Purse is the Earth’s largest marketplace, with the lowest listed price on virtually everything online. Purse’s endless pursuit of frictionless marketplaces is making global commerce flatter with the one currency that can truly be accepted, anywhere, bitcoin.
As you already know, Purse.io provides the best discounts on all of your Amazon purchases. We think we’re the best place to shop and get savings online, but how exactly do all the numbers add up?
We are always keeping a close eye on the average discount and order wait times, so we wanted to see how that data accumulates over time for a typical user. A Purse crew member wrote about their experience to show you how Purse savings look over time.
It’s been almost 6 months since I started using Purse. I took a look at my shopping data, and to my surprise, I have saved over $200 shopping for stuff I need at home!
Above is a summary of 6 months of Purse order for typical household items. It’s awesome to see that there have been almost $200 of savings (20%)! Also, at the time tis data was collected, 1 active order of 100$ with a 28% discount was on the way.
I was surprised as to see that all orders except 1 took less then a day to get picked up by an earner!
The average time from order placement to delivery was 6 days, which includes the time it takes for the earner to pick up order and the shopper confirming that the order has been delivered.
2 orders had a delivery time of 2 days, 1 order was delivered in a day, and the rest of them took an average of 5 days.
We believe that this data shows that a big part of the value that Purse provides to shoppers is not just the best discounts on your orders, but also huge savings over time!
We look forward to sharing more data with you to help inform your purchases, so you can keep racking up the savings.
Check out our website to learn more about shopping or earning on Purse. If you have thoughts or suggestions about what you’d like to see from us next, leave a comment below or join our Reddit community to share ideas.
Pro-tip: If you think Purse is great, you’re going to love using this Chrome Extension that lets you add items to your Purse cart directly from Amazon!
A Friendly Intro to ⚡ Lightning NetworkThe current state of Bitcoin’s exciting layer-2 project
With all of the attention fixed on the price of Bitcoin lately, many people forget that there is still lots of behind the scenes work being done.
One of the most exciting developments in Bitcoin, and cryptocurrency in general, is payment channels, often referred to as the “Lightning Network”.
Many of us probably remember the infamous hard fork last fall that resulted in Bitcoin forking into Bitcoin and Bitcoin Cash. That fork was a result of a disagreement about how we should scale the bitcoin network to handle a worldwide volume of payments. The Bitcoin folks wanted to keep the number of transactions per block low, to enable anyone to run a “full node”. This results in more decentralization at the expense of higher transaction costs. The Bitcoin Cash folks, instead, advocated for larger blocks with lower transaction fees at the expense of some centralization.
Developers contributing to Bitcoin then put forward a proposal for a second layer network to sit on top of the bitcoin network, which would enable the exchange of cryptocurrency between two parties without having to write the transaction into a block. This network is called the ⚡ Lightning Network.
How does it work?
Two parties create a payment channel by sending a transaction to the network where a certain amount of money is reserved on both sides for payments between the parties. As soon as the channel is created, these two parties can exchange transactions without sending a transaction to the network.
Instead, the two parties simply pass a temporary transaction back and forth, updating the transaction every time the balance in the channel changes. When one of the parties closes the channel, only one transaction gets written to the blockchain. At every point in time, both parties are guaranteed to at least get the last value of the channel that they both agreed on.
And since these channel transactions don’t hit the blockchain, they aren’t subject to transaction fees from the miners- just tiny fees for any intermediate parties they use to route transactions.
In effect, we have instant, practically free, unlimited transactions.
For a deeper dive into this technology and how it is also used to swap coins across chains check out bcoin’s Cross-Chain Atomic Swaps guide.
What’s happening with Lightning Network now?
Several teams of developers have been working on implementations of the standard Lightning Network design, among them are the C-lightning project and the LND project. They are at various stages of progress, but the important thing to know is that all Lightning Network implementations are still in beta. And because things are still in beta, there is a hard limit to how much money you can put into a payment channel because they don’t want people to lose money.
