Buy Ice Cream and Earn Bitcoin...what say you?
Difficulty Level - Easy
Its our Eight post in the "I did what with crypto" series...
In our first post (click here)... we bought skittles from a physical store
In our second post (click here)... we went online shopping
In our third post (click here)... we paid rent to my landlord..
In our fourth post (click here)... we donated to the red cross
In our fifth post (click here)... we used dogecoin to buy Ice cream
In our sixth post (click here)... we used paypal's pay with crypto feature
In our seventh post (click here)... we bought starbucks with bitcoin (using baakt)
In today's post, we share our experience earning bitcoin rewards with a Coinbase debit card
Coinbase (Debit Card)
In N Out burger... or really anyone that accepts debit cards
The rest of the story - How it works
1. I signed up for coinbase's debit card here
You will probably end up on a waitlist for a little while as it took a few months before my number was called! But once they got to me... submitted the required information and they mailed the debit card to me.
2. The debit card is just like any other visa debit card you would get from your bank, with the BIG exception that it allows you to use crypto to spend crypto in your coinbase wallet instead of dollars.
The card details are embedded as a section within the Coinbase app
3a. You get to choose which crypto you want to spend... In my case i chose to spend USDC, although there are a number of other options including Dogecoin, Bitcoin, Aave, Algorand etc...
3b. You also get to choose which crypto you want to earn rewards in.... I chose bitcoin... (There were only two options at the time i signed up... Bitcoin or Stellar)
4. I bought some ice cream at In N Out... using the debit card and received a 1% reward on
the transaction. I spent $2.81 and earned $0.03 (approx 1%) in bitcoin
The world of crypto and regular currency are slowly coming together. There is a long way to go but a day is coming where crypto and regular currency are used interchangeably without too much complexity. I also love the fact that we are earning a rocketship asset like bitcoin for spending money on everyday things... Bitcoin rewards beat airline miles or hotel points any day!!
Oh and... one honorable mention is the blockfi rewards credit card found here. I'm still in the process of getting approved for this, so look for a post in the future about my experience with this.
How it needs to get better?
Well it could be better with a better than 1% rewards rate :), also others might want a few more options for rewards beyond just bitcoin and stellar... maybe add the option of earning ETH and other crypto. One more thing could be allowing a user to spend "dollars" (i.e. not crypto) and earn crypto. But I just generally loving having a card that earns me rewards in crypto.
Leave me a message, or better... go do something... anything with crypto and tell us about it...maybe we will even post your story in this series!!