Bitcoin. The buzzword we’ve all been hearing and want to learn more about. But what is bitcoin, how does it work, and how can you get some of your own? Quontic is giving you the A-Z on BTC and the easiest way to earn crypto – the Bitcoin Rewards Checking Account.
What is cryptocurrency?
Cryptocurrency, or crypto, is a digital monetary asset. Crypto can come in many forms, like Bitcoin, for example. What makes cryptocurrency so unique is that it’s not regulated by one governing body. Fiat currencies, like the $USD in your wallet, are backed by the government issuer regulating and controlling them. However, cryptocurrencies like Bitcoin are not issued or backed by governments, making it easier for transactions to remain incognito. From a security standpoint, most cryptocurrencies are organized through Blockchains, which are digital ledgers of cryptocurrency transactions and support and protect the data integrity of different crypto forms like Bitcoin, Litecoin, Ethereum, and other new coins across connected computer networks.
What is Bitcoin?
Bitcoin (BTC) is a type of cryptocurrency. Launched in 2009 by Satoshi Nakamoto, Bitcoin is now the largest and most popular form of crypto. With no actual “coins” involved, each bitcoin is a computer file stored and recorded on the blockchain. With a limited supply, the ecosystem exists to eliminate the restrictions and red tape associated with normalized currency transactions. Bitcoin has taken social media and the world by storm as one of the most sought-after and coveted virtual currencies.
How does Bitcoin work?
Bitcoin works through the blockchain which gathers information on each transaction. This serves as a public ledger for anyone to view. The blockchain is protected and enforced through cryptography, which is essentially a mathematical security system. Once accrued, Bitcoin can be traded, held as an investment, or even sold. Similar to any other investment vehicle, historically the price of Bitcoin has had its peaks and valleys. Before investing, it’s important to analyze the risk associated with the purchase and crypto trading as a whole.
What makes Bitcoin so unique?
One of the reasons why Bitcoin is so unique is its ability to transcend past cryptocurrency exchanges and into the mainstream marketplace. Bitcoin was the first decentralized digital currency that introduced a new way of buying and selling online. Well known for its innovation and unprecedented growth, Bitcoin has now evolved to support businesses and provide its buyers with an asset that has the potential to appreciate. With so many ways to earn, from marketplaces to bitcoin miners to checking accounts, the future of Bitcoin is very bright.
How can you earn Bitcoin?
There are many different ways to earn bitcoin online. You can buy and sell bitcoin through different digital marketplaces, play games online to earn bitcoin or even earn bitcoin through peer-to-peer payment systems. Bitcoin mining, otherwise known as crypto mining, is also a competitive option to find and earn bitcoin through complicated computing through the bitcoin network. However, as cryptocurrencies become more and more popular, the amount of bitcoins to be mined are becoming more scarce.
As the cryptocurrency industry evolves, there are more ways to invest in and trade Bitcoin safely. While mainstream crypto exchanges like Coinbase, Binance.US, BlockFi, and Gemini are some of the most common ways to obtain crypto, other methods like peer-to-peer payment systems, bitcoin ATMs, which are internet-connected kiosks that allow customers to purchase bitcoins and/or other cryptocurrencies with deposited cash, and Bitcoin Rewards bank accounts, like Quontic’s Bitcoin Rewards Checking Account, also allow you to join in on the Bitcoin phenomenon.
What can you buy with Bitcoin?
In 2021, almost anything online can be bought with Bitcoin. Bitcoin comes with all kinds of perks, such as buying goods and services, and can even be saved for the future. A wide range of online retailers are now accepting Bitcoin as payment for things like vacations, furniture, real estate, and even pizza! As the popularity of Bitcoin continues to rise, more and more retailers are transitioning to accepting Bitcoin through android and iOS bitcoin wallets, credit card platforms, and computer software.
How can you earn Bitcoin Rewards?