LND released a major version 0.5 in early November, and C-lightning released a 0.6 version in June.
Though, despite these limitations, the proliferation of Lightning Network nodes has skyrocketed recently, to over 15,000 open channels holding more than $2 million worth of bitcoin. Companies like Casa have made it super easy to join the network by selling Lightning nodes that come pre-loaded with a recent copy of the blockchain for an ideal user experience.
The number of Lightning Network channels is steeply increasingWhen will the Lightning Network reach wide adoption?
While the concept is fairly simple, the implementation of the Lightning Network is complex. All of the infrastructure has to be built from scratch. Not only do we have to make the peer to peer transactions to work, but all of the components — wallets and nodes — have to be integrated. And there are big challenges.
One of the biggest challenges is figuring out how to route payments across a network where connections, balances and channel capacity are constantly changing. If Bob wants to send money to Alice, the network has to calculate a pathway through intermediate nodes, managing capacity and any transaction fees charged along the way.
Right now, Lightning nodes have to run “full nodes”, or wallets that download the full blockchain, often hundreds of gigabytes. They also have to stay online 24 hours a day to prevent theft of funds that are in a channel. This is all very inconvenient.
Just being rolled out are solutions to these inconveniences. For example, LND has just integrated a “light client” called Neutrino which allows someone to use the Lightning Network without dedicating a whole hard drive to store the blockchain.
Watchtowers add security to the Lightning Network
Also being introduced soon is the concept of “watchtowers”. Watchtowers are services that sit and observe the blockchain for someone attempting to cheat a payment channel. In return for a tiny fee, watchtowers stay online so you don’t have to.
And these are only a couple of the many improvements coming up!
In fact, Lightning Network engineers recently met for a conference to decide what the feature set for the next release might be (Lightning 1.1). Here are some things they came up with, summarized by the Bitcoin Optech newsletter:
Multi-path payments — Being able to break up one channel payment into several and route them different ways
Dual funded channels — Enabling channels to work in both directions instead of just one
Splicing — Adding new channels in parallel to increase the capacity of a channel.
Wumbo — Removing the capacity limit on channels
Hidden destinations — Being able to publicly route a payment to a private channel.
As we work our way through the end of the Bitcoin price cycle, the groundwork is being laid for massive improvements in utility. As the implementations reach version 1.0, there are parallel efforts to partner with standards organizations to make Lightning a ubiquitous feature on the web. For example, the W3C is working on a browser payment standard for the Lightning Network.
Much hard work is yet to be done, but the future is bright. ⚡
If you’re a merchant in crypto and interested in outlining a specification toward LN adoption, please reach out to email@example.com.
We’re now 6 days out from Black Friday. We know many of you take advantage of Purse savings to magnify deal prices. Now, we’ve made it even easier to do just that.
This Chrome Extension connects with your Purse.io account so you can add items directly from Amazon. While you’re browsing on Amazon.com, the extension will drop a “Buy With Bitcoin” button onto the product page. Simply click the button to add the item to your Purse cart. No more copying amazon URLs or product ASINs over to the Purse search box!
No Stress, Just Savings: How To Get The Best Deals on Black Friday
We know you’re tired of getting yet another post about Black Friday.
The good news is we don’t need to push some shiny marketing scheme; Purse shoppers always get the best deals on their Amazon purchases every day.
So, we’re here to help you leverage those deals along with Amazon’s Black Friday & Cyber Monday promotions so you can get that new mining rig, laptop, VR headset, or smartphone you’ve been dreaming of.
Last year, Black Friday shoppers were able to save tens of thousands of dollars on their Amazon purchases using Purse, with NYD discounts averaging 13%. By analyzing the data, we were able to identify the best discounts for shoppers to choose in order to get their Amazon items at the best possible prices.
1. If you are buying a lightning deal, you’ll want to choose Buy Now at checkout.
The reason for this is that lightning deals only last a few hours. If you choose NYD, you’ll risk your order being on the books too long for the deal to apply. So, in order to guarantee the sale price, choose Buy Now and get your order filled right away.
