LIFE LEADERSHIP C4 PROJECT: WHAT ARE DIBS?
What are DIBS? DIBS is a virtual currency, created by Life Leadership, as a medium of exchange between customers and participating businesses. It is an acronym that stands for Dollars Into Bitcoin Satoshi's.
You may be wondering how this program is legitimate and how it works. If you are, keep reading to find answers to all the questions you may have about this program.
Here Are Some Of My Recent Experience Using The Life Leadership App...
We ate at Chili's and were credited 5.4% cash back on our meal. (About $2)
I bought some painting supplies at Home Depot and was credited 5.4% cash back. (About $2)
I bought some windshield wipers at Autozone and was credited 2.7% cash back. (About $1)
My wife bought a gift card at Barnes and Noble and was credited 3.0% cash back. (About $1)
***I was going to buy this stuff anyway...why not save some money???
But There Is More...
All of these credits were automatically stored in our Life App e-wallet which could then be used for:
- Future purchases at participating stores.
- Converted into cash.
- Converted into Bitcoin
Before We Jump Into The Details About DIBS...
It will be helpful for you to know that Life Leadership has established a mobile shopping platform which is partnered with hundreds of nationally recognized retailers. Customers like you and I gain access to this exclusive shopping platform by downloading a free app, and using the app to save 3-10% on purchases that we would otherwise make anyway. Additionally, customers are also rewarded with DIBS when purchases are made using the Life App Wallet.
Read "Life Leadership C4 Project: A Real World Crypto Use" for details about the Life Leadership mobile shopping platform.
What Is The Purpose Of DIBS?
DIBS allows the customer to save money on each purchase, and then easily convert it into either cash or cryptocurrency. In addition, using DIBS allows the user to make purchases at participating stores by using either traditional currency or cryptocurrency.
How Do DIBS Work?
DIBS are basically an intersection between traditional business and the emerging virtual currency market (cryptocurrency). They basically allow the customer, and business, to deal together with either paper money or digital money. In addition, purchases made using the Life App Wallet is more secure because none of your personal customer information is transmitted in the transaction process.
Are The Transactions Easy?
For the most part the transactions are simple. It is the same as using a gift card to make your purchase. Most of your purchases can be completed by simply letting the cashier scan the barcode. However, sometimes you will need to give the cashier a gift card number which is generated through the app to manually enter. This can be a little inconvenient but still very simple to use.
What Is The Transaction Process?
You will need to start by downloading the Life App. You can download it HERE if you are interested and then finish setting up your account.
Once you are in the store, or company website, the transaction looks like this...
- Open Life App and click "Shop Now."
- Choose the business where you are shopping.
- Enter and Submit the Exact dollar amount of your transaction into App.
- Give barcode to cashier to scan and complete transaction.
***Just tell the cashier that the transaction is processed in the same way as using a gift card.
Why Are DIBS Better Than Using Credit Card Or Debit Cards?
Credit card companies collect your personal data and are a centralized location where millions of people's data are stored. Having all this sensitive data in one place is an easy target for hackers. DIBS allow for the exchange of digital tokens which does not require your personal information to be transmitted in the first place. The obvious advantage is a higher level of security for your transaction.
Why Would Businesses Offer Savings AND Pay Extra DIBS?
There are two main reasons companies will compensate the members of this community.
Companies no longer have to pay as much in advertising costs because they already have a loyal community of buyers.
DIBS eliminate the need for businesses to pay credit card processing fees for each transaction. These savings can then be passed back to the customer
Is DIBS Built On A blockchain?
No. DIBS are digital token that represent value and are exchanged through encrypted transactions. They do not require validation and consensus through a decentralized ledger in the same way as blockchain transactions.
Why Dibs Are Good For The Cryptocurrency Industry?
DIBS creates a stable, and consistent, medium of exchange between merchants and customers. Without a currency like DIBS, retail merchants who want to accept cryptocurrency are exposed to highly volatile price fluctuations DIBS helps solve this problem by creating a stable value of exchange between merchants and customers.
How To Transfer From DIBS To Cash?
Once you have accumulated DIBS in your wallet simply click the button that says "Withdraw Money" and follow the transaction instructions.
How To Transfer From DIBS To Bitcoin Or Other Cryptocurrency?
Once you have accumulated DIBS in your e-wallet simply click the button that says "Convert To Bitcoin." You will be required to either set up a Coinbase account or link your existing Coinbase account to your Life ewallet. Once your account is established you can purchase Bitcoin with the savings you have accumulated from your everyday purchases.
Is There An Advantage To Accumulating DIBS In Your E-wallet?
Yes the higher amount of dibs you hold in your wallet the higher percentage of cash back you will receive on purchases. In addition, the higher your ewallet balance the higher percentage of DIBS you will be rewarded with. See Chart Below for details.
Is There A Limit To How Many DIBS You Can Transfer?
There is no limit to the amount of DIBS that you can transfer into Cash. However there is a limit, based on Coinbase thresholds, for the amount of cryptocurrency you can purchase using DIBS in one day. This amount varies depending on how long your Coinbase account has been active and your account history.
What Is Next For DIBS And The C4 Project?
Phase three is said to have the ability to use dibs for your purchases with participating partner stores. This will also cut out extra fees processing fees and therefore allow Merchants to offer even higher discounts. This is scheduled for release sometime close to Q3 of 2019.
How Do You Get Started Saving Money And Earning Cryptocurrency?
You can download the Free App ---->>>> Life App
The Life Leadership C4 project continues to grow and improve. With the introduction of DIBS as a stable medium of exchange in retail transactions, the C4 project is helping to transform how business will be done in the near future. By building an ecosystem in which middleman costs are eliminated, and the customer is rewarded for their loyalty, Life Leadership has built a great win / win environment for all participants. This is a great service for the average consumer, participating business, and cryptocurrency as an industry.