When the news broke about Rakuten accepting Bitcoin payments, a lot of speculators expected a massive price increase in the days to follow. As we have seen over the past six years, the Bitcoin price does not respond well to either positive or negative news, and it usually ends up “doing its own thing”. But the most recent rumored announcement regarding Rakuten might shake things up a bit.
Special Discount For Bitcoin Purchases?
The main advantage for merchants to accept Bitcoin payments is the fact they can save quite a lot of money on transaction fees. With credit card transactions being subject to an average fee of 3% on the amount being charged, there is a lot of overhead costs that are to be reduced to nearly zero when it comes to Bitcoin transactions.
One of the elephants in the room remains whether or not major retailers, such as Dell, NewEgg and even Rakuten, will reward Bitcoin customers with some unique promotions and discounts in return. After all, these companies are expanding their customer base and get the benefit of low to non-existent transaction fees. Surely that must be worth something?
According to an unconfirmed rumour – which is coming from an alleged Rakuten.com employee, mind you – there will a 30% discount on Bitcoin purchases during the first week of April. If this rumour were to be true, it would be one of the biggest discounts ever received by Bitcoin customers, ever since NewEgg held their “US*150 off US$500 [or more] purchase” deal in 2014.
Furthermore, seeing as how this rumored deal would only last for a week, it could be a great way for Rakuten.com to test the waters with handling a higher Bitcoin transaction volume. It would also give them a strong indicator on how many people are effectively paying with Bitcoin, and whether or not this trend continues once the “discount week” has passed.
Not The First Time Rakuten Offers Major Discounts
Rakuten.com is one of those retailers who highly value their customers and regularly offer them surprising discounts, depending on which payment method they use. For instance, people using their Visa credit/debit card were recently treated to a US$10 discount per US$30 spent. A quick round of maths will tell you this is almost equivalent to a 30% discount. Seeing a trend yet?
To take things one step further, Rakuten.com has offered a similar deal for Paypal customers as well. For Every US$100 spent on the Rakuten.com website, they would receive a US$30 discount. Once again, that is a 30% discount. It looks like Rakuten will be testing these waters with the same discount percentage on Bitcoin sales in the near future.
Whether or not it will have any influence on the Bitcoin price, remains to be seen. But if this rumor is true, it would make for an interesting Bitcoin experience.