October 19, 2021
Youâre 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 ÂŁ10,000 on your credit card, you would have earned ÂŁ500 cashback.
Written by - Pippa H
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Rewards Reimagined
Youâre 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 ÂŁ10,000 on your credit card, you would have earned ÂŁ500 cashback.
You could have bought a new phone, a new TV or paid for a modest holiday with the money that you received. But letâs 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 ÂŁ500 would now be worth a whopping ÂŁ3,165*, 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.
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âWhat is Bitcoin Cashback and why we love it?
In short, Bitcoin Cashback is a way to passively earn Bitcoin, without actually buying it. Itâs 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. Modeâs 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 Modeâs cardless payments solution, theyâll 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; âa smarter way to spend your money.â
Itâs risk-free: When you pay out money to buy into Bitcoin, youâre 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. Modeâs Bitcoin Cashback feature offers you the chance to earn Bitcoin, without taking on any risk â we think itâs a no brainer!
Itâs 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! Itâs a cashback programme that is âbuilt-inâ and not âopt-inâ, so the savings that follow are automatic. At Mode, we call it âpassive earningâ â meaning that you can get your hands on fractions of Bitcoins, without actually buying it.
Itâs instant: Ever earned some cashback and realised that you werenât able to redeem it straight away? Perhaps youâve been accumulating air miles but youâve realised that itâs going to take a good few years before youâll 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 youâll receive your Bitcoin Cashback immediately after purchase â it couldnât be easier.
Itâs smart: Itâs no secret that the price of Bitcoin is volatile, and as a result, knowing when to buy can be tricky. Accruing Bitcoin over time â such as by earning Bitcoin Cashback â 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 âdollar cost averagingâ, and itâs a popular way of reducing the impact of wild price fluctuations, whilst ensuring you have exposure in the market. As we like to say âtime in the market > timing the marketâ. At Mode, our Bitcoin Cashback ensures that you never have to worry about knowing when to buy â you simply pay as you usually would, and we manage the rest.
Itâs 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, Bitcoinâs current adoption rate outpaces that of the internetâs, with a 2021 user base roughly the size of the internetâs in 1997.â
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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 weâve 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 itâs by purchasing some protein powder at Myprotein, buying a Nintendo Switch from Zavvi, or your next pair of converses from The-Hut, weâll reward you in Bitcoin if you pay with Mode!
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How can I get Bitcoin Cashback?
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But thatâs not all - soon, weâll be launching more ways to earn Bitcoin, and kickstart your Bitcoin journey in an easy, effortless and risk-free environment
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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.
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Fancy supercharging your shopping with Bitcoin Cashback? Get started today, and donât forget to spread the word amongst your friends. Weâll reward you both with ÂŁ10 worth of Bitcoin for every friend who pays with Mode!
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*T&Cs apply. Price of Bitcoin as of 8/10/2021.
1. Yahoo Finance, May 2021
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