LoyalCoin (LYL) has rocked the cryptocurrency world in the first week of August 2018 as it made big gains versus major cryptocurrencies.
By the way, I am assuming that the readers of this article are already familiar with cryptocurrency, particularly Bitcoin. If not, you may read this article to learn more about the basics of cryptocurrency, the blockchain technology, and how to invest in Bitcoin. Now back to LoyalCoin…
The increase in LYL’s value has been attributed to its listing in the Korean cryptocurrency exchange Coinis and the worldwide release of the LoyalWallet.
But first, what is LoyalCoin? And more importantly, how can you have LoyalCoin so that you too will be able to take advantage of its growth?
What is LoyalCoin?
LoyalCoin (https://loyalcoin.io/) is trying to solve the fundamental problem of loyalty programs. Usually, if you have a loyalty card, let’s say for a particular drugstore, you can only use the loyalty points that you acquired in that same drugstore. And those points also expire.
Now, what if your loyalty points don’t expire? What if you can use those points anytime and anywhere? And what if those points can be converted into other cryptocurrencies? That is what LoyalCoin is trying to do. It is a virtual currency that aims to replace those boring reward points, enabling customers to use them in many new ways.
With LoyalCoin, you can use the loyalty rewards that you acquired from a partner drugstore, and use them to get other things from LoyalCoin’s partner merchants, such as an airplane ride, things from a convenience store, or even milk tea, for free.
The LoyalWallet and the use of the Blockchain technology
Loyalcoins are stored in the LoyalWallet, a blockchain-backed system that ensures secure transactions. The blockchain is a digitized, decentralized, public ledger of all cryptocurrency transactions. But why use cryptocurrency and the blockchain technology to integrate all these loyalty programs? It is simply because the blockchain is the most secure and, at the same time, the most transparent system for handling these reward programs.
Also, the blockchain creates trust without needing a central authority or a middleman, thereby avoiding the large transaction fees. Every loyalcoin transaction is recorded and is transparent on the blockchain.
How is LoyalCoin’s value or price determined?
LoyalCoin’s current price or value is dependent on what the market calls for it. Right now, LYL is listed on four cryptocurrency exchanges, namely Cryptopia, Nemchange, the South Korean exchange Coinis, and Kryptono, one of the top 25 largest cryptocurrency exchanges in the world today. LoyalCoin’s next step would be to list on other large exchanges. LYL’s value is the average of its price on these exchanges.
As of writing, the value of each loyalcoin sits at 0.00259200 U.S. dollars or around 0.15 cents in Philippine peso (PhP).
What are LoyalCoin’s merchant partners (so far)?
LoyalCoin presently has around 15 merchant partners (and they are planning to announce more partners soon). You can see all the merchants and partners currently on board the Loyal ecosystem at https://loyalcoin.io/merchants/.
With these partnerships, loyalcoin holders are able to receive LYL from a participating merchant and are able to redeem them to the same, or to another, participating merchant. The merchants, in turn, get more customers and revenue as customer demand for getting LYL increases.
For example, if you bought pizza from Pizza Studio Philippines, you will just present your LoyalWallet to the staff who will scan the QR code. You will then be rewarded with a small amount of LYL which will be credited into your LoyalWallet. If you accumulated a certain amount of LYL, you can go to the nearest Gong Cha Philippines branch and exchange your loyalcoins for a free Gong Cha milk tea.
In this YouTube video, LoyalCoin COO Paolo Bediones takes a tour around Metro Manila and visits the different merchants where we can earn and redeem LYL.
The great news is that LoyalCoin is still expanding its reach. According to LoyalCoin President and CEO Patrick Palacios, they are targeting around 30-50 merchants on the Loyal platform for 2018.
How to earn and store LoyalCoin?
Now, let’s get down to the main question. How can you earn loyalcoin and how can you store them so that you can use them afterward? As I previously mentioned, you can earn LYL after purchasing products or services from LoyalCoin’s partner merchants.
You do this by letting the merchant scan the QR code of your LoyalWallet so that the bonus LYL can be transferred to your account. You can download the LoyalWallet in Google Play if you’re an Android user, or in the App Store if you’re an iOS user.
