Coinbates Review: BATES Token For Cryptocurrency Cash Back Shopping?
CoinBates – Crypto Cash Back When You Shop
CoinBates aims to open the cryptocurrency world to everyone that wants to be part of it. The main intention is to increase the number of crypto users worldwide.
In 2017, virtual currencies expanded all over the world. There was a global interest for these revolutionizing coins and technology. Coinbates wants to be part of this new paradigm in digital payments.
The company wants to increase the number of participants in the cryptocurrency world and close the gap between the technology and merchants in the space.
There is an important problem in the space. Speculators do not use important cryptocurrencies dueto the fact that they wait for a dramatic price increase. Bitcoin is being embraced as a store of value rather than as a medium of exchange.
However, it is not easy to enter the virtual currency market. It is still very difficult for interested investors to enter the market, even if they want to do so.
Coinbates works with a crypto cashback model that will be increasing the participation in the virtual currency market. When a shopper completes an order at a merchant's website using Coinbates’ catalog, they will be receiving a portion of the referral fee that the merchant pays as a cryptocurrency.
In this way, Coinbates allows users to gain exposure to the cryptocurrency market without involving investment or speculative risk.
The company explains that the first evangelists will be from the crypto community. Users will receive direct benefits if they effectively spread the word about Coinbates.
About it, Coinbate explained:
“Coinbate’s everyday use also makes it the natural choice for these crypto holders to use as a first recommendation to introduce non-crypto acquaintances to crypto. Rather than expose their friends financially to crypto’s volatility or walking them through the complexities of smart contracts, crypto holders can now just tell their friends to go shopping.”
At the moment there are twelve different virtual currencies accepted including Bitcoin (BTC), Ether (ETH), Bates, Litecoin (LTC), Monero (XMR), EOS, Nano, Bitcoin Cash (BCH), Zcash (ZEC), XRP, IOTA and Binance Coin (BNB).
Among the supported brands we can mention Microsoft, Lenovo, WD, Canon, McAfee, Sephora, Calvin Klein, and many others such as Lacoste or New Balance.
The platform will be using a smart token known as Bates, which will be used to upgrade the memberships available. There are three forms of membership that include: Free, Premium and Maximum.
The highest the membership level, the highest the reward every time the user makes a purchase.
There will be 400 million tokens that will be allocated 70% for the token sale, 20% for the team, 7% for referral and bounties and 3% for advisors.
The team behind Bates is skilled and professional since all of them have experience in the crypto market and other businesses.
Omar Chowdhury, the founder, is a digital advertising executive with 10 years of experience working with the digital media industry.
Luke Star is the Head of Development. He is a full stack developer and systems administrator with 20 years of experience building for the web.
Other important team members are Tahmina Farhana, head of product; Josh Montoya, head of systems; Robert Anderson, head of digital marketing; Aniqa Chowdhury, head of community, and Alex Osh, advisor.
The team has a clear roadmap that includes a beta product, a token sale period and onboard more merchants to the platform.
Coinbates aims to increase the number of participants in the cryptocurrency market in a very seamless way. By purchasing in important shops, user will be able to be rewarded with cryptocurrencies without having to think about it as an investment method or as a speculative asset.