I am quite pleased to share one of the biggest changes in iConsumer’s history.
We’re transitioning to a “you get Bitcoin (BTC) every time you shop” model, plus you still earn equity in iConsumer. Beginning December 23, 2017, shopping at our 1,700+ retailers by using our site, apps (or Apple or Android devices), or the iConsumer Button means you’re earning iConsumer equity (OTC: RWRDP) and now, getting Bitcoin. We’ve retired cash back.
While the “how” iConsumer works mostly stays the same, the fact that you’re getting Bitcoin (BTC) means that you’re in the middle of one of the most interesting financial revolutions in history.
It’s hard to miss the amazing increase in value that Bitcoin has had recently. And of course, that value may crash and go away. That can be scary for people, but that’s our opportunity. We remove many of the difficulties currently related to speculating on Bitcoin, and by making it free, a lot of the fear, too.
Why are we doing this?
Lots of reasons, but mostly, we think we can grow bigger, faster, and more profitably by making this change. All while staying true to our mission of including the 99% in the fabric of the economy. Our aim, as always, is to build a great company where the shareholders (50,000 and counting) share in the value they’re helping to create. And, of course, every customer is a shareholder.
We’re in a great position to take away the biggest reason for that fear, and to make it easy for ordinary people to experience owning BTC. Members participate for free, just by shopping. It’s really easy to spread the word … “Shop at Macy’s, get Bitcoin for free”. With a follow on of “And you’ll become a shareholder, too!”
Our systems already track everything for you, so members experience the thrills of being in this brand new market without writing a check, without going through the pain of buying BTC, without the expense of buying BTC, and without the mumbo-jumbo of having to get and manage a cryptocurrency wallet. Our members are getting BTC for free, we’re tracking it, and they’re watching its value rise and fall. When a member is ready to take the next step, to have their own wallet or account on an exchange and track it for themselves, only then will we transfer their Bitcoin to them.
Some other benefits
By using Bitcoin, we immediately are able to serve customers around the world. We already have retailers in six countries other the U.S., and we’re going to be adding lots more. No multicurrency issues with Bitcoin.
Transferring Bitcoin to members is much less expensive for us.
And the most exciting part? We’re working on becoming a blockchain-native company. This is the same technology that underpins Bitcoin and other cryptocurrencies. We’re doing that in preparation for possibly issuing our own token/coin in an ICO (Initial Coin Offering). Everything we’re doing to make Bitcoin work for our members is one less thing that we need to do later on.
Lastly, we’re putting the finishing touches on our next offering circular, and then we’ll submit it to the SEC.
Bitcoin is a bit like a roller coaster
BTC is highly volatile, the price goes up and down every day, often up and down by a lot. That’s the biggest danger (and part of the thrill). We here at iConsumer do not want to speculate on Bitcoin, so we’re going to make sure that we buy sufficient BTC each day to meet that day’s sales. If our members earned a total of five Bitcoins on Tuesday, we’ll buy five Bitcoins on Tuesday.
BTC is more easily stolen than cash in the bank, so we’re taking lots of steps to prevent that.
Our members need to understand the volatility of Bitcoin. This is exactly the same challenge we have with members understanding that our stock price goes up and down. Which means we’ll be working on helping them understand that there is lots of risk, and hopefully how to assess that risk in their own situation. I believe that because people are getting Bitcoin “for free” it’ll help them be more comfortable with the potential risk.
Many people are saying that Bitcoin is in a market bubble. Other people are saying that may be true, but their long term outlook is very, very positive. Our members are going get the chance to be on that roller coaster.
Tell me again what’s this mean to me as a shareholder?
Our basic economic model hasn’t changed. A member shops at a retailer. The retailer pays us a commission. We share that commission with the member (making it a rebate to the consumer). Plus, the member earns our equity. What’s new is that we now share that commission in the form of Bitcoin. So, we need to go buy Bitcoin first, and then share the Bitcoin with the member.
We plan to buy Bitcoin as close as possible to when we understand our obligation to deliver Bitcoin to our members. In that fashion, we reduce the effect of Bitcoin’s volatility on iConsumer.
It is possible that this transition will change how easy or hard it is to recruit new members and shareholders, which would change our costs. Our research indicates that over 60% of our current members are intrigued by the possibility of this transition. We’ll see how that affects our recruitment efforts.
Where do I go to figure out the ins and outs of this change?
Our knowledge base has been updated to reflect the transition. We’ll be updating it frequently. We launched on one of the slowest days of the year to minimize any hiccups that may occur. If they do, please let us know by visiting our support site and dropping us a note.
We’re doing a webinar on this topic.
On Wednesday, January 10, 2018 at 2 pm EST. Click here to register.
Any forward-looking statement made by the Company speaks only as of the date on which it is made.
The Company is under no obligation to, and expressly disclaims any obligation to, update or alter its forward-looking statements, whether as a result of new information, subsequent events or otherwise.
Sherry, December 22, 2017 at 11:31 am
I’m all for taking advantage of the cryptocurrency revolution and getting paid in Bitcoins. Miner fees are high though. Any chance of also exploring paying out in other currencies such as Litecoin where the miner fees are lower?