Bitcoin rewards app Lolli has made a real name for itself.
Lolli Is Moving Up the Financial Ladder
Recently, CNBC placed the company on its list of 2019 startups “to watch.” The list is comprised of approximately 100 new ventures and Lolli is the only one that has to do with bitcoin that seems to have made the cut. Could this be a sign that the currency and the industry surrounding it are about to become far more mainstream?
The point of the list is to find companies that could be necessary for “everyday life” in the future, so at first glance, this seems like a good sign and that bitcoin is somehow entering more legitimate territory. However, there’s also a downside in that at ten years old, bitcoin has already established a solid place in the financial space, yet no other cryptocurrency companies garnered places on the list.
This suggests one solid fact: that people simply haven’t caught on to what bitcoin can do. Perhaps the currency is still being viewed too much as a speculative tool. Perhaps not enough people have read about it or understand it or even trust it. Either way, for a currency that’s been around for more than ten years, one would expect a little more reception.
Either way, cryptocurrency adoption has been relatively slow in the past few years. Despite initially being designed as tools for purchasing goods and services, cryptocurrencies have often been prevented from falling into this category due to the number of businesses that refuse to accept them. What’s unfortunate is that one can’t really blame these companies for saying no.
Volatility is a huge problem in the industry. The bitcoin price is just as likely to drop as it is to rise. All one needs to do is look at the currency’s price in December 2017 and then December 2018 to get a better understanding of this idea. Thus, it’s hard for businesses to accept crypto as a means of payment. After all, a company exists to make a profit.
If you go into a store and purchase $50-worth of merchandise with crypto and then the next day that crypto goes down in price, you’ll still walk away with all your items. However, granted the company didn’t cash out in time, they’re likely to lose money, so while it’s certainly harming the industry’s reputation, one can’t really blame such companies for saying “no” to BTC payments.
Slow but Steady Progress
Still, Lolli is one of 600 companies to apply for a spot on the list, and the fact that it was accepted despite all that competition is a positive step forward. Co-founder Matt Senter explains:
So excited and proud of what Alex and I and our amazing team have built in such a short amount of time.