How to earn bitcoin rewards

Are you interested in investing in Bitcoin? The cryptocurrency has been around for over a decade, but has experienced a surge in popularity in recent years. If you’d like to get started in investing in it but don’t know where to start, you’re in luck: Quontic has introduced Bitcoin Rewards Checking¹, a first-of-its kind account.

Today, there are over 6,000 cryptocurrencies worldwide, with the top 20 believed to make up the majority of the market. Additionally, there are a number of platforms available where you can buy and sell crypto (with varying fees, of course).

It can all be… a lot.

But that doesn’t mean you should turn your back on Bitcoin, especially if you’re interested in dipping your toes in the crypto waters. With Bitcoin Rewards Checking, you can combine crypto rewards with everyday banking. In this article, we’ll provide a refresher on Bitcoin, terms you need to know and how this banking reward can benefit you.

An Overview of Bitcoin and Digital Currency

Before we launch into Bitcoin and the Bitcoin Rewards checking account, it’s essential to have a general understanding of digital currency. Here’s a brief overview:

What is Cryptocurrency?

Cryptocurrency, or crypto, is a digital monetary asset. It doesn’t exist in physical form, and there’s generally no one central bank or governing body, such as with fiat money. (The U.S. dollar is fiat money, which is backed by the U.S. government, for example.) You store and manage your money in a cryptocurrency wallet. From there, you’ll need a private key, which acts like a password, to access the funds in your crypto wallet.

What is Bitcoin?

Bitcoin (BTC) is one of the most popular types of cryptocurrency. Satoshi Nakamoto (a presumed pseudonym) is credited with inventing the digital currency in 2009.

The price of Bitcoin has fluctuated over the years, from $0 to a couple hundred dollars to hovering around the $40K mark in July of 2021. The volatility among Bitcoin and other cryptocurrencies is due to a couple factors, such as scarcity and the lack of a regulatory body.

Bitcoin Cash launched as a peer-to-peer online payment system in 2017. Similarly, there are no regulators for this form of crypto.

What is Bitcoin Mining?

Bitcoin mining is the process of introducing new bitcoins into circulation through verifying payments (via solving cryptographic puzzles on a mining computer) and adding them to the blockchain ledger.

What is Blockchain?

Blockchain is a digital ledger of cryptocurrency transactions. This database technology keeps a record of and tracks digital currencies (Bitcoin, Litecoin, Ethereum, etc.) across connected computer networks. Data is stored in records or blocks, and chained together through cryptography.

How Can You Buy Bitcoin and Other Digital Assets?

You can buy Bitcoin through a cryptocurrency exchange. There are dozens of platforms on the market that allow users to buy and sell Bitcoin and other cryptocurrencies. Robinhood and Coinbase are two well-known examples of such online crypto exchanges.

Bitcoin Rewards and Banking with Quontic

Quontic offers a few types of checking accounts in a quest to serve the underbanked and better service communities at large. On top of offering interest-earning accounts, we now have accounts that earn crypto as a reward, too.

Quontic has launched Bitcoin Rewards Checking. With this account,you can earn rewards in the form of bitcoins when you make qualifying purchases¹, with your debit card. Typically, when a customer uses their debit card connected to their checking account, banks earn an interchange fee. With Bitcoin Rewards Checking, Quontic is essentially passing on some of these earnings — in the form of digital currency — to customers.

Here’s some information on the account, at a glance:

• You must be at least 18 years old to sign up.
• To get started, you need a minimum opening deposit of $500.
• There are no monthly service fees²(which you sometimes encounter with other checking and savings accounts).
• You have access to over 90,000 ATMs.
• Quontic accounts are FDIC-insured³, which means your money is protected up to $250,000 per depositor, per qualified account.*

Qualified Point of Sale purchases^↿ you make in-store and online with your debit card will earn Bitcoin rewards. 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.

You can currently open a Bitcoin Rewards checking account in the following states and U.S. territories: Alabama, Alaska, Arizona, Arkansas, California, Colorado, Connecticut, Delaware, District of Columbia, Florida, Georgia, Illinois, Iowa, Kansas, Kentucky, Maine, Maryland, Massachusetts, Michigan, Minnesota, Mississippi, Missouri, Montana, New Hampshire, New Jersey, New Mexico, New York, North Dakota, Ohio, Oklahoma, Oregon, Pennsylvania, Puerto Rico, Rhode Island, South Carolina, South Dakota, Tennessee, Texas, Utah, Vermont, Virginia, Washington, West Virginia, Wisconsin and Wyoming.

Quontic has plans to add more states in the future, as well.

How Do Rewards Accrue?

After you make a purchase with your Quontic debit card, 1.5% of each qualified point of sale¹ (POS) will accrue in U.S. dollars. This will then be used to purchase Bitcoin, on your behalf, the following day at 4 p.m. London Time. This is done on a daily basis.

Each Bitcoin purchase will be added to your NYDIG (a leading technology and financial services firm dedicated to Bitcoin) account until you choose to redeem it or close the account.

Why Choose a Bitcoin Rewards Bank Account?

A Bitcoin rewards account is a truly distinct way to bank and earn crypto assets.

Here are three top reasons why it makes sense to consider the Quontic Bitcoin Rewards checking account.

1. You Can Diversify Your Earnings
   Bitcoin rewards have the opportunity to appreciate, increasing in value. By using your debit card to make everyday purchases, you can earn rewards without investing any outside money.

2. You Can Ease into Cryptocurrency
   This account provides a low barrier of entry for consumers looking to get started in crypto — just sign up, make eligible purchases and earn rewards.

   This debit card is the first in the U.S. to reward customers with Bitcoin. If you’re new to the world of cryptocurrency, it’s an opportunity to easily get Bitcoin simply by using your card.

3. It’s an Alternative to Other Rewards Cards
   Rewards credit and debit cards can offer all kinds of perks, from cash to travel. While these are nice bonuses, you might need to meet other requirements, such as have a good or excellent credit score to qualify for a particular card or pay a yearly fee. Sometimes, your rewards can expire, too.

   Alternatively, this debit card is a simpler way to earn rewards. Plus, as long as you keep your Bitcoin Rewards checking account open, your Bitcoin rewards will not expire.

Is the Quontic Bitcoin Rewards Checking Account Right for You?

If you’re looking to elevate your rewards game and go with an account that’s different from traditional ones on the market, consider Quontic Bitcoin Rewards Checking.

Whether you shop in-store or online, you’ll earn crypto rewards with each eligible swipe of your debit card. It’s a solid way to bank and get Bitcoin. Unlock your crypto ambitions and open an account today.