Ways to earn Bitcoin when spending fiat

bitmover

legendary

Activity: 2212

Merit: 5622

Non-custodial BTC Wallet

Quote from: Poker Player on March 31, 2022, 01:49:22 AM

I'm not too keen on these systems.

In the same way that I don't spend a penny with credit cards to get air miles. The rewards are very low, and in most cases people end up spending more than if they were not offered rewards, so, using a mathematical simile, it's EV- for them.

For example in BlockFi you need to spend $1k to get $15 (plus possible bonus). For that I prefer to take the $15 (or $20) and buy Bitcoin directly.

I tend to agree.

If we try to chase all those offers and promotions you end up getting 10 bucks and wasting hours. Sometimes even buying things you don't really need.

Sometimes those promotions may be a good deal. But our time looking for those are worth more than those "cashbacks".

They are similar to airdrops.. not worth in the long run.

avikz

legendary

Activity: 3024

Merit: 1496

Quote

Also, note that you are probably giving up some privacy when using these tools (although this is true by using any fiat card).

Exactly so! Have you ever wondered how these Loyalty and rewards programs make money? They are not charities that will give you a cashback on your fiat purchases! Remember, when something comes for free, then you are the product and that's exactly the case here. These companies make money on user data monetization. Do a quick google search and you will understand how deep these things run within the internet. Everything that is free in the internet that offers you rewards for free, makes money out of your data.

These programs are linking your fiat data with your crypto data which has varied use cases. Government could be one of their primary buyer if they are able to scoop up sizable amount of data. So personally I wouldn't suggest anyone to use such services if they are serious about their privacy. Otherwise, it's all fine!

Poker Player

legendary

Activity: 1372

Merit: 2013

I'm not too keen on these systems.

In the same way that I don't spend a penny with credit cards to get air miles. The rewards are very low, and in most cases people end up spending more than if they were not offered rewards, so, using a mathematical simile, it's EV- for them.

For example in BlockFi you need to spend $1k to get $15 (plus possible bonus). For that I prefer to take the $15 (or $20) and buy Bitcoin directly.

nullama

hero member

Activity: 952

Merit: 938

Since we're still in a fiat world in most countries, we need to pay for goods and services with fiat. If you're using a card for every day purchases, might as well get a card that gives you some sats along the way.

I'm not talking about cards that allow you to spend Bitcoin, but cards that give you some sort of cash back incentive in Bitcoin after you purchase something in fiat with it. Also, there are some services that provide cashback in the form of Bitcoin, called satsback.

Note that I'm not endorsing these products, I'm just sharing what I think is a reasonable deal. There's a lot of scams out there, and many platforms are basically useless because you can't really get the BTC out of it. These ones I think are at least useable, but let me know if you think otherwise about them and I'll remove them from the list. Also, note that you are probably giving up some privacy when using these tools (although this is true by using any fiat card).

Here's what I've found so far:

Name	Who can get it?	Rewards	Fees
BlockFi Rewards Visa® Signature Card	US residents in qualified states (NY is excluded)	1.5% in BTC on every purchase + bonuses	No fees on card, one free withdrawal per month, 0.00075 BTC each after
lolli	US Residents	Depends on the store	Withdrawal fees(prob. miners fee)
Any card + Shopa Save + Coinjar	Australians with a Visa or Mastercard debit/credit card	Depends on the store	Coinjar withdrawal fees
satsback	Anyone that buys online	Depends on the store	No fees, rewards are paid with lightning

Feel free to add suggestions if you know of any other one.

Topic: Ways to earn Bitcoin when spending fiat (Read 79 times)