The loyalcoins are then stored in your LoyalWallet. Accumulate more LYL in your wallet every time you visit a partner merchant and once it reached a certain amount, you can exchange your LYL for their products or services as well.
By the way, you will be asked to register when you first use the LoyalWallet.
You can type in this referral code 46a2cr5m during your registration and you will get 150 free LYLs. (This feature is currently put on hold until the LoyalWallet has been updated to accommodate this “referral program” once again).
Accumulating loyalcoins from its merchant partners is the very basic way to acquire LYLs. However, there are other ways to earn loyalcoins such as participating in the LoyalCoin Bounty Program, which gives away loyalty rewards if you spread the word about LoyalCoin, or through buying LYLs from cryptocurrency exchanges where LoyalCoin is listed.
How to buy LoyalCoin from an exchange?
If you don’t want to wait for your LYL to accumulate and you want to buy a huge amount of LYL in one go, then you can buy it in cryptocurrency exchanges.
Kryptono is one of the top 25 largest cryptocurrency exchanges in the world and you can buy/sell LYL from this exchange. I will present a step-by-step guide on how to purchase LYL from Kryptono with bitcoin from your coins.ph wallet. If you do not yet have a coins.ph wallet, you can refer to this article to learn how to open a coins.ph account and buy bitcoin from there.
So here are the steps in buying loyalcoin via Kryptono.
Step 1 – Go to their website’s registration form by clicking this link ⇒ Kryptono Register.
Step 2 – Input your best email address and password. In the Referral ID, input 0LPOPJ to get free 20 KNOWs (this is another type of cryptocurrency that can be used to trade in Kryptono).
Step 3 – Check your email for a verification code and click the verification link.
Step 4 – Verification successful. Go back to the Kryptono website and login to begin trading.
Next: Funding your Kryptono account
Step 1 – Login to your Kryptono account. In the homepage, click FUNDS then Deposits in the upper-right area.
Step 2 – You will be taken to the Deposits page. In this page, you will find the Deposit Address and the QR Code which you will use to transfer bitcoin from your coins.ph wallet to your Kryptono account.
Next: Buying your first loyalcoin
Step 1 – After successfully depositing bitcoin to your Kryptono account, go to the Kryptono home page once more. Click TRADE then Basic in the upper-left area.
Step 2 – In the Trade page, click the LYL/BTC pair in the FAVORITE section.
Step 3 – Scroll down a bit until you go to the BUY LYL section. Set the amount of LYL you want to buy based on your BTC balance and the current price of LYL, then click BUY.
Step 4 – Congratulations! You now have loyalcoins! You can view the amount of loyalcoins that you have by clicking FUNDS then Balances in the upper-right area of the Kryptono page.
Note: As of writing, there is no feature to transfer LYL from Kryptono to your LoyalWallet. But the LoyalCoin team is promising to add this feature in the near future.
The LoyalCoin Bounty Program
You can earn loyalty rewards if you spread the word about LoyalCoin with their LoyalCoin Bounty Program. You can choose to boost the reach of LoyalCoin’s blockchain loyalty rewards solution whether through published articles, videos, media features, use cases, viral posts, and more.
If you wish to participate in the LoyalCoin Bounty Program, you can send your entries via email to firstname.lastname@example.org. Click this link to learn more about the LoyalCoin Bounty Program.
LoyalCoin has an advantage over its fellow cryptocurrencies because it has a working product that is being utilized at its various merchant partners.
With the planned SEC regulations of cryptocurrencies and initial coin offerings (ICOs), the world is starting to view the Philippines as a welcoming country for the blockchain and cryptocurrency. The country is now viewed as an innovator and leader in the blockchain industry.
Cryptocurrency and the blockchain are not yet in the mainstream, but they soon will be. And when that time comes (crypto analysts predict it coming in two years time), LoyalCoin will be there to spearhead the positive change in loyalty rewards.
Disclaimer: The author owns a small amount of loyalcoin. Enough to gain an understanding, but not enough to change a life.
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