Loyalty Programs: An Attraction Tool Taken From Traditional Markets

Cryptocurrencies are the future. At this point, pretty much everyone knows that. These assets have been able to bring about a financial and technological revolution that no one saw coming, and they're only gaining steam.

However, there are several parts about them that have also been taken from the traditional financial space.

For one, cryptocurrency exchanges have managed to act like banks and payment processors at the same time. They help to facilitate transfers and store assets, essentially improving the convenience with which people transfer their digital assets and send money.

These same platforms also act as trading services - in the same way that we have traditional trading services in the financial space.

StormGain is currently one of the largest in this regard, with a wide array of trading options that will allow customers to make money and benefit from the disparities in prices across digital assets.

With an exchange like StormGain, users can access several trading and transfer possibilities - including margin and leverage trading, top-notch security, and much more. This essentially means that people won't have to rely on banks to send money.

Of course, StormGain isn't the only exchange. There are several names that work just as well to improve the accessibility and convenience with which people access their cryptocurrencies - effectively taking them out of the control of banks and other oversight agencies.

However, one area where things are still a bit murky are with loyalty programs. These services have also been taken from the traditional financial space, and while they're gaining steam, there is still quite a lot that needs to be understood for their potential to be reached.

Crypto asset success metrics: the Bitcoin example

So, to begin, let's take the most popular cryptocurrency in the world - Bitcoin.

Currently, Bitcoin holds about 64 percent of the total cryptocurrency market capitalization. In a market that's worth $259,497,302,096, that is definitely no small feat. Bitcoin has grown to become the quintessential too-big-to-fail member of the crypto space. It is the top representative of a movement that's targeted at improving decentralization and making payment systems more effective.

Several projects have so far come out to declare themselves "the next Bitcoin." While several have some potential, nothing has so far been as effective as the original digital currency - whether the project belongs in the crypto space or not.

So far, there are two means of understanding the level of success of a cryptocurrency.

1. Its monetary worth and a metric of how it has been able to perform over time

2. Its real-world mission and how it has managed to succeed at achieving that

When it comes to traders and speculators, only the former metric matters. However, developers and supporters of a projects generally depend on the latter. In a lot of cases, success with the former will usually depend on the ability of an asset to perform well with the latter.

Take Bitcoin for example again. The more people use it and the more developers sign up to be members of its network, the higher the price goes - theoretically, anyways. This network effect has grown to affect more than just Bitcoin. New crypto projects now need to step up and show what they're here for, as well as how they can build a path to successfully achieving their aim.

When the whims of speculators are taken out of the equation, a cryptocurrency really lives and dies based on its real-world applications. A lot of laymen still don't know how to set up wallets and transfer cryptocurrencies.

However, developers have found an innovative means of allowing "crypto laymen" to use digital assets without necessarily knowing what they're doing. Loyalty programs can be an important way to get this done.

Using loyalty programs to spur crypto adoption

Loyalty systems are pretty much everywhere. An average person most likely has at least one or two loyalty cards with them. However, when loyalty programs become connected to payment methods, a lot of people don't even know how they benefit until they get discount offers and other promotions. In such cases, the fact that these people are just customers will help them a great deal.

Loyalty systems like these are the most user-friendly available. Their transactions become extended and can grow, with day-to-day customers benefiting from them.

When you consider crypto and loyalty points from the scale perspective, you find that they have a great deal of potential. There are several industries that are ripe for cryptocurrencies and blockchain-based solutions. For instance, the airline industry had loyalty programs worth over $50 billion in transactions. All of these are real-world applications - not speculations.

As more loyalty programs migrate to the blockchain, the crypto industry will see a growth in the number of customers as well. So, instead of trying to convert daily customers to get more involved in the crypto space, developers could use app-based loyalty systems to use digital assets without even knowing!

Take StormGain for example. They run an effective loyalty program. Currently, the exchange ranks 1st among its peers when it comes to interest rates for crypto traders. 

Users in StormGain can easily sign up for the exchange's loyalty program, as it provides affordable entry terms for everyone. Qualifications terms are also clear, as they depend largely on the total value of USDT holdings in a user's wallet. 

Primarily, there are three important things to note when it comes to loyalty programs:

1. Let the loyalty program work more like a multi-function crypto wallet.

2. Encourage people to accumulate digital assets by giving them rewards for everyday actions. This will also help to introduce more users to the system

3. Give people more options to build and spend loyalty points.

In good times, these transactions will help a crypto project to get real-world application - a trend that will only serve to drive up the price of the project as well.