The Revolution Is Real - Crypto Slowly Gaining Grounds As Spending It Becomes Easier
I'd say things are slowly moving into place even though not so many are paying attention. Crypto had been known by some to be some shitty internet scam, frankly if I told some oldies about it as an investment option, I'd prolly get the company of the cops in no time, they ma tell 'em am some kinda fraudster, I pretty much know that this isn't new and everyone probably knows the risk of even talking about it in certain environments.
That said, it takes a really long time for a dummy to realize he's stupid and they are better things to do with his life than shit around being a retard that everyone fucks with. This is the lonely and sad path humans follow, so a huge percentage of the world is dominated by not so smart people, call it less privilege if you're tryna be nice. These "said" people will see black and call it white, not until heavens come down, their silly nature won't let them. Sometimes I just sit and I wonder what would happen to no coiners when this Balloon shading crypto gets deflated?
I see every step as a working process, literally. Technology is one that strives to prove its immortality, that is how it can't die out and will always exceed time because it keeps getting better. Crypto as a trade or payment option globally is all there is left to fully pump this shit. BlockFi recently launched its Bitcoin (BTC) rewards credit card today. The card is reported to be available to select approved customers on the United States waitlist.
Officially named BlockFi Rewards Visa Signature Credit Card, the card was first announced at the end of last year by Visa and BlockFi. Available to use anywhere Visa is accepted, the card allows its recipients to earn 1.5% back in Bitcoin instead of airline miles or other cashback rewards. Earned Bitcoin rewards will be transferred to cardholders’ BlockFi Interest Account.
I honestly don't know that much about BlockFi, but as far as I know, it's a New York Based crypto loans and savings setup. Some have reported it to be cool and there's also been some negative reviews, so I guess it's in due operation because support and criticism is part of what to expect when running a business.
I see most of these companies trying to get on, in every possible way they can, just to control our crypto wealth. I am much more comfy having my shits lay in my wallets where I can manually farm rewards or prolly sticking my nose up some defi projects to earn yields, rather than use some savings protocols that's promising some cheap cash back.
Since Mastercard and Visa had taken a step towards encouraging crypto exchanges and businesses to use the payment alternative currency called crypto. Some have taken a big step towards it and we observed that with BAKKT issuing visa cards that allows its users to spend Bitcoin in Stores and online.
Today, BlockFi is taking a similar step, and in its way, it looks to possibly be the lead, but I don't quite believe their approach would gain a lot of attention than it's competitors.
Initial reports were saying that the card would have a $200 annual fee. But BlockFi took a U-turn on that decision in May, and the card launched with no annual fee. Cardholders are eligible to earn 2% in Bitcoin on annual expenses exceeding over $50,000. For example, if a customer spends $60,000 within a year, they will receive 2% of the $10,000 expenditure in BTC.
With the $200 annual fee, it's already a sell off, and then, a 2% annual reward? Well, $60,000 is not the type of money readily available to many so spending that much to earn just 200$ as profits isn't so possible, not so many spend that much anywhere.
However, every penny in crypto is worth it right? With a 1.5% cashback on purchases with an annual of 2% on expenses exceeding $50,000 it's a Juicy offer and it's kinda tough to determine which is better? Bakkt or BlockFi? Well, Bakkt is barely available in my country so that's already a limitation.
To conclude this in a less chaotic way. Every bit of this is creating exposure to cryptocurrency, and the more it expands and more companies start adopting cryptocurrency, even Visa Cards will be useless because there won't be a need to use them when you could just make comfy transactions with your decentralized wallets.
Honestly speaking, I can't recall whenever I found reading news interesting, but crypto has made me addicted.
What are your thoughts on this one?
All comments are most welcomed
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