They want to accrue bitcoin instead of credit card bonuses
Bonus bitcoins will be credited for purchases in dollars
Fold’s partnership with Visa will speed up the process
Other Cryptocurrencies May Follow Fold’s Example
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One of the most attractive features of credit and debit cards is the reward. Consumers can earn points by making purchases, which they can then use as cashback, gift cards or other discounts.
This product has been an integral part of the financial world for many decades. However, cryptocurrencies can open up this sector from a completely different side..
Reward in the form of bitcoins
Imagine paying with a debit card and receiving BTC as a reward. This is an interesting idea that is currently being implemented..
San Francisco-based payment app company Fold has joined the Visa FinTech Fast Track fintech program, according to Forbes.
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Fold plans to issue a Visa debit card that will charge up to 10% for cash purchases [Forbes]. In fact, this would mean bitcoin could replace traditional bonus points..
This idea has received significant support. Fold found that 90% of 90,000 users would be willing to receive rewards in BTC. Since people are interested in hoarding bitcoins rather than spending them, this could lead to wider acceptance of bitcoin..
As Fold CEO Will Reeves told Forbes, “If people don’t see Bitcoin as money yet, they will certainly see it as their best reward.” Better yet, the BTC reward will not be taxed as nothing is being sold..
Although Bitcoin has stalled since 2017, wallet sizes continue to grow. In February of this year, the number of cryptocurrency wallets tripled in just three years. Opinion polls show that there is also a lot of interest in cryptocurrency among young people.
Recognizing Bitcoin and cryptocurrencies in general has proven to be a challenge. Some apps have tried to include it in custom apps to make it easier for them to pay. Others hoped the Lightning Network protocol would provide the scalability bitcoin needed for mainstream adoption. However, all of this had only limited success. Most people just don’t want to spend BTC, and the Lightning Network has failed to meet the expectations of users.
The reward model is another attempt at introducing bitcoin, and it is also the most promising. This is due to the fact that it fully fits into the concept of long-term storage of cryptocurrencies. And this principle is easy to explain to ordinary people who use credit and debit cards..
Development is still in its infancy, but if Fold succeeds, other cryptocurrency startups can be expected to follow this path..
Would you be interested in receiving bonuses in bitcoins on your credit card? Do you think this will lead to the popularization of cryptocurrencies? Share your opinion in the comments.
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