2. For non-lightning deals, we recommend NYD discounts between 5–15%
If you’re ordering an item that’s not a lightning deal, we recommend discounts no higher than15% to ensure that your order is picked up by an earner, and processed quickly.
3. Don’t put lightning deal items in the same cart with other items
This will keep your buying process more streamlined, as well as allow you to choose the best discount on the different items based on when you need the order placed by an earner.
That’s all for now! Make sure you keep an eye on our instagram, twitter & reddit for more tips, deals, and updates.
Black Friday is one of the biggest annual events in e-commerce. Purse will see a huge increase in order volume on Black Friday, which means a huge opportunity to earn Bitcoin and Bitcoin Cash using any payment method that Amazon accepts. So, we’re here to help you with the best advice on how to maximize your crypto earnings.
We’ve been crunching the numbers from past years, and we’ve been seeing an 80% increase in orders between Black Friday and Cyber Monday compared to a typical weekend. That means there are huge earning opportunities coming your way! You can also follow these tips to level-up as an earner, getting you increased transaction limits & order sizes.
1. Make sure you have the right gift card balance to accept as many orders as possible
In the past, orders averaged $100–160. If you’re prepared to pick up this average order amount, you should be good to go!
2. Don’t forget about the new shortened time limit for accepting an order
Earners have 10 minutes to place an order on Amazon after it has been picked up. This means you should be ready to place an order as soon as you’ve confirmed it on Purse. Having a low flake rate will also get you to a higher earner level, getting you even better rates and limits.
3. Get Amazon Prime
Not only will this get you a better rating as an Earner, it will also get you paid out faster as shipping times will be quicker. If you haven’t tried it yet, Amazon offers a 30 day free trial.
4. Apply to be a VIP earner
Earners who have more than 15 completed transactions, a high order success rate, and proof of Amazon Prime, are eligible to become VIP Earners. Earners at the VIP level access the highest order values and transaction limits! If you think you might be eligible, message firstname.lastname@example.org and we’ll get you set up.
That’s all for now! Make sure you keep an eye on our instagram, twitter & reddit for more tips, deals, and updates.
As part of the Bitcoin Cash (BCH) roadmap defined by bitcoincash.org, every six months the network will hard fork for scheduled protocol upgrades. This next hard fork is scheduled for November 15th, 2018, and will be supported by Purse.
During the upgrade, Purse will pause all BCH deposits and withdrawals, beginning on 11/15, at 8am PST. Once the network upgrade is complete and meets minimum security criteria, Purse will re-enable Bitcoin Cash. During this pause your funds will be safe; Bitcoin and any existing Bitcoin Cash wallet balances will be available to use on Purse.
If you wish to load your wallet before the fork, visit Purse.io.
Our motto at Purse is to “make crypto useful.” And we mean it! Our goal here is to create an exchange for people who love cryptocurrency, want to use it, and want to see the movement grow. We are passionate about providing that exchange possibility and giving cryptocurrency a functional role in society rather than just an asset to buy and sell.
Who benefits from using Purse?
Maybe you want to use their coins to purchase technology for a discount. Or, maybe you’d rather earn cryptocurrency by liquidating Amazon gift cards for Bitcoin/Bitcoin Cash. Whichever the scenario is, Purse wants to be there to help.
And, without further ‘ado, here are the top 10 reasons you should shop on Purse:
1. Use Your Digital Currency For EssentialsPsst… HODLing doesn’t make necessities show up.
We all know that you’ve been holding that spare Bitcoin from a few months back. Put your Bitcoin to good use and buy the items you’ve got to purchase anyway (like food, clothing, electronics). Purse and Amazon are here to help you use your crypto for necessities in everyday life.
2. Earn Cryptocurrencies
As an Earner, you can sell your unused Amazon gift cards for Bitcoin or Bitcoin Cash.
If you think about it, this is a great alternative to mining.
3. Get an Amazon Discount
5% to 33% in savings on Amazon purchases. Want that new laptop and you’re willing to wait for a killer discount?
