By now you've probably heard the hype surrounding Bitcoin, even if you haven't used it yourself.
The digital currency has been on fire lately, popping up all over the news, hitting a massive spike in value of 50,971 CAD on January 7, 2021, and even gaining endorsements from celebrities like Snoop Dogg and Ashton Kutcher.
Citing investment bank JPMorgan (JPM), Global News has even reported that most millennials are choosing crypto over gold and that, if the trend continues, the currency could potentially hit 185,223 CAD.
But if you haven't invested in Bitcoin or don't know anyone who has, understanding it can seem a little overwhelming. Luckily, cryptocurrency's information landscape is getting a little easier to navigate, and companies — like Montreal startup Coinmiles — are making investing in it more accessible.
Like cashback sites that reward you with points when you shop, Coinmiles is a platform where users can find deals on over 300 well-known brands and automatically receive Bitcoins, instead of regular cash-back perks, when they spend.
Simply tap on a brand on the Coinmiles website or app (available on Android and iOS), shop as usual and like magic, you just got Bitcoin for free. No Ph.D. required.
But before we go any further, here's the lowdown on Bitcoin and why people are jumping on the new crypto-cashback craze.
Put simply, Bitcoin is a digital currency (also called cryptocurrency) that doesn't belong to any central authority or financial institution, unlike traditional currency. Transactions are made with no middlemen — meaning no banks!
There's only a limited number of Bitcoins in the world (21 million) and their value fluctuates based on supply and demand.
Bitcoin can be used to buy clothes, book flights, purchase video games, and more.
But most of the hype is about making big profits by trading it. The price of Bitcoin skyrocketed to a high of over $50,000 CAD as of January 7, 2021.
How Coinmiles Works
Whenever you make a purchase through Coinmiles, you’ll get up to 35% cashback in Bitcoin in your account almost instantly.
Just create an account and click on whichever brand you want to shop with. That's it.
You'll get redirected to that brand's website and you'll automatically get rewarded after each qualified purchase. Here's an easy-to-understand example below:
Before Coinmiles: You visit Sephora and buy makeup worth $100.
With Coinmiles: You visit Coinmiles and click on Sephora. You buy makeup from Sephora worth $100 and your purchase is eligible for a 2.4% reward. You'll automatically collect $2.40 worth of Bitcoin in your wallet on the app.
Coinmiles' ability to afford giving out free Bitcoin all comes down to their commission structure.
Whenever you click on a brand through the app and make a purchase, that brand pays Coinmiles a commission. Instead of keeping the commission all to themselves, Coinmiles shares it with you, using it to buy Bitcoins that they put in your wallet.
And when you want to cash them out, they'll send money straight to your bank account (or to your own Bitcoin wallet, of course, if you already have one).
Oh, and if the price of Bitcoin goes up, the money in your wallet goes up too. A $2.50 reward can fluctuate and eventually turn into $5 or even $20 depending on the market.
Why It's Easy
With Coinmiles, you can forget about all the tech lingo associated with Bitcoin.
As the Canadian company explains it, "In the same way you don’t need to understand the mechanics of a car to drive it, you don’t need to understand how Bitcoin works under the hood to own some."
What You Can Get With Bitcoin
Coinmiles has partnered with over 300 brands like Sephora, Home Depot, Walmart, AliExpress, HelloFresh, Microsoft, Nike, Shoppers, Kiehl's, and many more so that you can always use it to shop at the places you love.
From travel and tech to fashion and furniture, you can earn Bitcoin rewards on everything you need. You can check out their full listing here.
With airline rewards and other loyalty points often decreasing in value over time, the newer generation of customers —including a lot of young professionals — are increasingly attracted by Bitcoin.
Bitcoin is digital money that's on fire (in a very good way) right now.
Coinmiles is a platform that rewards you with Bitcoin when you click on a brand through their site or app and then shop at that brand.
If you're comfortable with loyalty points, you'll be comfortable with Coinmiles.
The best part? It's completely free for everyone. Once you sign up for a free Coinmiles account, you can shop as you usually would and effortlessly receive rewards in Bitcoin on every purchase. No coupons and no extra effort required.