Cryptocurrency has been gaining more popularity over the years, and with it comes various platforms and applications designed to make cryptocurrency more accessible to people. One of these platforms is Lolli, a Bitcoin rewards app that allows users to earn Bitcoin when they shop at their favorite stores. This article will explore Lolli and discuss whether you should use it in 2023.
What is Lolli?
Lolli is a Bitcoin rewards app that allows users to earn Bitcoin when they shop at over 1,000 partner stores. The platform was founded in 2018 by Alex Adelman and Matt Senter to make Bitcoin more accessible to people. Lolli partners with various popular stores, including Sephora, Nike, and Bloomingdale’s, to offer Bitcoin rewards to users who shop on their platform.
How Does Lolli Work?
Lolli offers Bitcoin rewards to users who shop at partner stores through their platform. Users need to download the Lolli browser extension, which notifies them of available Bitcoin rewards when they visit partner stores. When users make a purchase, Lolli receives a commission from the store, a portion of which is then given to the user as a Bitcoin reward. Users can withdraw their Bitcoin rewards to their wallets once they reach a minimum threshold.
Is Lolli Safe?
Lolli has been around for a few years and has gained popularity among Bitcoin enthusiasts. However, like any platform involving personal information and cryptocurrency, risks are involved. Lolli claims to use top-of-the-line security measures to protect users’ data and funds. The platform also has insurance coverage for funds stored in their wallets.
However, it’s important to note that Lolli is a custodial wallet, meaning they hold users’ Bitcoin on its platform. This leaves users vulnerable to hacks or thefts, as their funds are uncontrolled. While Lolli claims to have insurance coverage for funds held in their wallets, it’s always advisable to be cautious when storing cryptocurrency.
Pros and Cons of Using Lolli
Like any platform, Lolli has its pros and cons. Let’s explore them below:
- Earning Bitcoin: Lolli allows users to make it when they shop at their favorite stores, which can be a great way to accumulate it passively.
- User-friendly: Lolli is relatively easy to use, with a browser extension that notifies users of available Bitcoin rewards when they visit partner stores.
- Partner Stores: Lolli has partnered with over 1,000 popular stores, making it easy for users to earn Bitcoin rewards while shopping at their favorite stores.
- Custodial Wallet: Lolli is a custodial wallet, meaning users’ Bitcoin is held on their platform. This leaves users vulnerable to hacks or thefts.
- Limited Rewards: While Lolli has partnered with over 1,000 stores, the Bitcoin rewards may need more significant to incentivize users to shop through their platform.
- Limited Availability: Lolli is only available in certain countries, which may limit its accessibility to users outside these regions.
Our Take on Lolli
Overall, Lolli is an exciting concept that can be an excellent way for users to earn Bitcoin passively. The platform is relatively user-friendly, with a wide range of partner stores. However, the fact that it’s a custodial wallet with few rewards may make it less attractive to users who prioritize security and significant rewards.
In conclusion, Lolli is a Bitcoin rewards app that allows users to earn Bitcoin when they shop at over 1,000 partner stores. While the platform is relatively user-friendly and has gained popularity among Bitcoin enthusiasts, it has pros and cons. One of the significant drawbacks is that it’s a custodial wallet, leaving users vulnerable to hacks or thefts. The Bitcoin rewards may need more substantial to incentivize users to shop through their platform. Therefore, before using Lolli in 2023, weighing the pros and cons and prioritizing security and significant rewards is essential.