Our average discount is 18% right now.
4. Use Bitcoin CashSupport your favorite Bitcoin Fork
Purse is an online marketplace that enables anyone to get up to 33% off anything on Amazon by naming their own discount and paying with cryptocurrency.
However, it goes a little deeper than that.
The Two Problems
In order to fully describe what Purse does, let’s begin with two different problems on two different sides of the (Bit)coin:
Amazon does not currently support Bitcoin/Bitcoin Cash transactions.
Cryptocurrency enthusiasts want to find quick, non-mining alternatives to obtaining cryptocurrencies.
Purse is an online P2P marketplace that enables crypto enthusiasts to either:
Shop and use Bitcoin/Bitcoin Cash to save money on Amazon
2. Earn Bitcoin/Bitcoin Cash by selling Amazon gift cards to Shoppers on Purse
Purse provides the platform for this exchange and benefits by getting a small fee from the purchase.
There are two different discount options for shoppers to take advantage of
At 5% off, Purse instantly buys your items. This is the quickest delivery option.
“Name Your Discount”
Choose a discount of 6–33%, then you will be matched with an Earner who fulfills your order.
The Shopper/Earner RelationshipShopper side:
Shoppers give Earners a usable, growing currency in exchange for savings on Amazon using digital currency.
Shoppers could be:
Crypto-users that see value in creating utility for digital currencies
Money-savers that want to make large purchases in bulk with discounts
Earners give Shoppers a great discount because they want to liquidate Amazon gift cards and earn cryptocurrency. They are betting that the market will work in their favor to leverage their earnings.
Earners could be:
Contractors that get paid for small jobs in Amazon gift cards
Amazon gift card holders that received their cards as gifts and want to turn them into profit
Earners that gained Amazon Gift Cards by buying them directly from trusted sources
Cryptocurrency enthusiasts that want to earn Bitcoin or Bitcoin Cash without mining it
Delivery Time and and Tracking Procedure
How do you get your tracking information and how long can you expect to wait for your orders?
“Buy Now” orders from Amazon are purchased and processed by Purse. The delivery time you can expect is equivalent to ordering directly on Amazon Prime.
“Name Your Discount” delivery time consists of the time it takes for the Earner to pick up your order (fulfillment time) and the time it takes to deliver it. Fulfillment time can depend on the discount rate, order value, and crypto marketplace.
Pro tip: If you want the biggest discount and you’re willing to wait several weeks for your order, choose a discount of 20–25% off.
What do you prefer? Fast delivery or a cheap price?Tracking
If the order is shipped via UPS, USPS, DHL, or FedEx, Earners provide the tracking number to Purse who sends the tracking number to you. If the order is shipped by Amazon, Purse receives the tracking number directly.
Shopping on Purse: The Complete Process of How to Make Transactions
Now that you know the background of the Shopper/Earner relationship and discount tradeoffs, let’s walk through all the steps it takes to make a successful transaction on Purse, and get you that much closer to buying tech on Amazon using Purse.
If you select the “Buy Now” 5% discount option, your order will automatically be fulfilled by Purse with the fastest delivery times and no additional Purse fee attached.
If you select the “Name Your Discount” option, you are able to receive up to 33% in savings. However, a caution: the higher you set your discount, the higher estimated delivery time, and the higher the Purse fee.
Step 3: Select Your Shipping Options
Provide the address where you’d like your item to be shipped.
Step 4: Review Your Order, Shipping Information, and Payment InformationStep 5: Select Your Payment Options
Don’t have cryptocurrency yet? Click here to learn how to buy it!
If you already have enough cryptocurrency in your Purse wallet to cover the order this step will be skipped and your order will be placed. You can set your preferred coin to spend first on your account page.
Otherwise, press “Continue” to the next page where we request that you send your BTC or BCH to your hosted Purse Wallet.
Warning: If you send funds here, the writer of this article will receive it. ;)
After arriving, the funds for your order will be held in escrow and your order will be listed on the Purse order book for an earner to pick up.
