GOSATS BITCOIN CARD
- GoSats is a Bitcoin stacking application that rewards users with Bitcoin when they shop with their partnered merchants.
- Their partnered merchants include Flipkart, Starbucks, Bigbasket, Myntra, Dominos and several other established companies.
- One can spin the Bitcoin wheel and win up to 100% worth their purchase in Bitcoin or even one full Bitcoin with each swipe.
What is the recent announcement?
GoSats company has announced that it has introduced a cashback card for the Indian customers. As it is widely known, the Indian government had been reluctant to adopt cryptocurrencies due to its volatility and decentralized nature. There were even rumours of it being banned for a while. However, the government has since come around this new asset class and may come up with a cryptocurrency bill in the near future.
The GoSats company intends to capitalize the unexploited market in India. By launching this Bitcoin reward card, they will be able to gather a huge base of Indian investors into the premature cryptocurrency market. They aim to set up a wider stage for cryptocurrencies in the second most populated country in the world.
GoSats has launched this product in partnership with the National Payments Corporation of India. The National Payments Corporation of India is a subsidiary of the Reserve Bank of India. Thus, the involvement of a government body assures the authenticity and security of the product. Thus, investors can freely access this app without worrying about its safety as it is sponsored by the payments arm of the Government.
GoSats’ partnership with the government indicates the company’s purpose of avoiding any regulatory hurdles. This is why the company was able to launch its product in the Indian market quickly. The partnership also paves the way for investors to earn Bitcoin using their existing NPCI cards in the future.
How will the card work?
The GoSats reward cards will be accessible through mobile applications and website browser extensions. These reward cards will help users earn Bitcoin every single time they shop at major brands such as Starbucks, Flipkart, Amazon, BigBasket, Myntra and Dominos.
Beforehand, people could only get Bitcoin cashback on specific brand through our app but now can earn cashback in Bitcoin on every spend, said the CEO of GoSats.
The GoSats network is built on the Stacks protocol, which enables smart contracts and other features for Bitcoin. This stacks protocol allows the users to conveniently earn Bitcoin through the STX token.
Is GoSats a sound company?
GoSats’ partnership with the Reserve Bank of India’s arm, NPCI, validates its authenticity and security. Investors can trust the company and its products to build long-term wealth through cryptocurrencies.
The company was developed very recently in February 2021. Since its inception, the platform has amassed a user base of over 15,000 people. For a company that has existed for just six months, this is a huge achievement and it only points at Indian investors’ urge to access cryptocurrencies however they can.
India’s stance towards cryptocurrencies has been as volatile as the asset itself. At one point, the government considered banning the developing asset class itself. However, the Indian government has softened its stance towards cryptocurrencies to the extent of formulating a bill on it. In addition to that, the stock market regulator, Securities and Exchange Board of India is in talks with the finance ministry to exercise some regulations on cryptocurrency trading.
GoSats has targeted the correct audience for their product. The Indian demand for the asset class is highly unexploited. This demand is justified by the 2600% growth in users of the Binance subsidiary, WazirX.
How will this product impact India?
The Bitcoin reward card has nothing but upsides for the Indian economy and investors. Here are some ways this product can lead to financial freedom:
- A widely known fact is that Bitcoin is the best performing asset of the last decade. Indian investors can have a piece of this pie with GoSats’ product.
- Indian investors can earn Bitcoin just by spending money on regular things such as groceries or medicines. More expenditure in the country will increase India’s GDP and output capabilities.
- The Indian government’s support for cryptocurrencies will make it a market competitor with other dominating countries such as the US and El Salvador.
- India may overtake China in terms of blockchain development owing to the Chinese rules against it.
- Indian investors can safely earn Bitcoin since the NPCI and the RBI have sponsored this product.