Do you shop online? Are you interested in crypto? What if, online retailers gave you Bitcoin when you shopped online? It turns out that there’s at least one that does, and it’s called Lolli.
What is Lolli?
Lolli has been around for around a year now but it’s slipped under the radar for a lot of people.
The premise is pretty simple: users shop online and get Bitcoin back. Well, great, but how does it work? Where does the crypto actually come from?
How Does It Work?
When users shop with Lolli, Lolli promotes certain brands over others. These are the brands that Lolli has partnered with. The brands pay Lolli a sort of commission in exchange for Lolli promoting their brand. Lolli uses some of this commission to pay their operating costs but it gives the rest back to the customer in the form of free Bitcoin. Lolli is currently partnered with over 500 retailers, so users can get these rewards on a lot of different items and services.
Different purchases yield different percentages back but the site advertises that users can get up to 12 percent of their money back. This may sound too good to be true but it’s actually similar to how the cash back rewards programs on some credit cards work. The exciting point is that the value of crypto changes.
As of this writing, the price of Bitcoin is on a steady uptrend. If that trend carries, purchases can pay for themselves over time.
Users can also increase the percentage back that they earn through Lolli by referring friends to the site.
That’s all well and good. But, how does Lolli actually work?
Where Do the Bitcoins Come From?
When users sign up with Lolli, they have the option to install the Lolli browser extension. The browser extension currently works for Chrome, Firefox, and Safari. Then they just go about their business.
When the user lands on the page of a company that is partnered with Lolli, the browser extension notifies them. The user makes their selections and checks out and Lolli deposits Bitcoin in their Lolli wallet. Of course, actually depositing Bitcoin can take a couple of days while the purchase is verified.
When the user’s Bitcoin balance with Lolli reaches a US$15 value, they can transfer the balance out.
Is It Safe?
Some users are sceptical of browser extensions involving crypto, worried that they pose a security risk.
The good news is that Lolli has been around for a while and there haven’t been any security concerns. It makes sense, if you think about it. Lolli is already making money from the arrangement. Why would they risk legitimately making money by running scams? After all, crypto users aren’t stupid.
True, crypto browser extensions can pose a security risk in the event that someone steals your computer. However, because Lolli has its own wallet, even if someone did steal your computer with the Lolli browser extension running, the thief could only get access to the money in your Lolli wallet, provided that your other wallets are properly secured. Further, because you can transfer your Bitcoin out of your Lolli wallet once you have $15, doing this means that you only have $15 or less in your wallet at a time. There’s not much risk there.
If you really are that worried, you don’t need the Lolli browser extension to use Lolli. You can also shop Lolli partners directly through the Lolli webpage.
Jon Jaehnig is an American freelance writer specializing in Technology and Health. Jon has degrees in Scientific and Technical Communication and Journalism from Michigan Technological University and lives in Michigan’s Upper Peninsula with his wife and cat. For more from Jon, you can follow him on LinkedIn and Twitter.