A Cool Way to Spend Your Bitcoin

Colin Baseman

Now you’ve got your bitcoin to be part of the monetary revolution, and position yourself for the next market cycle. But what can you actually do with your Satoshis today?

Bitcoin can buy you various different goods/services, from pizza to dating sites, BTC is slowly but surely becoming the money of the internet. Each new BTC -business is a step closer to mass adoption and the decentralised future.

RaffleNinja is the very first competition site using bitcoin, spend small amounts of crypto to be in the chance of winning a prize for the fraction of the price at fair odds. They have just launched this July and are planning to become the crypto competition site for the bit-community. Check out their story here.

Early-bird offer

By virtue of reading this article, you can receive exclusive access to a coupon code entitling users to 1 free ticket for the Ledger Nano S raffle, as part of an introductory offer. All you need to do for your chance to win the free bitcoin wallet is sign up and enter the provided discount code at checkout.

Please use this link to receive the discount upon arrival to the site:

raffleninja.com

Each ledger is ordered directly from the ledger site to the winners given address. If preferred, the winner can opt to receive the amount of the prize’s retail price in BTC instead. We are in no way registered as an affiliate with RaffleNinja.

The best things in life are free!

The Online Competition Business Model

How do competition sites make money?

Predominantly, the total made from tickets sold for each competition will surpass the amount paid for the prizes, creating the profit margin. Other costs such as marketing and logistics will be taken into account. It is fairly common for these services to have a 30–50% profit margin on any given prize, meaning that you may pay 1% of the prize’s RRP for a ticket and have a 0.6% chance of winning.

RaffleNinja have changed that, they are utilising various relationships to bring the cost of the prizes at the point of purchase down. Also, by using BTC there are no expensive payment providers fees which can be up to 10%+ for a business of this nature. All enabling them to bring fair competitions to the crypto community.

Why Bitcoin makes competition sites better

Firstly, the magic of bitcoin enables the site to be able to bring competitions and take payment anywhere in the world, without delays or complications.

Second, if you change your mind about the prize in question then you can simply opt to receive the retail price of the prizes in bitcoin transferred directly to your wallet. Think of it as the bitcoin lottery.

Bitcoin also removes the need for third-party involvement, various payment fees and behind-the-scenes operations. The BTC is transferred directly from the participant to the business.

Also, the openness of the bitcoin network means that you can track where your money has gone to confirm that payment has gone through and avoid disputes.

Conclusion

All in all, RaffleNinja is a new and exciting business model to move into the space. ‘Crypto-competitions’ may well be a large part of the community as people look to not only hodl, but spend, use & enjoy the power of being in control of your own wealth.

We are happy to bring you free tickets for the very first crypto-competition and be part of an exclusive movement. Just use the link raffleninja.com to retrieve the coupon code via the link on the landing page.