At Quontic, we consider ourselves the Bitcoin Bank. Why? Our cardholders that are new to cryptocurrency have the opportunity to dip their toes into the crypto waters by earning 1.5% back in Bitcoin rewards with every qualifying transaction simply by banking with us and using their debit card. ATM withdrawals, ACH payments, wire transfers, writing checks, transfers and bill payments do not qualify as eligible purchases and will not earn you Bitcoin rewards. The Bitcoin Rewards Checking account has no monthly service fees and is the first Rewards Checking account in the US that gives customers this benefit. This is so unique because Bitcoin has the opportunity to appreciate over time. To sign up to earn Bitcoin and see if you live in an eligible state, visit the Quontic website.
How does a Bitcoin Rewards debit card work?
With Quontic, you can earn bitcoin through our Bitcoin Rewards program. Our Bitcoin Rewards Checking account allows you to earn 1.5% back in Bitcoin rewards on your debit card purchases. The first of its kind – our Bitcoin Rewards program disrupts the banking industry and takes an innovative approach on rewards programs. Instead of rewards like airline miles or cash back – we’re letting our customers automatically convert their cash rewards to an asset that can increase in value as the price of Bitcoin continues to rise and, also, provides an opportunity to diversify their earnings. It’s simple – swipe your debit card at any retailer, whether in person or online, and earn Bitcoin rewards on qualifying purchases.
Is it too late to reap Bitcoin Rewards?
It’s never too late to get started on your Crypto journey. As COVID-19 has shown us all, the desire and need for digital interaction is already here. That’s why Quontic is equipping our customers with a means to stay up to date on digital trends like cryptocurrency. While all investments come with risks, Bitcoin is definitely something to consider when researching ways to expand your portfolio. If you’re wondering how to start earning Bitcoin rewards, it’s easy! Apply now in three minutes or less.
What makes Quontic different from other banks?
At Quontic, we do banking differently. From our unique home loans for underserved borrowers to our one-of-a-kind deposit products – we’re changing the narrative of what banking should be. Not only do we offer industry leading interest rates across our deposit accounts, but we use our deposits for the good of the communities we serve. Quontic is breaking down the barriers associated with financial services and empowering our customers with payouts that benefit them! We pride ourselves on being the adaptive digital bank that empowers its customers financially while embracing their diverse circumstances. If you have any questions about the Quontic difference, visit our website to learn more.
Bitcoin Reward Checking account is a non-interest bearing personal checking account, requires a minimum of $500.00 to open the account, and does not require a minimum daily balance to earn Bitcoin rewards. Qualifying Point of Sale (POS) Debit Card Transactions (“Eligible Debit Card Transactions”) shall receive Bitcoin Rewards at the U.S. dollar value of 1.50% on all Qualifying POS Debit Card Transactions that post and settle to the Bitcoin Rewards Checking Account. Fees and terms are subject to change. Additional terms and conditions may apply. No Bitcoin Rewards will be paid if the Qualifying POS Debit Card Transaction requirements are not met or if the requirements for establishing an account with NYDIG Execution LLC (“NYDIG Account”) are not met. The following are not Qualifying POS Debit Card Transactions and do not count toward earning Bitcoin Rewards: ATM-processed transactions; transfers between accounts; purchases made with debit cards not issued by the Bank; cash over portions of POS transactions; Peer-to-Peer (P2P) payments (such as Apple Pay Cash); loan payments or account funding made with your debit card and purchases made using third-party payment accounts (services such as Venmo® and PayPal™, who also provide P2P payments). Transactions may take one or more business days from the date the transaction was made to post and settle to an account. Bitcoin earned through this program can only be sold and redeemed for cash and cannot be transferred or spent.
Bitcoin execution and custody services are provided by NYDIG Execution LLC (“NYDIG”). NYDIG is authorized by the New York State Department of Financial Services to engage in virtual currency business activity. To receive bitcoin services an account will be opened with NYDIG in which your bitcoin will be held (the “NYDIG Account”). Please refer to NYDIG’s User Agreement for more information, including applicable eligibility criteria. Bitcoin balances in your NYDIG Account are not insured by the Federal Deposit Insurance Corporation (FDIC), the Securities Investor Protection Corporation (SIPC), or any other public or private insurer. NYDIG does not make any recommendations regarding buying or selling bitcoin. There are risks associated with bitcoin trading, including possible loss of value. See NYDIG’s User Agreement. Individual transactions in the rewards program are not recorded on the blockchain. Information is published as of December 23 2021.