It's OVER....I'm no longer using non-crypto credit cards!!!
I've stopped using non crypto credit cards!!
Blockfi released a bitcoin rewards credit card which essentially earns 1.5% in bitcoin for every dollar spent. To be clear it’s just like any other credit card where you spend dollars BUT you receive rewards in bitcoin (instead of cash back or airline miles etc)
This is probably the lowest risk on-ramp to bitcoin out there. You’re literally spending money on everyday purchases which you would anyway but earning bitcoin for it!!
Further at the 1.5% bitcoin reward to every dollar spent would mean that if bitcoin goes 66.67x essentially every purchase I make on this card is completely free :) and if not, well I was spending on things I needed to spend anyway…
So… let’s go Bitcoin rewards!! Let’s also remember that virtually every other typical reward asset (cash back, airline miles, hotel points etc) depreciates in value while bitcoin appreciates in value. Bitcoin… has appreciated on average more than 200% annually for the last 10 years.
Enough said…here’s the low down
A blockfi account
A blockfi bitcoin rewards credit cards
The rest of the story - How it works
1. First I had already downloaded the blockfi app and signed up for a blockfi account
2. I applied and was approved for the blockfi credit card
3. I used the blockfi rewards credit card to make several purchases. Here is a sample view of various transactions as displayed on the app.
4. As i used the card i earned rewards points and once a month blockfi converts those reward points to bitcoin which then sit in my blockfi account.
I now find it very hard to justify using any credit card other than this one that pays me back in bitcoin.
How it needs to get better?
Well... they can always increase the rewards rate =)!!!
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!!