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October 19, 2021

App Features

🤟 Introducing Bitcoin Cashback – What it is and why we love it

You’re probably familiar with the concept of cashback. Imagine you were part of a cashback programme last year, that offered you a flat rate of 5% on everything you bought. Had you spent £10,000 on your credit card, you would have earned £500 cashback.

Written by - Pippa H

Rewards Reimagined

You’re probably familiar with the concept of cashback. Imagine you were part of a cashback programme last year, that offered you a flat rate of 5% on everything you bought. Had you spent £10,000 on your credit card, you would have earned £500 cashback.

You could have bought a new phone, a new TV or paid for a modest holiday with the money that you received. But let’s change things up and imagine that instead you paid with Mode and the cashback was rewarded to you in Bitcoin.

Here is what would have happened if you had held that Bitcoin from when you earned it in April 2020, to now. That £500 would now be worth a whopping £3,165*, which is a little more than just one TV! You were able to earn Bitcoin risk-free, as a by-product of your everyday spending - no risk, no effort and no hassle. Imagine that!

At Mode, we wanted to make this new type of reward programme a reality, which is why we launched our innovative Bitcoin Cashback feature that allows you to earn Bitcoin, simply by paying with Mode.

What is Bitcoin Cashback and why we love it?

In short, Bitcoin Cashback is a way to passively earn Bitcoin, without actually buying it. It’s a way for everyday shoppers to supercharge their online purchase experience by accruing Bitcoin, without taking on the individual risk of investing.

Regular cashback programs do not have the opportunity to grow in value and they often have long wait times before you can use those rewards. Mode’s Bitcoin Cashback Programme is turning legacy rewards schemes on their head by offering the best performing asset of the decade as cashback.

Whenever a customer makes a qualifying purchase using Mode’s cardless payments solution, they’ll immediately receive a percentage of what they spent in satoshis (the smallest unit of Bitcoin), straight into their Mode account. It really is as simple as that!

So, if we were to define Bitcoin Cashback in one sentence, it would simply be; “a smarter way to spend your money.’

  • 📈 It’s risk-free: When you pay out money to buy into Bitcoin, you’re making the conscious decision to accept both gains and losses, which means there is a certain risk associated with doing so. But that risk is eliminated when owning Bitcoin is simply a byproduct of making everyday purchases. Mode’s Bitcoin Cashback feature offers you the chance to earn Bitcoin, without taking on any risk – we think it’s a no brainer!
    • ⛱️ It’s effortless: Not only is it a risk-free way of earning Bitcoin, but it requires no incremental effort from you. All you have to do is to pay with Mode at our partner brands, and you can sit back, relax and watch your Bitcoin rewards grow! It’s a cashback programme that is ‘built-in’ and not ‘opt-in’, so the savings that follow are automatic. At Mode, we call it ‘passive earning’ – meaning that you can get your hands on fractions of Bitcoins, without actually buying it.
    • ⚡ It’s instant: Ever earned some cashback and realised that you weren’t able to redeem it straight away? Perhaps you’ve been accumulating air miles but you’ve realised that it’s going to take a good few years before you’ll actually be able to purchase an airline ticket? We get it, which is why we wanted to create a Cashback feature that rewards you instantly. Simply make a qualifying purchase via Mode, and you’ll receive your Bitcoin Cashback immediately after purchase – it couldn’t be easier.
    • 🤓 It’s smart: It’s no secret that the price of Bitcoin is volatile, and as a result, knowing when to buy can be tricky. Accruing Bitcoin over time – such as by earning Bitcoin Cashback  – means that fast paced movements in its price have less impact than if you were to buy a lump sum, all at once. This strategy is known as ‘dollar cost averaging’, and it’s a popular way of reducing the impact of wild price fluctuations, whilst ensuring you have exposure in the market. As we like to say “time in the market > timing the market”. At Mode, our Bitcoin Cashback ensures that you never have to worry about knowing when to buy – you simply pay as you usually would, and we manage the rest.
    • 🏆 It’s the best asset class of the decade: Last but not least, the strong performance of Bitcoin over the past few years explains why it has attracted traditional and institutional investors alike. In April 2021, Bitcoin surged to $64,000, making it the best performing asset class of the decade with an annualised return of 230%. In fact, Bitcoin’s current adoption rate outpaces that of the internet’s, with a 2021 user base roughly the size of the internet’s in 1997.

    The techy stuff

    Bitcoin represents a store of value that in our view, is the greatest technological frontier since the internet. The blockchain technology underpinning Bitcoin is a decentralised system, meaning it has no global borders and enforces digital scarcity making it immune to inflation. This, coupled with its high market demand and consistent growth over time are just a few of the many reasons why we believe in holding Bitcoin over a long time horizon.

    Our view is that the value of Bitcoin will continue to grow over time as more businesses and individuals adopt it as a store of value. So we’ve made it our mission to put it into the hands of millions of customers by building a Bitcoin Cashback feature that makes it easily accessible to all, allowing even those who are new to Bitcoin to start their Bitcoin journeys. Whether it’s by purchasing some protein powder at Myprotein, buying a Nintendo Switch from Zavvi, or your next pair of converses from The-Hut, we’ll reward you in Bitcoin if you pay with Mode!

    How can I get Bitcoin Cashback?

    • All you need to do is use your Mode app to make qualifying purchases at our partner brands (full list here), and you can start earning Bitcoin Cashback straight away!
    • No billing addresses, card details or CVV’s. Simply use your Mode balance, or your UK bank account to checkout in seconds.
    • Verify the payment in just a few taps with secure biometric security, such as FaceID, TouchID or passcode.
    • The best part? You’ll receive your Bitcoin Cashback immediately after purchase - it couldn’t be easier!
    • As an existing user, you’ll receive 5% cashback. New Mode users who purchase through Mode for the first time will receive 10% cashback.*

    But that’s not all - soon, we’ll be launching more ways to earn Bitcoin, and kickstart your Bitcoin journey in an easy, effortless and risk-free environment

    For more information on our Bitcoin Cashback feature, check out our FAQs, reach out to our customer support team at support@modeapp.com or get in touch via the in-app chat.

    Fancy supercharging your shopping with Bitcoin Cashback? Get started today, and don’t forget to spread the word amongst your friends. We’ll reward you both with £10 worth of Bitcoin for every friend who pays with Mode!

    *T&Cs apply. Price of Bitcoin as of 8/10/2021.

    1. Yahoo Finance, May 2021

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