As the adaptive digital bank, our goal is to adapt our banking products to meet the needs and goals of our customers. One such focus is on people who are interested in and care about Bitcoin. That’s why we created our newest deposit product, Bitcoin Rewards Checking. But I wanted to explain a little bit more about how it works and what makes this product one that’s going to help Quontic Bank break the system for financial empowerment.
Obviously, Bitcoin has been in the news a lot over the last several years, and especially in recent weeks. The consensus is that the blockchain and digital currencies are here to stay, and that they are the future. And in terms of cryptocurrency, Bitcoin is the leader. It will be the one to survive if any crypto is going to survive at all. We believe that there is a very bright future for Bitcoin.
You might be wondering why is Bitcoin better than cash. And that’s a good question to ask upfront.
Our view is that people need to be thinking about their future now more than ever. They need to be focused not only on wealth creation but on wealth preservation. They need to be investing in asset classes that have upside appreciation in times of possible economic downturns. We see Bitcoin as that asset class.
That’s why our team at Quontic feels that it’s an opportune time to introduce it to our customer base. The main purpose of our Bitcoin Rewards Checking account is not just to be unique for the sake of being unique. It’s to provide our customers with a means by which they can accumulate wealth.
Unlike cash, which you might dispense with, Bitcoin is something you’re going to save and accumulate over time. Despite its volatility, it is proving to be a vehicle by which you can amass some net worth.
Now, making small day-to-day transactions using Bitcoin (like, say, purchasing a latte) might not be the most important use of Bitcoin today. But we’re looking at Bitcoin as something people should own and hold for the long term, just like they might invest in gold, silver, real estate, or anything else they think might have future prospects.
That said, as more Bitcoin is mined, we’ll see a lot more uses for it. In 2018, it was really cool to see the giant spike in Bitcoin. That can happen with any new tech, but then we’ll start to see mainstream adoption. We think that’s precisely what we’re coming into with Bitcoin.
Quontic Bank made waves when we launched Bitcoin Rewards Checking, as we were the first FDIC-insured financial institution in the U.S. to go live with a Bitcoin Rewards debit card. Let me explain how it works:
By using our debit card, every time a customer makes a qualified purchase, they’re going to be given 1.5% back in Bitcoin. A qualified purchase is really anything you think you can use your debit card for, whether you’re purchasing services, checking into a hotel, buying an airplane ticket, buying coffee, ordering takeout, buying furniture, and much more. What it wouldn’t be is for things like making money transfers with your debit card or using your ATM card to pull cash out. It’s not intended to reward you for moving money around, rather it’s intended to reward you for doing what you already do every day anyway; making purchases and consuming services.
Most importantly, Bitcoin is given to you for free through our BRC account. All you have to do is use your debit card. Then, every month, you’ll get an email with a statement of how much Bitcoin you’ve earned that month. The Bitcoin will be transferred to your Bitcoin wallet where it will be securely stored until you’re ready to cash it in!
Unlike other cashback programs whose rewards have static value, one of the cool things about Bitcoin rewards is that if the price of Bitcoin goes up, the value of the rewards you have already earned will appreciate. And the Bitcoin that we’re giving back to our customers is considered a rebate, so it’s tax-free. Actually, it’s one of the only ways to get Bitcoin tax-free today. You’re not putting your own money at risk, and you’re being rewarded with Bitcoin for your everyday purchase transactions.
Lastly—and many consumers might not know this—every time you swipe your debit card, banks earn money on that. It’s called an interchange fee, and most banks just keep that. However, Quontic decided to do something very different with it. It’s where the Bitcoin rewards come from. We’re taking that money that we’re earning as a bank and giving it back to you in the form of Bitcoin.
That right there is the tangible value we’re always trying to provide our customers. Our goal with this innovative deposit product is to empower Bitcoin enthusiasts and newcomers to crypto alike. Making Bitcoin accessible by creating Bitcoin Rewards Checking is how we break the system for financial empowerment. And we’re just getting started.