The Evolution of Acquiring Crypto
Back in 2010, the tight-knit cypher-punk community were mining hundreds of Bitcoins from simple CPU’s such as their home computer.
Fast-forward a few years and mining became increasingly more challenging but the rise of exchanges made buying crypto increasingly easier.
Now, with the price of Bitcoin settled at over $30,000, newcomers perceive the high price as a barrier to entry, but earning crypto has become increasingly more accessible – the third and current phase of acquiring crypto.
Earn Crypto Era
In fact, in the last few years we have seen the number of crypto products focusing on earning crypto features increase dramatically. Earning crypto includes yield farming, validator nodes, lending protocols, learn & earn tasks, and more.
However, one form of earning crypto that is potentially the easiest for the mass market to get involved with is the concept of crypto cards. The ability to spend crypto, but also earn crypto for shopping as normal with a physical Visa Debit Card.
The concept of “imaginary internet money” can be daunting for a lot of newcomers who are used to tangible cash in hand. So, combining crypto with a Debit Card which the population is already familiar with is a great way for people to accustom themselves with digital currencies.
Earn Higher Crypto Rewards on Hotel Bookings
More and more crypto cards are emerging, however, one that appears to have possibly the strongest reward features is Plutus. The customer receives 3% of every purchase back in crypto, specifically the company’s native crypto rewards token, Pluton (PLU), which carries a wide variety of use-cases and benefits. This 3% reward comes as standard, without having to stake any tokens or without any additional costs.
However, users have the option of staking PLU for additional Perks and benefits at well-known brands such as Apple, Sky, Nike, Vodafone, and more. Plutus recently announced a partnership with Bidroom, an online travel agency, to bring up to 25% discounts at 160,000+ hotels worldwide which is a hugely attractive Perks to be thrown in.
Other companies have seen a lot of success for offering similar rewards, however, many have much higher barriers to entry than Plutus.
Whilst Plutus offers potentially the strongest offering in terms of rewards, Crypto.com has their own rewards programme and they have managed to amass more than 10 million customers. Cryptocom’s token, CRO, has a market cap nearly 150x the size of PLU’s, which goes to show that the 3% rewards earned for spending with a Plutus Card could be worth a lot more if Plutus scales like Cryptocom did.
Out of the more traditional finance applications, Curve offers 1% cashback on three brands of your choice for up to 90 days. This coupled with the ability to connect any card of your choice to one app has propelled them into the mainstream. Similarly, Revolut recently revealed their Perks programme offering a range of discounts at mainstream brands.
There has been a major shift towards offering greater and greater value to the end-customer. Given the highly competitive nature of the industry, it is clear that reward programmes are here to stay.
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