You’ve heard of paying for products online using Bitcoin, but have you heard of being PAID in BITCOIN for buying products online?
You may have used a cashback service before, one that rewards customers for choosing to shop with a particular brand, by refunding them a percentage of the overall price. It’s sort of like a sale, but instead of cost being taken off the product, the saving is sent back to you after you’ve purchased it.
Often, cashback payouts sit at around 1% – 10% of the overall price, but in some instances you may see cashback offers as high at 50%, and more.
Coinback is a new service that aims to reinvent this industry, one that pays back a percentage of your total bill, not in cash, but in Bitcoin.
On the surface, this seems to be available to US customers only, however its a platform that can be quite easily replicated worldwide.
How does it work?
It’s pretty simple, you download the Coinback Google Chrome extension, link it up to your Bitcoin wallet and then shop, when a cashback offer is available, the extension will do the work for you, taking the payment (in FIAT) before re-issuing crypto back to you.
According to cnet:
See more for yourself, here.
Therefore, is this the future for Bitcoin investment?
If you think about it, this does encourage an interesting new investment opportunity. People may not be willing to invest their own money into cryptocurrency, but could see this as a way of getting into Bitcoin investment, without the hassle or the risk. In essence, it’s actually a risk free platform because the Bitcoin payments are an added extra. Okay, it’s paid to your out of an amount of money you used to purchase a product, but, you still receive the product. You paid full price for a product and in return are gifted with an investment, that has the capacity to grow.
Imagine racking up $100.00 worth of Bitcoin through cashback buying, and then that $100.00 shooting up 10% in a week, 25% the week after? It’s possible, and could provide new customers with a very lucrative entry point into the industry.
Moreover, this is good news for the rest of us because it encourages further movement for Bitcoin, more buying and in theory, greater value.