Additionally, you can make purchases with other digital assets besides BTC and BCH using the Purse ShapeShift integration as shown below. More on that later.
Step 6: An Earner Accepts Your Order
Once an Earner accepts your order, they will place the order with Amazon and inform Purse of the order id.
Step 7: Order Tracking
Your order will be updated with relevant shipping information as soon as Purse gets confirmation from an earner. Purse will let you know once your order has a tracking number, is sent, and delivered to the address you selected in the checkout process.
Step 8: Receive Your Amazon Item in the Mail
You just used crypto to save money on Amazon. Say Whaaat?!
Make sure to confirm your package as soon as it arrives so the earner who fulfilled your order can be paid promptly.
When Purse.io was created, it immediately synced with Amazon.com’s policies and shipping capabilities. Within these policies, Amazon.com is able to ship to many places inside the U.S. and outside the U.S. for an additional shipping fee. For a helpful snapshot of available locations, view the full list of destinations & rates here.
Don’t have BTC or BCH? Use any of your favorite tokens with ShapeShift
ShapeShift.io is an instant digital asset exchange service. It allows the shopper to take one digital asset and instantly convert it to another one. The way this works is that ShapeShift will take the shopper’s currency, convert it to Bitcoin, then send the converted coin back to Purse.
With the ShapeShift integration, Purse can accept more than 30 different digital assets including:
Purse charges a fee for “Name Your Discount” orders based on the set discount. Purse will always display the fee that applies for your order. See below for the fee schedule.
Long Shipping Times
If the Shopper selects an item with a long shipping time, it may prompt Earners to cancel the order. If the order is cancelled, it will be sent back to the Purse order book for the next Earner to pick up.
To ensure the fastest shipping, only order items that are currently in stock and be sure to note the estimated delivery time that’s listed for that item. It is most ideal to select items with a 5–7 day shipping time or less.
High Discount Rates
If the Shopper places an order with a request for a high discount amount (more than 18–22%), the Shopper will need an Earner to accept that discount. There is a high likelihood that most Earners will be hesitant to fulfill a high discount order because they will be accepting payment at a lower rate.
For example, an item with a desired discount rate of 25-33% may take up to a month to be picked up by an Earner. (But… imagine the savings!)
Popular Products and Discounts
Buying Tech with Amazon
Here are the top Purse shopping categories. Our records show that many of our users enjoy getting discounts of 18% on items such as laptops and phones. A close second are those interested in PC parts, such as video cards, motherboards or monitors.
“Balance” and “Buzzed” are categories in which shoppers can buy products that help facilitate their busy life schedule (premium coffee, mmmm), or help them rewind from their day (aromatherapy essential oil diffuser, anyone?)
The hierarchy in terms of popularity looks like this (1 being the top visited)
The value of Bitcoin and Bitcoin Cash is volatile. We know this. Here are two ways that the market fluctuation can go in your favor, even if the value of your crypto changes.
Shop and Save, Even When the Price of BTC is Down:
In this case, we can see that the shopper put in an order with a “Name Your Discount” price of 25%. Although the price of BTC changed before an Earner picked up the order, the Shopper still walked away with 23.5% savings on a photography lens.
Gain Extra Earnings When BTC’s Value Rises:
The fun part about using Purse are the potential savings when the value of Bitcoin rises. The final discount that this shopper gained was comparable to 37%, an unexpected 16% total discount increase!
Top 10 Reasons to Shop on Purse:1. Use Your Digital Currency For Essentials
We all know that you’ve been holding that spare amount of Bitcoin from a few months back. Put your Bitcoin to good use and buy the items you’ve got to purchase anyway. HODLing doesn’t make food and clothes show up!
2. Earn Cryptocurrencies
As an Earner, you can sell your unused Amazon gift cards for Bitcoin or Bitcoin Cash. if you think about it, this is a great way to get access to your crypto faster than almost all other methods.
3. Get Discounts on Amazon
5% to 33% in savings on Amazon purchases. No sales windows, no limitations.