and let the market Demand-Supply decide the COS price.

No, it will not help. As all of you have said and I agree. Walmart do not need a cryptocurrency WAM. And it also does not help Walmart much.

But a company somewhere can make their own cryptocurrency accepted by their customers by giftdropping. The coin has its initial value through a giftdrop campaign because it is equal to the bonus of sale before it can be listed on an exchange. Eventually, the company can accept payment with that coin.

Is it the same way that ICOs running their airdrops ?? But an airdrop only takes crypto-citizen to its community.

Giftdrops can take everyone to cryptocurrencies.

(It seems that the story about Walmart and WAM is distracting you from the main message that I am trying to describe Sorry for my poor language.)

Sure.


Again. How is this going to help Walmart? How will Walmart improve their business by giving out a certain coin/token? So the people now has "WAM" coin/token. Now what? Just like what pooya87 said, pulling something like this is just going to give them temporary publicity and nothing else.

Hello, I wish this were true but actually, I think is quite the opposite because I just got an email from PayPal saying that they were going to ally with Wallmart or they already did it. I  don't remember very well but if they are going to ally with PayPal they are not going to accept bitcoins because PayPal and bitcoins have a conflict of interest. So we can say that this is not gonna happen good day

Walmart needs more customers like the ocean needs more water.

I know it took a long time to make this post (especially considering English is a second language for you). I appreciate all your time and effort. BTW: Walmart is already in the money transfer business. I doubt they would see any benefit from their own token.

One way what you are saying is right. Walmart can come up with there own cryptocurrency. Since Walmart is a big name in its industry and almost everyone is aware of it so any thing coming from them would be considered authentic and people will feel secure investing with them.

And yes to increase its utility they can allow users online to buy in cryptocurrency.

No my friends. That will not make business bad. Think of airdrops of ICOs. Airdrops make ICOs popular in no time. Giftdrops can do more than that with cryptocurrencies in general.

This is what I tried to figure out in the paper: https://bitcointalksearch.org/topic/paperization-of-cryptocurrencies-as-giftdrop-a-short-cut-to-the-daily-life-5064831


Giftdrop = physical airdrop
Airdrop ---> crypto-citizens
Giftdrop ---> everyone

this is never going to help any business grow and get more customers! they may get hyped up for a little while as they advertise the shit out of it and give away free money (tokens) but in the long run it will fail because people aren't going to convert their fiat into a token that they can only use in one place!
people are still reluctant to convert their fiat to bitcoin which is a global currency and can be used everywhere so you can't really expect them to do it with a limited use token!

I totally agree with you that a large shopping mall like WalMart does not make any sense to issue its own cryptocurrency，it is enough to use Bitcoin. There are enough types of altcoins now, and most of them are very bad. For large supermarkets, their biggest business is retailing goods, using a new cryptocurrency does not bring them any additional benefits. On the contrary, it may lead to extreme instability.
This will only create more bubble of crypto, to know crypto is not everything, and it can't change everything.

Anyway, thank you very much Mjglqw for your reading my messy writing. I found it so hard to express my thinking. I wrote the paper some days ago and no one replied, which meant no one cared.  But I am still very sure this is the certain way for cryptocurrencies to exist physically in the daily life. That day will come soon or later.

I composed the story that Walmart should create their own cryptocurrency just to ... catch your eyes  

In fact, they do not need. Yes. You are right. They do not need it. They can take directly Bitcoin as the bonus for their customers.

But you can think of this further than just Walmart and the bonus given to customers. Walmart do not need that kind of bonus. People will also not be attracted to Walmart just because they give Bitcoin. It is better they give them cash or discount points. So Bitcoin is not the point. A new coin, which needs to be introduced, is the point.

Imagine Walmart is our cryptocurrency community. Among us, cryptocurrencies are accepted. But out of this community, people still do not know anything about cryptocurrencies. They also doubt of them. They think of Bitcoin, Ripple, Ethereum, and cryptocurrencies in general as "virtual money", Ponzi schemes, scams ...

Unless you give the cryptocurrencies to their hand, you will never persuade them quickly enough to make them learn and accept cryptocurrencies. But how to give them a cryptocurrency ? They do not have an wallet for you to send. And if they do have wallets, they are not the targeted people for us to introduce cryptocurrencies.

Giftdrop paper wallet can solve this problem first. Besides, giftdrop paper wallets have many other applications. The story of Walmart above is just an example case in suppose.

Paper wallets are the physical form of cryptocurrencies. Let's think of utilization of this mediums.

I still don't see a point of them issuing their own cryptocurrency. They can do fine simply just by using their own website or their own app for things such as rewards and other "useful" things; just as how big businesses like Starbucks do it. Not everything needs blockchain and not everything needs to be decentralized.